Are you planning on upsizing or downsizing and relocating to a new home in Park Shore, Naples? Buying and selling a home simultaneously can be a massive undertaking with many variables to consider. Fortunately, this guide sheds light on some real estate industry secrets that can help you buy and sell a home with very little time in between!
1. Set the right price
One of the keys to selling Park Shore real estate quickly is to determine strategic pricing. A real estate agent will compile a Comparative Market Analysis (CMA) on your home for sale to determine the fair market value. In the Comparative Market Analysis, a real estate agent will compare the home's size, age, condition, style, and amenities against other similar homes that have sold recently in Park Shore.
Why you shouldn’t price too low or too high
There is danger in pricing your home too low or high. When a home is overpriced, there is the risk that prospective buyers will overlook or dismiss the property. This could create a situation in which the home is left on the market too long, leading buyers to wonder what is wrong with the home. There is also some risk when you set the price too low, in that you may sell it for less than the home’s value. To avoid selling it for less than the market value or having it linger on the market, it is always best to strategically determine the price that will motivate and entice buyers to make an offer quickly.
2. A little paint goes a long way
Whether you are staging Park Shore condos or ranch-style homes, you might find that the condition of some of the surfaces and walls tends to deteriorate over time. For example, cracks or holes in the walls might start to look rather unsightly as you begin the extensive process of staging your home for sale. Consider painting the surface areas where there are a few unsightly blemishes. Remember that even a little paint can go a long way. For a more extensive renovation, you could even consider changing your home's color palette to match current trends, the outside environment, or the decor in your home. Whether you do a small paint job or a more extensive one, painting can help freshen up the home and highlight certain features.
Why you shouldn’t forget the front door
There is one component of your home that you should never forget to paint. You should consider painting the front door. By painting (or repainting) the front door, you can help to boost curb appeal. Furthermore, painting your front door black could increase the home’s value by over $6,000. Consult your Park Shore realtor to determine if painting your front door black would be a solid investment.
3. Add minor upgrades to boost ROI
One of the best things that you can do as a home seller is to do simple upgrades to boost your home’s value. The two upgrades that usually bring at least a 100% ROI are landscaping and adding minor bathroom updates. For example, doing simple landscaping tasks such as mowing the lawn, pulling the weeds, and trimming the hedges can help create a beautiful curb appeal that ultimately increases the home’s value by 100%. As for the bathroom, consider adding minor updates, such as updating the light fixtures or replacing the faucets. Landscaping and updating the bathroom are two minor updates that you can do to make your space simply enchanting!
Why you shouldn’t do time extensive upgrades
It is crucial that you are strategic in the types of upgrades you choose for your home. The updates that are more cost-extensive with relatively low ROI are ones that you should consider forgoing. For example, doing extensive landscape renovations or replacing the HVAC systems won’t significantly increase the ROI. Instead, work on the minor upgrades that can recoup nearly 100’% of the initial start-up costs.
4. Social media is key to marketing
Considering that 97% of home buyers use the internet when searching for homes, you must incorporate social media in your marketing strategy. By using social media, you have the potential to reach more people who might be interested in buying your home. Furthermore, social media is where you can forge invaluable connections with potential buyers. You can also upload professional photos and videos onto social media platforms.
Why you shouldn’t forget about traditional ways to market
In today’s world, it might seem that social media should be sufficient to promote your home as it can reach more people that traditional marketing can’t. However, you should not underestimate the power of conventional marketing. By using printed flyers, direct mail campaigns, and broadcasting, you have the potential to reach new buyers. Furthermore, you can forge invaluable connections and even diversify your audience. Consult your real estate agent in Park Shore to determine which traditional marketing strategy would work best for your luxury home.
5. Consider contingencies
As a buyer and a seller, you can opt to add a variety of different contingencies to your offer. When selling Park Shore, Naples condos for sale while buying another property, you could consider adding a home sale contingency. For example, if your home sells by a specific date, then the sale can proceed. However, the transaction will be canceled if it fails to sell. You could include inspection, appraisal, and title contingencies as a buyer. They all operate under the premise that if something goes wrong with the home inspection, appraisal, or title, then the contract can be canceled. Though contingencies can be helpful, it is advisable to proceed cautiously, as many sellers are wary about them if the agreement falls through.
Why you should ask for an extended closing
If you are buying and selling a home simultaneously, it might be helpful to consider asking for an extended closing. Having an extended closing in place could give you more time to find a new property while you are closing on your home for sale. With an extended closing, you would not have to find a new place to stay and can move from your old home to your new one effortlessly!
Interested in buying and selling a home at the same time? Consider consulting the real estate experts John and Jessica of O’Neill Residential. Using innovative marketing technology and an extensive network of contractors and connections, John and Jessica can help you buy and sell your home in Park Shore, Naples, smoothly and efficiently!
