Selling your home for the most money involves understanding your local housing market and the selling options that are available to you. It’s important to consider the costs associated with selling, like closing costs and realtor commissions. Getting the most out of your house isn’t just about accepting the highest offer. Here’s everything you need to know about getting as much as possible out of your Salt Lake City home.
Know the Market
Housing markets are often described as either a “buyer’s market” or a “seller’s market”, and it’s important to understand these terms so you know when your house will sell for the most money.
A buyer’s market refers to times when there are more houses for sale than there are buyers. In this type of market, homes will sell for less money because there’s less competition, and they won’t sell as quickly.
A seller’s market is quite the opposite. This happens when there are many buyers without as many homes available for purchase. The high demand in a seller’s market drives up home prices and leads to homes selling very quickly.
You can identify what type of housing market currently exists in your area by researching the average number of days on market for similar homes in your area. A high number of days means it’s a buyer’s market, and a small number of days indicates a seller’s market. Selling your home in a seller’s market will help you get the most out of your house.
Pick a Selling Strategy
There are several options for how to sell your house, and which one you choose will depend a lot on the type of home you have and your situation. Here are some of the most popular options to sell a house:
- Sell with a Realtor – This is the most common strategy used by sellers. It involves hiring a realtor to list your home. The realtor recommends a price and a list date and helps arrange open houses and field offers. This option is also the most expensive because realtor commissions are typically 6% of the home’s sale price.
- For Sale By Owner – A less common method for selling, FSBO saves a lot of money on commissions, but that doesn’t come without risks. Selling a house on your own means you miss out on the knowledge and experience a real estate professional can lend to the process, and homes that sell using this strategy often don’t get the highest offers.
- Sell with a Listing Service – A flat-rate listing service is a great in-between option that doesn’t cost as much as hiring a realtor but still offers the experience and wealth of knowledge that real estate gurus bring. This is a great option for getting the most out of your home while avoiding costly realtor commissions.
HoneyHomb makes Selling Your Home Easy
You want to get the most out of selling your home, and at HoneyHomb that’s our goal too. That’s why we offer our flat fee listing service to help you save thousands on closing costs and realtor fees while still getting quality assistance on your home selling journey. We serve clients in Sandy, Utah, and the greater Salt Lake City area. Sell your home the HoneyHomb way. Get started today!