Top 5 Mistakes of Charlotte North Carolina Homebuyers [Buyers Remorse]

Top 5 Mistakes of Charlotte North Carolina Homebuyers [Buyers Remorse]

by | Jun 1, 2023 | Blogs and Tips

We’ve all been there, scrolling through Instagram or Facebook and an advertisement pops up and what do you do? An impulse purchase, and you end up regretting it and feeling buyers remorse. We all can probably live with that on a smaller purchase, but if we buy a house and have buyers remorse, that is a whole other ball game. 

A study by Homelight, conducted in 2022 found that more than 70% of people who purchased homes (between 2020-2022 in the United States) had at least 1 regret about their home purchase. In this video and article we will review the top 5 regrets these buyers felt about their home purchase. We’ll also give you some ideas on ways to keep from having those same regrets when you go to buy a home.  

 

A study by Homelight, conducted in 2022 found that more than 70% of people who purchased homes (between 2020-2022 in the United States) had at least 1 regret about their home purchase. In this video and article we will review the top 5 regrets these buyers felt about their home purchase. We’ll also give you some ideas on ways to keep from having those same regrets when you go to buy a home. Here’s the top 5 regrets: 

 

1. I feel that I overpaid for my home.

2. I under estimated how much maintenance a home requires.

3. I feel that I decided which home to buy too quickly.

4. I under estimated the total cost of owning a home.

5. I wish the layout of the home was more conducive to my lifestyle.

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1. I feel that I overpaid for my home

Once rates went up, around the middle of 2022, prices began to fall. In January, the average home price fell by 16% since the peak of June 2022. This data could make people second guess their recent home purchase, even if they secured a 2.5-3.5% mortgage rate. However, over the long run home prices tend to rebound and increase.  Since January home prices have rebounded and have passed the peak of 2022. As of May 2023, the average home price in the Charlotte area has increased 11% from the average home price in May 2022. Warren Buffet always says, “Time in the market always beats timing the market.” 

 

 

How to avoid overpaying for a home:

 

So how do you prevent overpaying for a home? Well first of all make sure you have an agent who understands the real estate market. Does the realtor that you’re working with have a deep understanding of the housing market and overall economy? Are they able to properly identify acceptable home price? Does your realtor shoot educational videos and blogs like this one? Do they take time to educate the public on the market?  Do they take time to educate you? 

It’s important to have an expert that keeps a close eye on the pulse of the market. An agent who does a lot of business will have a better, more realistic picture of the overall market. Your realtor should be able to advise you properly, to make sure you’re not overpaying for a home. No one can know for sure if the market will go up or go down, however there are many leading indicators that you can pay close attention to that will help you make an educated decision on what to offer on your dream home.

 

If you’re curious if now is, in fact, the right time for you to purchase a home, then you’re in luck! We put together an entire blog/video answering that very question: 

 

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Is NOW a good time to buy a house in Charlotte? Or WAIT for the bottom?

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 Prices and rates are high and you want to make sure you don’t stretch yourself too much to where you become house poor. You don’t want to be living on canned food and ramen noodles just to get into a home.  

 

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2. I under estimated how much Maintenance a home requires.

If you’ve never owned a home before you may not understand the cost of maintaining a home. There’s a lot that goes into keeping a home up. Here’s just a few things you may need to budget for:

      1. Lawn care
      2. Cosmetic items like paint and flooring
      3. Minor repairs like a leaky toilet or replacing a lightbulb
      4. Major repairs like replacing a roof or HVAC unit

There’s no more calling the landlord anymore, these repairs would fall on you to take care of. These items can add up quickly and end up costing you an arm and a leg! After doing a little research, we were able to find that many experts say that you should budget, on average, about 1% of the value of your home for yearly repairs. So for a $500,000 home, you would want to budget $5,000 a year.

Of course it depends on the age of the home and the age of different components like the HVAC, roof, and water heater. On a $500,000 home, this means you would want to save about $416 a month for any possible issues or repairs. You would want to have this as a budgeted item and set that money aside for a rainy day (possibly quite literally).

How to avoid being surprised with costly repairs: 

 

There’s a ton of research you can, prior to closing on your new home, to fully understand a homes condition. Even if you’re buying a brand new home, we always recommend hiring a licensed home inspector to inspect the home. You can also obtain a termite inspection, well/septic inspection, pool inspection, radon inspection, mold inspection, HVAC inspection, etc. The more research you do prior to the home closing, the better prepared you will be for the future. Getting a licensed professional to inspect the home is also a great way to identify any major issues with the home. Major issues can affect the homes overall value, and its good to know these items up front. 

Also, even if the HVAC works and there are no leaks in the roof, know the average life expectancy is around 15-20 years. So if the HVAC or roof is around 15-17 years old, you may want to budget a bit more to eventually replace them.  

Spending a little bit extra money up front and doing a little research can save you tens of thousands of dollars down the line. It will also help you create your monthly repair budget !

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3. I feel that I decided which home to buy too quickly.

Keep in mind, this survey was completed in February 2022, looking back 2 years prior.  This was when the market was crazy, multiple offers were the norm. It was more likely a home was in a very competitive “highest and best” multiple offer scenario than not.  Buyers were rushing to buy and lock in their mortgage rate before they rose. This euphoria forced many buyers to make quick decisions.  

Now fast forward to today, what can you do to make sure you don’t have to make a quick/hasty decision? 

How to avoid feeling pressured into making a quick decision: 

If you’re looking for a home in a highly desirable area, the area with good schools, anywhere from $400,000 to $1,000,000 than you may still experience a multiple offer situation, where you still may have to make a quick decision. Especially, if it is a very nice, well kept, and renovated home. 

This is why it’s important to take some time, before you even look at homes, and put together a thorough needs vs. wants list (see step #5). If you know exactly what you need in a home, before you begin your home search, you will be able to quickly identify if a home fits your needs. So when you find yourself in a pressured, competitive, situation you know that the home will fit you and your families needs!

Recently, we’ve seen many buyers experience “sticker shock” when they begin their home search. They thought they could have all of the things they want for $750,000. But, after seeing the market and prices, their expectations didn’t meet reality. So, when this happens, its important to re-adjust your expectations to fit in your budget. This will help you make sure you don’t make a decision you regret and put you and your family into a difficult financial position. 

Now, there are many properties in this market that will not have a immense amount of competition from home buyers. In these cases, you may not be in a bidding war with other buyers. You may find less competition if you’re looking for a property a bit further outside the Charlotte, North Carolina area, maybe a place that doesn’t have the best schools. You will find less competition on the homes that need a little work or are a bit outdated. These homes may not be high pressure situations, which means you don’t have to make a quick decision. You may have more options and a day or two to sleep on it, or even a 2nd showing.  

 

I often tell my clients: “If you find that perfect home and you sleep on it, you may not sleep in it.” Which is true, you never know when another offer is coming in. But, I definitely don’t want you to sleep in it for the next 5-10 years and be unhappy. So make sure you know what you’re looking for and be okay with saying NO.

 

4. I underestimated the total cost of owning a home. 

Owning a home can be costly! You aren’t just responsible for the mortgage payment, there’s other requirements involved. You’re also responsible for property taxes, insurance, and other fees. You have to pay property taxes, no matter what. In Mecklenburg county, where we help many buyers and sellers, the property tax is 61.69 cents per $100 of the homes tax value. If you’re looking in South Carolina there are two different tax rates, one for primary occupants and one for non primary occupants. This small difference can make a HUGE difference in your property tax obligation. These are things you want to make sure you understand prior to purchasing the home.

 

If you have a mortgage, your property taxes will be escrowed. Your mortgage lender will take a small amount every month to pay your taxes and homeowners insurance on your behalf once a year. If this is the case you don’t have to budget for these, they will be included in your mortgage. 

When you’re shopping for homeowners insurance you should do your homework. The #1 mistake I see homebuyers make is that they don’t talk to a professional insurance agent right from the start. Right when your offer is accepted you should begin talking to homeowners insurance representatives. This will give you time to make sure there are no historical losses or claims that have never been fixed. You’ll also have more time to obtain a better idea of what type of insurance is best for you to cover those emergencies. This is very important in case anything happens, you’ll have the right insurance to cover it.

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5. I wish the layout of the home was more conducive to my lifestyle.

You finally get into your new house, get settled in, and a couple months later you  realize that something’s just not right. The home just doesn’t have the space you need to accommodate your lifestyle. This can easily be a home buyers worst nightmare. How do you prevent this from happening?

When first meeting with our clients we take much more time up front to help our clients identify what’s truly important to them in a home. We always recommend our client take time to complete a needs vs. wants exercise. This helps them put whats most important into perspective.  

 

Needs vs. Wants exercise: 

So what’s the needs vs. wants exercise? Its very simple! You take a white sheet of paper; at the very top of the left side you write “Needs,” and at the very top of the right side you write “Wants.” I always recommend each spouse completes this exercise separately. Once complete you can come back together and compare notes. This will help get both peoples opinions and discover whats most important. 

 

So, what are wants and what are needs? 

Needs:

Needs are MUST have’s. These items that, if not present, you won’t even look at the home. For example, if you have to have a 4 bedroom due to a certain # of children or you work from home and you need a home office. If this is the case, share this with your agent and tell them to not show you anything with less than 4 bedrooms. 

Or, if you need a primary on the main level due to health concerns then you can eliminate any home that doesn’t have a primary on the main level. 

The needs list should be pretty short, the wants list can be longer. 

Wants:

Wants are fun! This can be used as your wish list. Wants are items that you don’t absolutely need, but if it was in a home it would be a plus!

Many times we have clients say they want a primary on the main level. Then we start looking at homes and find that, in their price range,  we’re not finding any home that they like with a primary on the main level. If this is in the wants column, we know we can start looking at other homes with a primary bedroom upstairs. 

You can have as long of a wants as you’d like!

 

 

Spending a little bit more time upfront and doing your homework will give you a MUCH better idea on what you absolutely have to have in a home to make you happy. It will also help you identify items you’d like to have in a home. Once you have completed your needs vs. wants list, make sure to share this list with your realtor!

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Is NOW a good time to buy a house in Charlotte? Or WAIT for the bottom?

Is NOW a good time to buy a house in Charlotte? Or WAIT for the bottom?

by | Dec 30, 2022 | Home Ownership Education, Moving to Charlotte NC

Today, we will answer the #1 question that almost everyone is asking our real estate team.  Is now a good time to buy a house in Charlotte? 

You might think the answer is obvious, right? There is a potential recession coming in 2023, mortgage applications have dropped to 25 year lows, and buyers affordability has diminished this year. To top that all off, we just had ANOTHER interest rate hike from the Federal Reserve.

So isn’t it obvious? You shouldn’t buy, right? Well, maybe, maybe not. In this article we’re going to be digging a bit deeper than just the headlines. We will take a look at the actual sales data, economic trends, and some basic principles that will help guide you to a good decision for your personal situation.

Is NOW a Good Time To Buy A House In Charlotte? 

 The reality is that some of you should absolutely not be investing in real estate right now.  But, there’s also some of you who should be taking action right now and buying property. 

To answer the question of “Is NOW a good time to buy a house in Charlotte?” we will want to consider a couple important details like your personal financial situation and your job security.

In this article we will cover:

1. Who shouldn’t be buying a house right now?

2. Who should be buying a house right now?

3. Why waiting for the market to “Bottom” is a bad idea. 

 

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Who shouldn't be buying a house right now?

1. Who shouldn’t be buying a house right now?

Homeownership has long been the American dream. A picturesque house of your own with a bright green lawn is deeply ingrained in our culture as something to aspire to. It has helped generations of homeowners build wealth that has been passed down to their children and their children’s children. However, for some of us out there, now may not be a good time to purchase a home. 

A. If you have to stretch yourself financially

If you have to stretch yourself financially, you absolutely shouldn’t be buying a home right now. Think about it, we’ve been experiencing record high inflation right now. If inflation continues at even 4, 5, or 6% in 2023 and your wage doesn’t also increase by 4, 5, or 6% to match those. extra costs then it just means you’re going to feel even more stretched. You don’t want to be “House Poor.”

Rapid inflation

B. If you’re facing any job insecurity

If you have any job insecurity right now, that would be the 2nd reason you wouldn’t want to purchase a property right now. Many experts are predicting that we could see layoffs and higher unemployment in 2023. If you lose your job and are forced to sell in the next 6 to 9 months then you will be in a compromising position. It doesn’t matter if prices don’t come down. Even if they go up a little bit, or stay the same, you could lose thousands of dollars. 

The cost of moving is very expensive and you would be faced with different fee’s and expenses. You can experience mortgage fee’s, you will have to pay movers, and you will be subject to fees associated with agents commissions, lawyers, taxes, etc. These fee’s can add up to 5 to 10% of the value of your property. That’s not something you want to be facing when the economic outlook can potentially be leading towards a recession. 

How much does it cost to sell a house? 

If you are considering selling your home and would like to know how much it ACTUALLY costs to sell your home, then check out our article: Selling your home: How much does it cost to sell a house?  We specifically outline all of the expenses, fee’s, and costs you could experience when selling your home.

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C. If you’re not ready, don’t rush

It seems like every time you turn on the news, they are talking about the recession coming in 2023.  It’s probably the most anticipated recession that’s ever been announced. It’s kind of like we penciled it in.  

So, if we are headed into an economic recession, and you still want to invest in real estate BUT you are not quite ready, DON’T RUSH.  Use this time to prepare yourself to make a much better decision a little bit further down the road. 

If you’re not ready, how should you prepare?

Here’s what I would be doing to prepare myself:

1. The first thing I would do is hop on a bit of a budget. 

2. Lower some of your unneeded expenses (Netflix, Starbucks, things you may not need).

3. Start saving as much as you can and build up an emergency fund. 

4. Pick up a “Side Hustle” to earn some extra cash.

5. Pay off as much debt as you can. 

I know that’s not the sexiest advice, but its the truth.

Anything you can do to prevent yourself from making a hasty, or quick, decision means you will likely put yourself in a better financial position down the road. If you can reduce your expenses, pay off debt, and save more money you will increase your debt to income ratio have a larger down payment.  This could lead you to getting better rates and terms in the future, when you are ready to purchase a home.

 

Budget

The Charlotte labor market is strong!

When it comes to Job insecurity, we do have some great news. The Charlotte NC job market is still very strong. Even if we see higher unemployment rates, and more job loss throughout the US, we will be more insulated from these effects in the greater Charlotte NC area.

So, being in the Charlotte area, you may be in a position to get a better job with better income. This will give you more permanence during uncertain times. 

 

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Who should be buying a house right now?

2. Who should be buying a house right now?

If you are someone who has strong job security, low debt levels, and will not be over extended by a home purchase then now may be a great time for you to buy a home. Here are a few reasons why:

1. Rent prices have skyrocketed: Rental rates in the US and in Charlotte have skyrocketed over the past year, which means that purchasing a home may be more attractively priced than renting a home right now. 

2. House prices have fallen: Pricing is a lot more affordable than it was just 6 months ago. Even in the Charlotte area, we have seen around an 9% decrease in the price of homes in some areas. So you may be able to get into a home at a much better price.

3. Home buyers can now negotiate: Due to the economic trends, there are fewer buyers in the marketplace. This means you will be able to negotiate much favorable terms and can potentially get the home at a much better price.  Home buyers are now able to request the seller to pay for closing costs, request a home sale contingency, or other favorable terms!

4. Charlotte’s Booming: The fundamentals we see here in Charlotte NC are still very strong.  The job growth is still robust, there are a ton of people moving to the greater Charlotte area every day, and the average cost of living is still very attractively priced compared to other metropolitan areas.

Skyrocketing rent prices

So, if you are thinking of making a move, and are in a good position to do so: Don’t worry!  You’re not alone! We have so many people moving to the greater Charlotte area because of the affordability, the high paying jobs, and the great things to do, that we should be insulated from the worst effects of any recession.

It is true, over the past few months the Charlotte real estate market has softened, but not nearly as much as the United States real estate market as a whole.  Inventory is still very low in the greater Charlotte area and we are still selling many of our listings in just a couple of days. 

These are the ingredients that will keep Charlotte insulated from the worst effects from this potential economic downturn we may see in 2023. 

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Why waiting for the market to bottom is a bad idea

3. Why waiting for the market to “Bottom” is a bad idea. 

For those of you on the sidelines, waiting on the real estate market to “bottom,” you may have issues with this strategy. The problem with this is, even if you were able to predict the prices perfectly and they did go down, you’re not going to be able to call the bottom. The reason is, housing is a lagging indicator. This means the data that you would use to indicate we hit the bottom happened 3 to 4 months ago. By the time you knew to act, it would already be too late.  

And if you were able to overcome all of that then you would probably lack the courage to act. It’s not because of something you’re doing wrong, it’s just in our nature. Once we hit the “bottom” we will have peak fear, uncertainty, and doubt. The headlines and news will be so bleak the last thing you will want to do is step into the housing market and make a purchase.

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There is also an opportunity costs for waiting on the sidelines. While you’ve been waiting on the sidelines, waiting for the bottom, you will be paying those record high rental rates rather than paying that money towards your own equity, in your new home. 

The far better strategy than “trying to time the market” is “time in the market” because no one knows exactly what’s going to happen in the future. One thing we do know though, the longer you do own real estate as an asset, the more likely it is that you will see great returns.

 

We know that all of our clients are looking to accomplish different goals on different timelines. If you are curious if NOW is the right time for you to make a move, we would love to sit down with you and discuss your personal situation and see if now is in fact a good time to sell. Feel free to call, text, or email us today! 

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If you are considering selling your home, make sure you choose the best Realtor. Watch this video to make sure you are asking your potential realtor the RIGHT questions:  10 Questions You Must Ask Your Realtor Before Hiring Them. 

 

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Buying a home in Charlotte? 3 things you must do before you start your search!

Buying a home in Charlotte? 3 things you must do before you start your search!

by | Nov 28, 2022 | Home Sellers and Buyers, Moving to Charlotte NC

It can be frustrating to be a first-time homebuyer if you aren’t prepared. Here are 3 tips from The Finigan Group on how to find your dream home-without losing your mind.

1. Get Pre-Approved for a Mortgage Before You Start

Know what you can afford before you start your search. By getting a pre-approval letter, you demonstrate to sellers that you are serious when you write your offer and it proves you can afford the home.

 

Benefits Of Preapproval

Some of the benefits of getting preapproved include:

  • You know exactly how much home you can afford. You and your real estate agent know your home-purchasing power once you have a preapproval letter in hand. This will help you shop within your budget.
  • You can make a stronger offer. Sellers need to know that the buyer they choose can afford their home. A preapproval shows a seller that you have the money needed to purchase the home.
  • You’ll experience fewer surprises. When you’re preapproved, you’re less likely to run into last-minute surprises or delays with your mortgage lender.

The bottom line? Request a preapproval before you start shopping for a home. Read on to learn why a preapproval may not reflect the final loan offer.

2. Focus On WHERE You Want To Live

They say the three most important things to think about when buying a home are location, location, location. You can change almost everything else, but you can’t change your home’s location. So when you go house hunting, consider proximity to your work, how the home is situated on the lot, ease of access, noise from neighbors, and traffic. Also think about access to parks, shopping, schools, and public transportation.

3. Choosing The Right Realtor.

Buying a house is a big deal, so you’ll want to select a qualified real estate professional to represent you in your transaction—someone who is both knowledgeable and will look out for your interests.

As a first-time buyer, you may not know there are differences in buyer’s representatives. If you select an aggressive buyer’s representative, you can be assured you’re working with someone who has received special training in representing buyers and has already established a track record with buyers. Find out who serves your area and interview more than one buyer’s agent before deciding who offers the best fit in helping you navigate your first home purchase.

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5 Things To Skip Renovating Before Listing Your Home For Sale — Because A Buyer Might, Anyway

5 Things To Skip Renovating Before Listing Your Home For Sale — Because A Buyer Might, Anyway

by | Nov 18, 2022 | Home Sellers and Buyers, Selling My House

When you decide to put your home on the market, you want to put your best foot forward in preparing it to look its best for prospective buyers. Besides, the better your home shows, the more offers you’ll likely get, right? Next, you make a to-do list of what things to fix and update around your home, only to realize that the list could go on forever. That’s when you realize: Do I have to do everything?

For starters, all those projects could cost money. Unfortunately, not everything is going to pay off at the closing table. Knowing what to fix – and what not to do when selling a home – can be tricky. Fixes are critical for any issues or defects that affect the intended significant function of a house system. To break it down, you should take care of any leaks, cracks in the foundation, minor electrical or plumbing issues, pest infestations, and other safety issues that could hurt your home’s value and pose imminent risks. But beyond those, especially when it comes to cosmetic repairs, it’s actually up to you. 

The last thing you want is to get carried away and pour money, time, and effort into any project that won’t get a return on your investment. So here are some of those fixes or updates you can skip without too many repercussions.

Having state-of-the-art appliances such as a refrigerator, dishwasher, or oven can be appealing and is a nice bonus. But not having them is seldom a deal breaker. Especially in hot seller’s markets, old but working appliances may not need replacing or upgrading. All that you need is to give the appliances a good cleaning.

If your older model appliances are worn, broken, or missing some parts, that’s the time to think about replacing them. However, brand-new appliances can cost a fortune and are not worth buying only to get your home sold. So instead of splurging on top-of-the-line models (that you won’t be able to use much, anyway), consider buying used or floor models that can still add a lot of value to your home without draining your bank account.

Should you renovate the kitchen and bathrooms? That’s probably one of the biggest questions sellers have when they decide to sell. 

It’s important to note that a kitchen or bathroom remodeling project can be costly and time-consuming. A kitchen remodel (midrange) will only recoup about 56 percent of the value, while remodeling a bathroom will only recoup about 59 percent, according to the 2022 Cost vs Value Report by Remodeling Magazine. First, you should consider several factors, especially time and budget, before spending thousands of dollars on these projects.

Likewise, your vision of a perfect kitchen or bath may differ from those of a potential buyer. And given all the home decor styles to choose from, trying to second-guess what they want and giving it to them when they visit your home is just plain unrealistic. It’s a risk when renovating these areas because they’re some of the things buyers look forward to when they can finally call it home.

If your kitchen or bathroom looks dated but functional, you only need to ensure it’s clean and clutter-free. Present it as a space with potential that is easily customizable to the buyer’s preferences. 

If your home already has hardwood floors, there’s no need to tear out the existing flooring and replace it for the market. What’s important is to have your floors shined and polished before the staging or showing. The next homeowner may rip it out anyway and replace it with their choice of flooring, which could be wood, laminate, vinyl, or even carpet. If you have older carpets, you only need to spend a few bucks and hire a professional cleaning company rather than investing money into replacing them. The only time to consider ripping it all out is if there is a terrible odor from pets or if there are impossible stains that would deter a buyer from submitting an offer.

While improving your home’s curb appeal is crucial in enticing buyers to knock on your door, your home’s exterior needs not be perfect. Do not worry about fixing every small, minor, or insignificant crack in driveways and walkways that do not present any safety risks. They are common, and re-doing the paving of the entire section will cost more than it is worth. Only spend the money on fixing them if the cracks are hazardous for driving or walking.

Trends come and go, even for home colors and fixtures. What looks “cool” now can become dated in a heartbeat, or what may be trendy for a specific slice of the population may be off-putting for others. When you decide to sell, your goal is for a wider pool of potential buyers to come to your showings. By providing them with a blank slate, it’ll be easier for them to envision themselves in your home.

If you’re repainting a room, door, trim, or cabinetry to provide a quick face-lift, pick neutral colors, such as whites, beiges, and light grays. Should you choose to fix any broken or damaged things like light fixtures, faucets, and cabinet hardware, never replace them with something too obnoxious or trendy. Always choose common fixture styles that can appeal to almost all buyers. They’d be happy to do their renovations once the house belongs to them!

Show off your home’s potential

Don’t get overwhelmed by the idea that you need to fix everything you think is wrong with your house to get more offers. You’ll only waste valuable time and money on unnecessary upgrades that you could use to cover closing costs. You aren’t going to get a return on your investment if your house becomes “too much for the neighborhood” and yours is the only one that stands out. Aim to show your home’s potential instead of trying to achieve perfection. And if you’re still in doubt about what kind of repairs to make before listing your home, consult with your real estate agent so you’re guaranteed to make the most out of your home sale. 

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5 Best-Kept Strategies To Make The Most Money When Selling Your Home

5 Best-Kept Strategies To Make The Most Money When Selling Your Home

by | Nov 16, 2022 | Selling My House

Savvy home buyers and sellers often have the same goal: to get the best price possible for and out of their biggest investment. For many sellers specifically, it means selling their home for top dollar and within their predetermined time frame. 

To achieve this, it’s necessary to implement the right strategies to make your listing stand out and stay ahead of the competition while spending as little extra time and money as possible. Here are five best-kept tricks of the trade to ensure you get the most out of your home sale:

1. Work with a local real estate agent.

The main thing to remember when listing your home for sale is that your time is money. So even if you’ve done it before (unless you’re an investor), you will likely benefit from the talent, expertise, and guidance you can get from a local real estate agent. They can steer you in the right direction to help you get the most money possible. And with the unpredictability of the current housing market, it’s even more critical to work with an expert so you can stay on top of things.
With a realtor by your side, it will be much easier to navigate the ins and outs of the selling process. They also have the know-how when it comes to staging, marketing, reviewing offers, handling negotiations, explaining the complicated terms in legal documents, and more. Before deciding to sell your home, make sure you connect with a local and experienced real estate agent.

2. Time your sale.

Timing is critical when selling your home to maximize your sale price. Generally speaking, spring is widely considered to be the best time to sell since many people want to move during the warmer months when the kids are out of school. However, seasonal trends vary by market so it’s important to do your research. You’d want to make sure that the conditions of the market where you’re selling (and subsequently buying) are working in your favor.

Likewise, there are other factors to consider as well to maximize your profit. For example, is the sale of your home going to conflict with other life events like relocating to a new job, retirement, or other family milestones? If that is the case, even if it’s already the peak selling season, you might want to consider before listing especially if there will be a negative financial impact. Other factors to consider are whether you have built enough equity in your home to offset buying, closing, and moving costs, as well as the current condition of your home, from which you can decide how much time and effort it will take to prepare it for sale.

3. Price your home right.

Think you can make more money on the sale by placing a higher price tag on your home? Here’s the thing: an overpriced listing deters many prospective buyers. And because of that, your home is more likely to sit on the market longer or be compelled to drop the price later, which could raise questions or skepticism about whether there’s something wrong with the property. On the other hand, price your home too low and you risk leaving money on the table.

This is why it’s crucial to set a fair but competitive price right from the start. And this can only be achieved by enlisting the help of a real estate professional. Your agent will perform a complete comparative market analysis (CMA), which will show you what similar properties in the area have sold for recently and for how much. This will give you an understanding of the price that’s appropriate for your neighborhood while also considering the current condition and value of your home. Setting a realistic initial asking price will attract more buyers that will help you sell quickly, maximizing your return.

4. Spruce up your home.

Many prospective buyers appreciate a clean and well-maintained home. Even with a limited budget, doing a thorough cleaning, as well as completing some minor repairs and upgrades before listing your house, can go a long way to helping it sell for more.
Don’t forget to do a deep clean on both your property’s interior and exterior to give it that much-needed refresh. A fresh coat of paint, preferably on neutral colors, can also give it an instant facelift. Fix minor issues like leaky faucets and cracked windows, or replace any loose hardware like cabinet pulls and doorknobs. Improve your home’s curb appeal by trimming the hedges and trees, pressure-washing the driveway, cleaning and repainting the mailbox, etc. Doing even just some of these budget-friendly projects depending on what your home needs can help make a good first impression when it’s time to list it for sale.

5. Negotiate the best offer.

If you’re on your own, you might be tempted to immediately grab the offer with the highest price thinking that it was already a good deal. But with an experienced real estate agent on your side, you’ll be guided on the ins and outs of the offer process and be advised on when to negotiate prices and terms. While the highest offer price seems good enough, it doesn’t mean it’s the best offer, especially if you’ve got multiple bidders on your property.

There are other things to evaluate in an offer aside from the asking price to make sure you get the best deal, such as contingencies—clauses or set of terms in the contract that allow the buyer to cancel the agreement if those terms aren’t met, target closing schedule, seller concessions, financing, etc. With the help of your agent, you can negotiate to limit the contingencies to what you feel comfortable with or choose only from offers that match your target closing date. Just remember to review those things carefully and understand that the most important figure is your net proceeds, which tells you how much you’ll walk away with from your home sale after paying your expenses.