Other areas buyers are likely to pay attention to include the kitchen, baths, and home exterior. Alexander says, however, that this is another stage where rushing in without expert input can set a seller back.
“I often find that people are doing repairs to the property that they actually may not need to have done for the sale,” says Alexander. “So, I think having your agent involved early so that they can advise on what should be done is important.”
Pro tip: Don’t go overboard on remodeling
A minor remodel of a 200-square-foot kitchen, including replacing cabinet fronts, countertops, and appliances, costs about $26,790 but recoups about $22,963 at resale, according to Remodeling Magazine’s 2023 Cost vs. Value report. That’s about 85.7% ROI compared to recouping about 41.8% of expenses for a major kitchen overhaul.
Highfill says the best way to identify worthwhile fixes is to lean on a real estate agent’s expertise.
“The fact of the matter is most sellers do not have the time, energy, or money, or a combination of those to do everything necessary to get the best dollar for their house,” he says. “We have a responsibility as Realtors to prioritize those items in order to [help them decide] what they’re willing to do and not do.”
4. Calculate your asking price
Landing on the right asking price for your home is a delicate act. Set your asking price too high, and your house may sit on the market too long — or just not sell. Set it too low, and you could leave money on the table.
Highfill says sellers often don’t realize that there isn’t necessarily a magic number that pinpoints a home’s value.
“There is not an exact number for a house,” he says. “There’s typically a range of where a house should come in at now.”
He says the best way to set the right listing price is to partner with an agent who has experience with the appraisal process, and who knows how to calculate listing prices effectively.
“It’s frustrating for me,” he says. “Sometimes, I will visit potential sellers who have visited with another Realtor, and all the Realtor has done is take an average of all the homes in that subdivision or something. That’s just not a proper way to do it.”
Key factors that go into pricing a home
- Comps: The sale prices of comparable nearby homes similar in size, amenities, structure, and age to your own
- Unique characteristics: Dollar adjustments based on your home’s competitive differences to the comps selected
- Market conditions: Factors such as inventory, buyer demand, and days on market
