If you’re thinking of selling your home in Castle Rock, CO or its nearby communities, now is a good time to do it. The latest housing data in the area show that the median value of homes per square feet has gone up by 3% in March, 2019 compared to March, 2018. Homes are also selling faster this year.
However, current market conditions have also presented some concerns for sellers. The rise in property values and stiff competition for homes can also mean finding and closing on your next home can be difficult.
Getting the highest profit for your property can help you afford to move to your next home faster. Consider these tips on how to get the most money from the sale of your home:
- Give your property a facelift
This does not mean spending on expensive upscale renovations, which may not pay back as much as targeted improvements. Go over your home thoroughly, preferably with your real estate agent, and identify the areas that need repairs or could benefit from an upgrade. Selling your home “as is” can reduce its market appeal and turn off potential buyers looking for turnkey homes, or compel you to accept a discounted price.
According to Remodeling Magazine’s Cost vs. Value Report for 2019, mid-range improvements that give you the best value for your money include:
- Enhancing your curb appeal – Replacing your garage door, installing manufactured stone veneer, and adding a wood deck are the top three exterior improvements in terms of returns on investment
- Mid-range bathroom remodel – Potential improvements include updating your tiles, counters, and fixtures
- Mid-range kitchen remodel – This can include installing new but standard faucets and sinks, semi-customizing cabinets, and switching to energy-efficient appliances and installations
- Lease your property from the buyer or rent a home after closing
Add a contingency that allows you to lease the home for a few months after the sale. This will give you some time to find and close on a new home. In a seller’s market or one where there’s limited inventory, a buyer may be willing to go with this in order to get your home. An alternative is renting a home after the sale of your property.
Moving into temporary housing after selling your home gives you a competitive edge as a buyer, as your home purchase is not contingent on selling your property. To minimize the inconvenience of moving several times, consider renting a furnished home and leaving your furniture and other belongings in storage.
- Avoid getting into a bidding war for your next home
In a bidding war, you could end up paying more than what you planned for your next home. Here are some suggestions on how to avoid a bidding war:
- Know the seller’s stress points and add or agree to contingencies that will relieve them of these. The seller might want a quick closing, or a slow one to give them time to find a new home. Sweeteners in the form of more earnest money or closing discounts may also do the trick.
- Consider buying a fixer-upper, where there’s likely less competition
- Look into new construction homes. This could mean waiting a long time for the home to be finished, but it will save you from getting into bidding wars
Allow me to help you close the best possible deal for your property and find your next home. Call me, Sacha Faxon, at 720-940-0099 or send an email to Sacha(at)SachaSellsDenver(dotted)com.