Tuesday, November 12, 2019 / by Connie Tracy
It is best to understand the local Spokane Real Estate Market, the total cost of selling a home, and the best method of selling to meet your goals. The highest offer won't always leave you with the most money, and you won't always recoup the costs of major renovations.
Here are 5 things you should consider when selling your home for the most money:
* Understand your market- When there's more buyers than there are homes to sale, it tends to drive prices up as buyers compete for fewer homes. This is called a seller's market, which we have been in for quite awhile. These trends will impact how you should price your home and your ability to negotiate things like repairs and contingencies. They can also give you some insight into how long it may take to sell your home which can impact you costs. Your Spokane Realtor will gather this information for you as you list your home.
* Choose the right time to sell- Home sales fluctuate with the seasons- Spring typically brings the most buyers since many people want to move in the warmer months. There are also other factors to consider- Have you lived in your home for more than 5 years? Then this may be a good time for you to sell. You may have enough equity in your home to pay off your current mortgage, the costs of selling, and costs of moving. Otherwise, you will need to cover many of these expenses out of your own pocket.
* The price is right- If you over price your home then you risk having to drop the price, which may take longer to sell, or making it harder for potential buyers to discover your listing. Overtime buyers will see this as a sign the house should be discounted since its been sitting.
*Consider minor renovations that add value at a minimal cost- Not all home improvement projects are the same. The impact of a project or upgrade varies on the market you're in and your existing home value.
*Negotiate the best offer not just the highest offer- It's exciting to go with the highest offer especially if its more than the asking price. Make sure you review the terms with your Spokane Realtor. Check for closing dates, contingencies, and finances.
If there is a lot of competition for your home, buyers may ask for more contingencies. since they run a lower risk of there offer not being accepted based on the contingencies included. The highest offer may not get you the best return especially if your timeline doesn't align with the theirs.