Price Cuts Are on the Rise. Sell Your Denver Home for Top Dollar With These 7 Tips
If you’re looking to sell your Denver area home soon, but have concerns about whether or not you’ll be able to get top dollar, you’re not alone.
The Days on Market here in our Denver metro area is now averaging 43 days. When compared to last year's 18 days on market, you can feel the difference! At the end of December, over 50% of active listings in our 7 county area had a price reduction. Reduced demand paired with rising price cuts have left many potential home sellers wondering if bad timing has ruined their chances of making the type of profit they’d been hoping for. Luckily, strategies are available to help you leverage your home’s value, ensuring you remain successful in achieving both a quick sale and generous profits. I'm Cher Revolinski with eXp Realty - a Realtor in the Denver area. I love educating my clients and helping bring clarity to the sometimes confusing real estate world!
Let's get to it! Here are seven proven tips to help you get top dollar for your home. And don't worry - none of them require to list your home below market value!
1. Stage your home
According to data from the National Association of Realtors, 23% of sellers who staged their homes received an offer of 1-5% over the asking price. Additionally, a home that is staged can expect an increase of 1-5% above the region’s median listing price—profits that range between $3,000-$17,000.
Cleaning, decorating, and rearranging furniture in a way that showcases your home in the most appealing way possible sometimes involves a team of experts trained in interior design. HomeAdvisor reports that the average cost of staging a home is $1,700 but it has a 100%-900% return on investment for the seller, making it one of the most cost-effective home selling tips a homeowner can implement.
If you are selling your home, it’s important to remember that staging is a process that requires time and money. While some homeowner’s may be able to complete all of these tasks on their own, others will be better off hiring an expert. Home staging reduces the time it takes for your home to sell by an average of 50 days, and it can increase the price you get by an average of almost $6,000. The return on investment is 2-5 times larger than that of other marketing efforts like yard signs or open houses.
As part of my services, I offer a variety of staging solutions to suit your specific situation.
2. Depersonalize it
Putting personal items in storage, decluttering, and neutralizing your home’s color palette are all ways to depersonalize your home so that potential buyers can envision themselves living there. Ideally, you want home shoppers to see your home as their move-in ready dream residence.
Consider hiring a professional cleaning service to do a deep clean, and paint the wall colors an on-trend neutral color. Replace portraits, posters, and knick-knacks with attractive wall art and generic vases - or sometimes a blank wall is appealing, too. Also important: declutter the yard, driveway, and garage.
Emotions are a huge part of a home shopper’s decision making, so you want the potential buyer to feel like this house is their own. Removing the pictures of your family may feel odd but you want the buyer to be picturing themselves in your home - not studying your family!
3. Maximize light and space
Whatever you can do to make your home appear brighter and more spacious will increase its value.
Prior to a showing, open all the blinds to let in as much natural light as possible. When appropriate, add an extra lamp or light fixture to illuminate darker corners. Replacing yellow or warm light bulbs with cool white or daylight bulbs will also help to increase your home’s brightness.
Just remember - when you start replacing light bulbs, you'll want them all to be consistent in tone. No yellow-hued lamps mixed with the daylight bulbs nearby. Pick a style and stick with it throughout. You can also remove excess furniture which will not only help your home appear larger, but will allow for potential buyers to move more freely.
4. Update and repair, but don't remodel
Making strategic cosmetic updates can add up to $6,000 to your home’s value, according to a Zillow study. Major remodels aren’t needed, rather, simple repairs such as removing worn carpets or replacing outdated appliances and fixtures will maximize the value of your home.
Some must-do’s include: adding fresh paint, patching holes and cracks, updating old hardware and faucets, replacing broken windows, and regrouting if necessary. A full remodel of your home doesn't always generate the return you're expecting.
For my clients, I coach that any major remodels should be done so that YOU can enjoy the house. Don't remodel just to sell it. There are 2 reasons for this. First, you'll likely be keeping a tally and expecting to get every dollar back from your investment of time and money. That's not necessarily the case. And second, if your home is in need of a remodel, sometimes it's best to let the buyer complete it so they can choose the colors, finishes, etc to match THEIR style. As far as updating goes - be sure to check out our recent video on that topic.
5. Focus on the kitchen
Realtor.com recently found “homes that include a killer kitchen or luxury kitchen, as described by the sellers, sell 8% faster than similar-sized homes in the same ZIP code.”
So, prioritize this space.
In fact, some kitchen features add immense value to a home. These include: custom cabinetry, a kitchen island, creative lighting, and granite countertops. Even simple fixes like changing knobs can make your kitchen look new in the eyes of buyers.
The kitchen is the most important room in your home. If it’s not, you need to reevaluate your priorities! The kitchen is where people spend a lot of time, especially when they’re entertaining guests. It’s also the first place potential buyers look when touring homes for sale. So, before you think about any other improvements on your list, make sure to give this space some attention.
6. Boost curb appeal
Findings from the University of Alabama and the University of Texas at Arlington suggest that curb appeal can add anywhere from 7% to 14% to your sale price.
How do you improve curb appeal?
Since photos are an essential part of a homebuyer’s search, whatever you can do to enhance that initial impression will reap huge rewards. Some inexpensive places to start include updating your front door with a trendy color, scrubbing down exterior trim, power washing walkways, and cleaning exterior windows. A layer of fresh mulch beneath your trees and shrubbery is also one of the least expensive ways to make your yard attractive. Finishing off the look with a few potted plants and hanging flower baskets will add that extra touch of color to help your listing photos sparkle.
Also, evaluate your yard. Even the smallest of yards can be improved by tidying and making strategic changes that maximize space, light and flow.
7. Hire the right real estate agent
An experienced real estate agent not only knows how to strategically market your home for today’s home selling climate, but they also have a wealth of connections with those in the community and can generate more interest in your listing than you could’ve ever imagined. I have an entire army of connections with stagers, photographers, mover, organizers and marketing experts to ensure your home is featured in the best light. If you're considering selling, reach out and let's chat about your specific needs.
Cher Revolinski EXP Realty. 303-884-2738.
Ready to see what you can get for your home?
If you’re seeking an analysis of your current situation or want advice on your best next move, don’t hesitate to reach out. Our team of expert real estate agents is standing by to answer your questions and make your home sale a success.