In 2020, the pandemic and unstable economic climate have caused many families and households to gain interest in homeownership. In turn, this has caused a housing market bubble, which has caused the median home prices to skyrocket to 407,000 US dollars – an 18% increase compared to the previous year!
So, if you have decided to put your house or property on the market today, you can obtain great returns from your asset – especially as house prices are so high. However, the competition in the housing market has never been fiercer, and understanding how to make the most of your property is essential. If you are not sure where to start, check out the tips below.
Consider Staging the Property
If you have an empty or older property, your real estate agent might have suggested you stage your property to close the sale faster. However, of course, this service comes at a cost – but is it a cost worth paying)
The 2015 National Association of Realtors Home Staging Report tells us that staging a property can increase its market value by 10 to 20%. And, if you are looking to close the sale fast, you should keep in mind that staged properties are sold 85-90% faster than others.
While this isn’t necessary, your home can gain value and find a new owner in less time. After all, potential buyers will want to imagine themselves living in the property, and an unkempt living space might not be so appealing!
Hire a Marketing Agency Specializing in Real Estate
When deciding to sell your home, you will have to treat your property as an asset. Just like in the case of other industries and sectors, to close the right deal, you will need to tap into the right market, target the right buyers, and understand what channels of communication to use.
Working with a specialized marketing agency that focuses on the property market can help you brand your home. The marketing agency will be able to target potential buyers by demographics, income, marital status, location, age, and time of day.
Invest in High-Yield Renovation Projects
If you are looking to buy a home, you should look at your finances early and complete all the projects to increase the returns from your sales before putting it on the market. However, not all renovation projects will yield the same returns! For example, renovating a kitchen or a bathroom are expensive projects which can increase your family’s comfort level but can prevent you from recouping the money spent.
Instead, redoing the sidings, garden, flooring, and repainting the property are inexpensive tasks that can increase your home’s market value.
First Impressions Matter!
Nothing boosts the value of a property like its curb appeal. Your potential buyers are likely to feel an emotional drive and make up their first impression of the property within seconds of seeing it.
Luckily, you can improve the curb appeal of your home by painting the exteriors, fixing the roof, landscaping the garden, and improving your driveway. And don’t forget to repaint your front door!
