How To Sell Your Home For The Most Money

Boston Condos for Sale and Apartments for Rent

How to sell your home for the most money in 2022

ATTOM’s new analysis of single family homes and condo sales over the past 11 years (from 2011-2021), shows that May, June and July offer seller premiums of 10 percent or more above market value – with the top 15 best days to sell in the month of May alone.

The infographic enclosed belowillustrates the top 5 best days to sell a home with the greatest seller premiums above market value. Those days include: May 23 (18.3% Seller Premium); May 27 (17.0% Seller Premium); May 16 (16.8% Seller Premium); May 20 (15.4% Seller Premium); and May 19 (14.9% Seller Premium).

The analysis also presents a more high-level view, showcasing how seller premiums faired throughout each month of the year. The months realizing the biggest home seller premiums include: May (12.6 percent); June (10.7 percent); July (10.0 percent); April (9.2 percent) and March (8.9 percent).

2011 to 2021 Sales of Single Family Homes and Condos

Source: Attom’s

Boston Condo Spring Market

When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the Boston condo for sale market, that time is right now. If you’re thinking of selling your Back Bay condo this year, here are two reasons why now’s the time to list.

1. Demand Is Very Strong This Winter for Boston Condos

A recent article in Inman News explains:

“Spring, the hottest time of year for homebuyers and sellers, has started early, according to economists. . . . ‘Home shopping season appears to already be in full swing!’”

And they aren’t the only ones saying buyers are already out in full force. That claim is backed up with data released last week by ShowingTime. The ShowingTime Showing Index tracks the average number of monthly buyer showings on active residential properties, which is a highly reliable leading indicator of current and future trends for buyer demand. The latest index reveals this December was the most active December in five years (see graph below):

Want Top Dollar for Your House? Now’s the Time To List It. | Simplifying The Market

As the data indicates, buyers are very active this winter. Last December saw even more showings than December of 2020, which was already a stronger-than-usual winter. And remember – you want to sell something when there’s a strong demand for that item. That time is now.

2. Housing Supply Is Extremely Low

Each month, realtor.com releases data on the number of active residential real estate listings (listings currently for sale). Their most recent report reveals the latest monthly number is the lowest we’ve seen in any January since 2017 (see graph below):

And don’t forget, the best time to sell an item is when there’s a limited supply of it available. This graph clearly shows how extremely low the housing supply is today.

Housing Supply Is at a Historic Low, Home Sales Are at a 15-Year High

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), existing-home sales totaled 6.12 million in 2021 – the highest annual level since 2006. This means the market is hot and homeowners are in a great place to sell now while sales are so strong.

NAR also reports available listings by calculating the current months’ supply of inventory. They explain:

“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.”

The current 1.8-months’ supply is the lowest ever reported. Here are the December numbers over the last five years (see graph below):

The ratio of real estate buyers to sellers favors homeowners right now to a greater degree than at any other time in history. Buyer demand is high, and supply is low. That gives sellers like you an incredible opportunity.

Boston Condos and the Bottom Line

If you agree the best time to sell anything is when demand is high and supply is low, let’s connect to begin discussing the process of listing your house today.

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How to sell your home for the most money

Featured alt: A wooden model of a house standing on a calculator.

Every time a homeowner wishes to sell their home, they want to do so for the highest amount of money possible. Now, while things such as the quality and the location of the home play a big role, you still need to understand that making the most out of your sale is a process. There are numerous tasks that you have to handle in order to sell your house for the most money. So, to make this process a bit more comprehensive, we are going to take a look at what awaits you during a home sale.

Find the right real estate agent to help you out

In order to sell your house for the most money, you will first need to find a reliable real estate agent to help you out. As you will soon learn, there are numerous factors that play a role in how much you will get for your home. And, in order for you to control these factors and use them to your advantage, you need to have a professional helping you out. A good real estate agent will be able to implement cost-effective improvements for your home. Then they will orient it towards current real estate trends in order for you to get the most amount of money. Therefore, do yourself a favor and spend ample time looking for a reliable real estate agent before you start selling.

A real estate agent that can help you sell your house for the most money.

Only with a decent real estate agent by your side will you be able to sell your home at the price you want.

Where to look

Now, where are you supposed to look for real estate agents? Well, as it turns out, finding a decent real estate agent is easier than ever. All you have to do is to go online and look for ones that operate in your area. Our advice is to primarily focus on those that are exclusive to your area and are not covering a larger one. If real estate agents spread themselves too thin they won’t be able to keep track of the local real estate market. So, try to find someone who knows your neighborhood and who has operated in it for years.

Credentials

If you find an agent that seems worthwhile, you first need to check their credentials. At the bare minimum, your real estate agent needs to have a license. But, ideally, they should be connected to a larger network of agents who can verify their success. Most successful agents post their reviews and testimonials in order to give their future clients an idea of what working with them is like. Therefore, it shouldn’t be hard to find out quite a bit about your real estate agent, if they are credible.

What to look for in a real estate agent

The most important thing to realize when working with a real estate agent is that the two of you are a team. In order to sell your house for the most money, you need to work together. Only then will you be able to tackle various factors that can increase the value of your house. So, once the real estate agent comes over for a chat, try to see how they operate. Ask them about their previous experiences and what their biggest hurdles were. Ideally, you want someone capable and resourceful that is excited about selling your home.

A person shaking hands with a real estate agent.

Your real estate agent will be a big factor in whether or not you will sell your home.

Also, keep in mind that you don’t have to settle for the first agent you talk to. In fact, it is advisable that you interview at least a couple of people before you decide on who to work with. The more easily you are able to communicate with a real estate agent, the easier it will be to agree on various aspects of home selling.

Prepare your house for selling

No matter how well built or properly maintained your house is, you will still need to prepare it before selling it. After all, you probably spent some time living here. And that life, along with the passage of time, has left certain marks on your house. So, if you want to sell your house for the most money, you need to take care of those marks and make your home look as new as possible. So, here is what awaits you.

Renovations

Almost all homes go through some minor renovations in order to increase home value. Changing doors and windows, implementing new curtains, repainting or redecorating. All of them are tried and true ways to easily increase the value of your home. But, in certain cases a home might be in need of a major renovation. And, if this is your case, you will need to deal with a fair bit of calculations.

A house during roof replacement

Certain home renovations are just not worth it.

The main thing to keep in mind with home renovation is that you are not renovating for quality of life. Remember, you are not staying there. Your renovations have a single goal of increasing your home value. So, whether or not you are leaving Massachusetts for good, keep your goal in mind. Unfortunately, it can sometimes be hard to determine which renovations are worth the trouble. This is why having a reliable real estate agent advising you is such a benefit.

Upgrades

Upgrading your home, on the other hand, mostly has to do with real estate trends. Certain home upgrades can increase the value of your home in a surprising way. For, instance, implementing smart home upgrades in your home is a terrific way to modernize it and increase its value. Even small things like safety locks or wireless light controllers can be a significant boost to the price of your home. And, depending on the demographic you are selling to, smart homes can even be a must. But, at the end of the day, whether or not an upgrade will help increase the value of your home is almost entirely dependent on the current real estate trends.

A person using a tablet to control the temperature in their house.

You cannot go wrong with implementing smart home upgrades in your house.

Know your market if you want to sell your house for the most money

By having a decent real estate agent at your side and by preparing your home properly, you should be in the clear to sell your house for a decent sum. But, unfortunately, those two aspects alone are not a guarantee that you will sell your house for the most money. In order to do so, both you and your real estate agent need to have a firm understanding of your market. Only then will you be able to engage the right people (people who will be actually interested in buying) and then sell your home for the highest possible amount.

Who are you trying to sell your home to?

One of the most important things you need to keep in mind is that you are not trying to sell your home to just anyone. Since you are selling your home, you need to look at it as if it were a product. And, like any product, it has a certain demographic that it appeals to. Therefore, in order to know how to market your home and improve it, you first need to know who you are trying to reach. This is something that you will go over in greater detail with your real estate agent. But, it doesn’t

A person using a magnifying glass to pick a small group of people out a larger one.

hurt that you consider it beforehand. In order to sell your house for the most money, you need to know who you are selling it to.

The first thing that you need to take into account is where your home is situated. For instance, a condo in midtown Boston is perfectly suited for a young professional. Meanwhile, a home in the suburbs is a far better deal for a larger family. This, of course, is not always the case. But, it should give you an idea of how to think about your house in order to pinpoint your target demographic. If you are trying to sell your home to a young professional you need to present it as modern and easy to maintain. Meanwhile, if you are trying to sell it to a family, you need to highlight it’s safety and openness.

Current real estate trends

Another aspect to keep in mind is the current real estate trends. Once you know who your target audience is, you need to know how to orient your home. Now, there are certain things that remain the same throughout the ages. Like, for instance, a family wanting a safe home. But, there are other real estate preferences that do change. For instance, homes that are near the water were in quite a demand not long ago. And, as we mentioned, smart homes are all the craze with young professionals. So are open space homes, pet-friendly living rooms, and large windows. The more you manage to implement these trends, the easier it will be to engage your target demographic.

Picking the right time to sell

The timing of your sale can play as much of an impact as your improvements when it comes to the final price. If you start selling your home during a low sale period, you can be stuck for months with no buyers in sight. On the other hand, if you sell during a high period, you can yield a great price pretty quickly. So, as any real estate agent can tell you, you need to know when to sell. It doesn’t make much sense to go through the trouble of renovating only to wait years in order for the price to rise. Especially if, by that time, you need to renovate again. So, study up on your local real estate market and time your sale properly.

Dealing with the open house

The touch that will allow you to sell your house for the most money is to organize an awesome open house. All the upgrades and preparations won’t do you much good if you don’t present your home properly. This is another reason why you need to carefully study your target demographic. By doing so you will know how to organize your house so that the desired aspects are highlighted. Just keep in mind that if everything is highlighted, nothing is. In order for certain aspects of your house to stick out, others need to remain in the background. So, talk to your real estate agent and see which aspects you need to point out.

People shaking hands in front of a house while holding documents.

Keep in mind that during the open house you need to present yourself properly and be a good host.

Declutter

As a general rule of thumb, you need to declutter your home before the open house. No matter how clean or well-maintained your house is, if you are living in it, it has too much stuff. So, do yourself a favor and declutter. First of all, if you are moving from one city in Massachusetts to another one, this will make your move a whole lot easier. And, second, it will make your house look nice enough for an open house. You need to have some stuff laying around, but only enough so that buyers have the impression that you live there. If you have too many items, you will make your home look crowded and cluttered.

Taking care of the aesthetics

Any real estate agent worth their salt can tell you that first impressions matter a lot. This is especially important to remember if you want to sell your house for the most money. Therefore, before you organize an open house, make sure that your whole house looks as nice as possible. This includes: