How to Get the Most for Your Property

The real estate sector is on a tear. Despite the circumstances that hampered the market over the last few years, prices for housing and other properties have skyrocketed. As of May of 2021, the average price for a residential home is around $370,000.

Needless to say, if you have another place to live it's time to sell your existing property. However, even though there are stories about the purchase of decrepit homes, buyers still want something for their investment. Thus, you must make preparations to maximize your profits.

To help you do so, here are a few ways to get the most for your property.

Go With a Wholesaler

More homeowners forego the standard practice of selling through a real estate agency. Instead, they work with a wholesaler to purchase their home outright. These are places that promote we buy houses for cash in Los Angeles that are hosted by different types of companies, one of them being John Medina and they will buy your home in cash for the highest price regardless of the condition of your property.

The benefit of a wholesaler is you get the full value of your home. They don't add agent commissions or incidental closing costs. Furthermore, you can sell the property as-is and still receive a good deal. You simply have to make sure it's equal to or more than the remaining amount of your mortgage.

Understand the Local Market

Whether you work with a wholesaler or not, you need to comprehend the current home values in your neighborhood and the surrounding streets. There are two reasons to do this. One, some properties might be worth more or less than the rest of the population. Two, your home might have a far different value than your neighbors.

For instance, your residence can be priced lower if it's in greater disrepair than others. Or, while the rest of your street is comprised of smaller Cape Cod homes, yours is a larger Greek Revival. This disparity shifts the actual value of your house.

Thus, you need to get hyperlocal when you research your home's sale price. Look within a half-mile to mile radius to see where others are rated and how much they sold for.

Choose the Right Time

These days, it seems like any time is ripe to sell your house. However, this is only a blip in a market that sees plenty of peaks and valleys. So, you still want to prepare to sell your home during the hottest times of the year.

Unless you live in a warmer climate, selling your home in the winter is off the table. With the kids in school and various holidays, it's hard to relocate. Summer is the best period to sell because school is over and your schedule is open. Late spring and early fall are also the right times to put your home on the market.

Consider Small Renovations That Add Value

Adding a new room to your house or completely gutting it for renovation isn't going to help your bottom line. If anything, you'll need to increase the offering price to make up for your losses. However, you can make smaller renovations that add significant value.

Painting all the interior walls in a neutral tone helps because it minimizes the work required from the buyers. Adding new hardwood floors and tile enhances the look of your rooms. Increasing your home's curbside appeal with fresh landscaping also does a great deal to add value.

Negotiate for the Best Offer

There's a difference between negotiating for the best offer and the highest offer. The latter may only benefit you and keep your home on the market for a longer period. The best offer means both parties get a good value.

In the end, you probably want an offer that pays off the remainder of your mortgage and leaves you with a sizable nest egg. This can be done without gouging buyers, no matter how hot the real estate market is right now. If you need to shave off some money or make minor repairs to lock in a buyer, then it's better to make that happen instead of waiting for a figurative jackpot to emerge.

Are you ready to sell your home? If so, follow the above steps to get the most for your property.