It’s taking more than 70 days to sell a home in most markets in 2020, according to Opendoor data. In metro areas such as San Antonio and Orlando, the average number of days on the market exceeds 95 days. Depending on the month, home sellers have been achieving a seller premium between 3.3-9.2%.
Digest these stats for a moment.
Now, that may appear like a long time to close a deal. And while the seller premium seems nice, you have to factor in your agent’s commission. Simply put, sellers don’t make out like kings during the average home sale.
Furthermore, the length of time it takes to sell a home creates a potential dilemma: buying a new home before selling your old one. Known as the catch-22 of real estate, this situation leaves you with two homes and two sets of bills. That’s a scenario you don’t want to experience.
Fortunately, you can avoid the catch-22 with the right strategy.
In this article, I’ll cover some common questions and concerns home sellers have. And I’ll give you the best tips for selling your home and avoiding the dreaded catch-22 of real estate.
After reading, you’ll know all the options to sell your home quickly and for maximum profit. And you’ll be ready to move into your new home without the burden of having to care for your old one.
How do I maximize the sale price of my home?
The early bird gets the worm, right?
So, start as early as possible. First, educate yourself on the selling process. This will demystify the process, empowering you to make the right decisions. You can find all sorts of free resources around the web.
For instance, we’ve created a definitive guide at DLP Realty called “A Roadmap to Selling Your Home.” This guide details every step of the home selling process, from initial consideration to closing the deal. Also, right here on DLP Realty’s blog, you’ll discover a wealth of information on how to sell your home successfully.
Second, create a dynamic marketing plan that goes beyond yard signs and MLS listings. Remember: 90% of homebuyers search online. You need to wow these potential buyers with a good description, attractive photos, a virtual tour, and more.
Third, make sure to price your home right. Don’t go too high or too low.
As an article in Realtor magazine notes, you should focus on competitive pricing if you want to sell your home successfully. Research prices on similar homes in your neighborhood to arrive at a reasonable sale price for your property.
Lastly, remember that you can make things as pretty as you want, but ultimately you need a call to action to attract buyers to your home. This is how you find a good buyer quickly.
At DLP Realty, we have unique programs to attract buyers, such as our Trade Up Program. The Trade Up Program solves the problem of you being unable to buy your dream home because you can’t sell your old one (aka the catch-22). Through this program, you can trade up to a new home and we’ll buy your old home. You don’t have to wait for a buyer.
Our 24-Month Love It or Leave It Guarantee is another program that offers benefits to attract buyers. If you buy a home with us and in the first two years aren’t completely satisfied, we will buy your home back from you or sell it for free. That takes the pressure off making a deal, right?
Should I do home repairs and upgrades before selling?
To do repairs or not do repairs: That is the question!
This requires some research and numbers crunching. But know this: 71% of American homebuyers want a move-in ready home, according to an industry survey.
At the very least, your buyer should be able to live in the home without having to fix or replace anything. If your home has serious issues, like a broken washer or heater, you may need to fix or replace it.
Making other repairs and upgrades, like remodeling the kitchen, isn’t as easy of a decision, though. The fact is a lot of those enhancements won’t deliver the return on investment that you seek.
For instance, adding a backyard patio generally costs much more than the value it adds to your home. According to Remodeling Magazine data, you’ll only recoup 47% of that during your home sale (i.e. if the patio costs $10,000, it only adds $4,700 to the value of the home).
My advice is this: Understand certain repairs and upgrades increase resale value more than others. Some examples of repairs and upgrades worth the investment include garage door replacement, minor kitchen remodels, and minor bathroom remodels. If your home could use an upgrade in such areas, do it!
Additionally, we like to stress the three R’s with our clients at DLP Realty: Remove, Renew, And Repair. Thinking of the three R’s helps you focus on making the right home upgrades. To follow this home-selling tip, do the following:
Remove the clutter before listing and showing your home. Potential buyers should enter a clean, spacious home.
Renew dull and old aspects of the home. For example, a fresh coat of paint can enliven a home.
Repair where necessary. Things like dents in the wall can leave a bad impression on potential buyers. Fix them!
Should I hire a realtor?
Consider the numbers:
69% of sellers would use the same agent again, according to a National Association of Realtors survey.
The mean sales price for realtor-listed homes exceeds owner-listed homes by $60,000.
The reality is this: Good real estate agents have deep knowledge of local markets. Not only will they know how to market your home and what upgrades and repairs make sense, but they’ll also know how to find quality buyers (which is vital to a successful sale).
When you hire a real estate agent, look for someone who’s committed to achieving your goals. At DLP Realty, we don’t refer to ourselves strictly as agents. We’re Success Managers. That means we prioritize our clients’ success over all else. And we go the extra mile to achieve those goals. From pricing the home and leveraging our high level of local market expertise to contacting active buyers in our database and negotiating deals, we’re with our clients every step of the way.
To summarize, if you work with the right real estate agent, you increase the odds that you’ll sell the home quickly and at maximum price. So, the answer is: Yes! Partner with a realtor that prioritizes your success.
What if I can’t sell my home?
The market doesn’t always bring you ice cream and sunshine. Sometimes factors outside your control prevent you from selling.
That’s why you need a backup plan.
A good solution is to work with agents who have their own database of active buyers, like we do at DLP Realty. Such agents can bring you qualified leads when it appears there aren’t any.
You also should consider selling directly to a cash investor that’s willing to buy your property as-is. Reaching out to iBuyers, for instance, could help you sell your home. iBuyers are companies that buy homes directly from sellers. However, you don’t typically get the offer you want from an iBuyer.
Instead of iBuyers, you can work with a real estate team that offers seller solutions. At DLP Realty, our Immediate Buyout Program enables you to get a cash offer on your home within 24 hours. That cash will be in your pocket within 7 days. And you don’t even have to hassle with showings, pay commissions, or do repairs. You can get more than you think for your home through the Immediate Buyout Program, and you can get that money quickly and easily.
At DLP Realty, we also guarantee the sale of your home through our Guaranteed Sale Program. Through this program, we guarantee your sale within 34 days. If we don’t sell it, we’ll buy it ourselves. Now, that’s a fail-proof seller solution!
Interested in learning more about how we can help you sell your home? Call us at 610-421-4610 or click the link below.