- Keeping your home competitive in the market can attain a higher sale price and faster sales.
- Competitive homes can negotiate better deals and create a positive neighborhood reputation.
- Adding more natural light can make your home more appealing to potential buyers.
- Kitchen and bathroom fixture upgrades and a brightly painted front door increase home appeal.
- Curb appeal improvements and attention to detail in staging and cleaning can also make a difference.
Selling your home is not as easy as just putting it on the market. If you want a good home price and a quick sale, you must make it competitive. If you are still unsure why you should put in the extra effort to make your home stand out in the market, then keep reading. Here’s what you need to know about the market, reasons to keep your home competitive, and small upgrades you can do to do exactly that.
Home Sales Today
It’s estimated that about five million homes were sold in 2020. This is a slight decline of 0.9% from 2019, but still many more homes than the 3.6 million sold in 2010. With more buyers, your home must keep up with the competition and be ready to sell when it hits the market.
Reasons To Keep Your Home Competitive
When you list your home for sale, it will compete with other listings in your area. Keeping your home competitive means you should do a few things to ensure buyers notice and feel excited when they see it on the listing. Here are some reasons why:
1. Higher Sale Price
One of the most obvious reasons to make your home competitive is to get a higher sale price. If you don’t try to make your home attractive, you must settle for a lower price. You can set a higher asking price by making your home stand out with improvements, upgrades, and staging. The more your home stands out in the market, the more buyers will be willing to pay.
2. Faster Sale
Another reason to make your home competitive is to sell it faster. It takes about 54 days to sell a home today, but when your home stands out in the market, it catches the attention of more potential buyers. The more buyers see your home, the more likely you will receive an offer. A home that is not competitive can sit on the market for months, or even years, without getting any interest.
3. Better Negotiation
When your home is competitive in the market, it gives you an advantage during the negotiation process. Buyers will know that your home is in demand and must act quickly if they want to make an offer. This can put you in a better position to negotiate a better deal, whether it’s the price, closing costs, or even the closing date.
4. Positive Reputation
When your home is competitive in the market, it can create a positive reputation in the neighborhood. Putting in the effort to make your home stand out shows you care about your property and the surrounding area. Potential buyers will see this, and it can add value to your home and the neighborhood. This can also lead to more interest from potential buyers and make it easier to sell your home quickly.
5. A Competitive Edge
Finally, making your home competitive in the market can give you an edge over other homes. This is especially true if similar homes are for sale in your neighborhood. Making your home stand out can help it sell faster and for a higher price than other homes. This can lead to a quicker sale and more profit in your pocket.
Small Upgrades to Improve Your Home
You can do various upgrades that aren’t too expensive to improve your home. Here are four of them:
Add More Natural Light
Natural light is a great way to make your home stand out. More natural light will open up the space and make it look bright and inviting. You can add more windows in dark areas of your home to bring in more light. These windows can also be a source of fresh air.
Update Kitchen and Bathroom Fixtures
Updating the fixtures in your kitchen and bathroom can give them an updated, modern look that will stand out to buyers. This is one of the most accessible and affordable upgrades you can do to make a big difference in how buyers perceive your home.
Paint the Front Door
Painting your front door can significantly affect how buyers perceive your home. Choose a bright, eye-catching color that will stand out and create an excellent first impression. This is one of the quickest and most affordable upgrades you can do to make your home look more attractive.
Add Curb Appeal
The outdoor space of your home is the first thing buyers see, so you must make a good impression. Adding curb appeal can be as simple as planting beautiful flowers or adding outdoor furniture. This will give buyers an inviting feeling when they visit your home.
Making your home competitive in the market requires a little extra effort, but getting a higher price and faster sales can go a long way. With the right upgrades, you can ensure your home stands out. Don’t forget that small details like staging and cleaning are also essential to make your home attractive to potential buyers. You can ensure your home is ready to compete when it hits the market with a little effort.