What is the best way for me to get the most money for my property?
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Getting the best deal when selling a house is all about making your home stand out — while weighing up time and money spent on preparation against the ideal timeline you have for the sale.
The best decisions you can make are most commonly based around current or future demand - does (or will) my property appeal to buyers? Start to think about things such as:
Is this style of housing popular right now?
How sought after is the neighbourhood?
How are sale prices trending?
Is there space for income-generating parts of the property?
Is it modern? Or does it have heritage?
The things that buyers want will always be shifting so it is always good to assess what your property’s unique selling points are. Added to this are the expert market knowledge and marketing expertise you’ll need to tell this story to as many people as possible, enter - your REALTOR®.
Know your timeline
As human beings we constantly find ourselves looking forward to what comes next. This can be an unhealthy thing of course, but in real estate, it is always good to have a small plan for the future.
When you’re buying it makes sense to have an idea of how long you wish to stay in the property and what things you might do to add value to it over time. This way you’ll be better prepared for the events that precede a successful and profitable sale.
We suggest starting with a rough timeline to help inform you how you can get the most money for your property. Here are some ideas for short, medium, and long-term planning.
Short term
Things that can drive you to sell in a short-term timeline include:
Changes in your life circumstances such as a new job or a divorce
The opportunity to cash in on a hot market. COVID19 created many great opportunities for sellers
Your dream property suddenly became available and you don’t want to miss out
So, this leaves you with a short window to add value and increase the appeal of your property, but fear not, there are so many powerful things that can be done in this time.
If it is broken - fix it. Spend a bit of time around the house looking at the small details and fixing everything you can
De-clutter and freshen the property up. Removing old trinkets and applying a fresh coat of paint works wonders, it’ll also help make the property seem larger and more open
If you have outdoor space, tidy it up. Mow the lawn and trim the bushes
Figure out what the curb appeal of your property is and accentuate it. Large den or office? Put a desk in there! Double garage? Clear it out to help it appear bigger
Stay on top of local sales data and set realistic expectations. This will help you know if the right offer comes in and won’t leave you mulling over the decision for too long
Bring nature inside and ensure there is plenty of natural light, this dramatically changes the feel of a home
Consider home staging for the final touches
Medium-term
So you’ve figured out that your time in this property or neighbourhood is drawing to a close. Perhaps your kids are moving out next year to go to college, or you’re wanting to make a lifestyle move to kickstart your next chapter.
Knowing a year or more in advance will give you ample time to maximise your property’s value and give you the best chance of making the most money.
For larger projects that can be completed in this time, see the ideas below:
Complete all of the ‘short-term’ tasks in the final months before your ideal sale date
Consider applying for planning permission for additional structures/ business licenses (such as grape growing). You don’t have to build these but having the permission granted will be a huge benefit to interested buyers
Look at thoughtful renovations, either to add new features or to restore the property to a ‘like-new state
If you have the space, consider adding outdoor structures such as a patio, fire pit, or deck
Make sure you don’t over-invest on changes that aren’t likely to add much value
To figure out what changes could be made over a longer period of time it is always worth checking in with a REALTOR® to see where the most value can be derived.
Long term
If you have an idea of how long you might stay in a property it is prudent to create a long-term plan for upgrades and value-adding features. This can be done over 1-3 years and by doing so over this period, you’re likely to save more on the expenses. Some things worth looking into include:
Projects included in the medium-term section previously but spread over time
Eco-friendly upgrades including insulation and solar panels. These will save you money in the meantime and increase the value to the future buyer
Larger landscaping and construction projects for additional structures and features
Kitchen and bathroom remodeling
Curb appeal - work on exterior upgrades to revitalize your home’s appearance from the outside
Use a REALTOR®
Picture this - you’re showing your home and receive offers from buyers represented by some highly experienced agents. Wouldn’t you want to fight fire with fire? With an ally like Lockhearts, you’re more likely to negotiate a higher selling price that will cover the cost of our fees and pocket you some extra cash.
Using a REALTOR@ will help you to succeed in:
Preparing your home for sale
Setting a realistic and profitable price
Marketing your property far and wide
Using an extensive network and tested techniques to attract a wide range of buyers
Negotiating the best deal, not just the most expensive one
Closing the deal and handling the admin burden
On average, home sellers make 15-20% more by using a REALTOR®!
Time the market
Timing, timing, and TIMING. Timing the market for the right time to sell is a luxury - and a skill.
Broadly, we can assert whether the real estate market is hot or slow and commanding high or low sale prices. This is a good start for any would-be seller. Factoring in current/ future interest rates and where you are in your selling and next buying journey is also really important.
Your REALTOR® is best placed to tell you if we are in a balanced, buyers, or sellers market.
When does the real estate market favour sellers?
A seller’s market is determined to be one that has lower inventory (homes) than available buyers on the market. This means buyers have less choice available, more competition for the home that they wish to buy and they are often faced with rising prices.
When the market is in favour of the seller they also tend to have more negotiating leverage. Typically, this is indicated when the sales-to-active listings ratio is at 20% or higher.
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