Skip To Content

7 Budget-Friendly Tips to Maximize Your Profit Selling Your Home

Staged Living Room with Neutral Colors

Thinking of selling your home this year? Investing some time and effort up front will generally increase the likelihood of receiving offers soon after you list your home. The longer your home stays on the market, the harder it can be to sell.

As a professional real estate agent, here are my top tips to maximize your profit from the sale of your home without breaking the bank:

  1. Go neutral.
  2. Declutter, declutter, declutter!
  3. Identify possible repairs.
  4. Price according to market value.
  5. Stage your home.
  6. Use professional photography.
  7. Use a real estate agent!

1. Go neutral.

Consider applying a fresh coat of paint to the interior walls of the home to give it a welcoming, fresh, clean feel. Neutral colors allow your home to feel bigger and keep the focus on other features of the home. Additionally, neutral tones such as white, gray, beige or taupe tend to make the room feel larger.1


2. Declutter, declutter, declutter!

Start the process of decluttering your home early on. Having a clean, decluttered home helps make it easier for a potential buyer to visualize the home as their own and be more likely to fall in love (aka be more willing to offer a greater price). Even the most savvy buyer can have a hard time seeing past a messy, cluttered home.

Pro Tip: Want to declutter your home, but don’t have space? Consider renting temporary storage. It is 100% worth the small, upfront cost to get significantly higher offers on your home.

Stacked Moving Boxes

3. Identify possible repairs.

Depending on whether it is a strong Seller’s market or if it is a Buyer’s market, it may be a good idea to identify small repairs you can fix before your home goes on the market. You can typically hire a home inspector to conduct a pre-listing home inspection to identify any potential issues.

Fixing small problems, like a minor leak under the sink and swapping outlet wall plates, can help make your property more marketable and more desirable to buyers, leading to higher profits for you upon the sale of the house.

As an added bonus, it can help prevent the transaction from falling through in the future when the buyer conducts their own home inspection and discovers these issues or save you money because the buyer doesn’t negotiate a repair or credit.

Important Note: Make sure that you disclose any issues that you discover with a pre-home inspection when you fill out your Seller’s Real Property Disclosure Statement (SRPDS). Also, make sure that you use licensed professionals to conduct repairs as needed.


4. Price according to market value.

This is possibly the most important tip I can give you: price according to market value. Do not over price your home to “see what happens.” I can tell you what happens… your home is significantly less likely to sell quickly and there is a very good chance it will sell for less than it would if you priced it correctly3. Why is this?

Well, when a home is properly priced, it generates a lot more interest than an over-priced listing. With all this additional interest typically comes multiple offers (depending on the market, of course). When a listing is overpriced, it tends to sit on the market for a long time and often with multiple price reductions. Buyers see this history and ask “what is wrong with the house?” So, not only does it take a lot longer to sell, but it is likely to sell for a lot less, too.

Not sure what to price your home? Ask a real estate agent who is an expert in your market. They will conduct extensive market research to give you an accurate home valuation and price strategy.

Home Money Paperwork

5. Stage your home.

If it is within your budget, consider staging your home. Depending on the size and location of your home, the cost of professional staging can vary greatly. Professional interior designers and stagers are experts at furnishing and decorating houses to feel bigger and more welcoming, as well as appeal to most Buyers.

According to the National Association of REALTORS® (2021), the median home staging cost was $1500.2 Although this may feel like a large investment up front, the same study showed that 41% of Seller’s agents find staging yields between 1 and 10% increase in final purchase price.2 On a $400,000 house, that is a $4,000-40,000 price difference!


6. Use professional photography.

After you have painted, decluttered and (optionally) staged your home, have your home professionally photographed. Nothing draws in potential buyers like nice photos and nothing turns off potential buyers faster than poor-quality cell phone photos.

Realtor Showing Couple House

7. Use a real estate agent!

The number one way to maximize the profit of the sale of your home is to use a real estate agent. A good real estate agent is a market expert and can help you make the most on the sale of your home by:

  • Hiring, directing and (depending on the agent) PAYING for your professional photography.
  • Conducting an in-depth market analysis to provide you with an accurate market valuation of your home.
  • Advise you on potential pricing strategies in order to drive up offers on your house.
  • Help you minimize risk of lawsuits ($$$) by helping you maintain compliance with local, state and federal regulations, as well as help you stick to your contractual obligations.
  • Expertly review offers with you and negotiate on your behalf to make sure no money is being left behind on the negotiation table.
  • Effectively market your home with both traditional and digital marketing strategies.
  • Utilize their spheres and connections to bring you potential buyers.

Have personalized questions about how you can maximize your profit in selling your home? Contact me!


By: Julie Principe

REALTORASSOCIATE® RS-84789

Julie Principe is a real estate agent based out of Honolulu, Hawaii. She began her real estate career in San Diego, California and moved to Oahu with her husband, Adam.

Since then, Julie has specialized in helping educate and empower active duty service members as they transition to and from the island of Oahu.

Sources

1 https://www.hgtv.com/lifestyle/real-estate/fool-proof-paint-colors-that-will-sell-your-home-

2 https://cdn.nar.realtor/sites/default/files/documents/2021-profile-of-home-staging-report-04-06-2021.pdf

3 https://www.washingtonpost.com/business/2019/07/22/just-because-its-sellers-market-doesnt-mean-you-should-overprice-your-home/

Trackback from your site.

Leave a Reply

*
*