Not long ago, home sellers enjoyed a surge of buyers fueled by historically low mortgage rates. However, the Federal Reserve's recent interest rate hikes have changed the game.[1] Selling a home is now more challenging, with buyers becoming more discerning.Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value.[2]

Despite this, low home inventory means most properties will still sell with the right preparation, pricing, and a good real estate agent. However, owners who go the extra mile are more likely to sell faster and for a higher amount.

If you plan to sell your home in the Space Coast area and want to maximize your returns, follow these top seven strategies to attract the best offers.

1. Undergo a Pre-Listing Inspection

A pre-listing inspection, conducted before putting your home on the market, demonstrates transparency and commitment to potential buyers. This proactive step can strengthen your negotiating position and help avoid delays or cancellations by addressing issues upfront.[3] While the pre listing inspection may reveal significant problems, it's better to know and address these issues upfront. Finding out mid-transaction could cost you more in the form of concessions, a delayed closing, or a canceled sale.

We can help you decide if a pre-listing inspection is right for you and advise on necessary repairs.

2. Consider Strategic Upgrades

Major renovations might not always make sense, but certain upgrades can yield high returns. Refinishing hardwood floors, for instance, offers an average 147% return on investment, while  new garage doors often pay for themselves.[4]  Similarly, research shows that professional landscaping can boost a home’s value by as much as 20%.[5]

Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral color, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best.[5]

 Even simple updates such as a fresh coat of paint, modern light fixtures, and new caulk can make a big difference. Consult with us to determine which investments are worthwhile for your Space Coast home.

3. Hire a Home Stager

To get most equity out of your home, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space. 

That’s where home staging makes a significant impact. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories. 

According to the National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes.[6]

I strongly believe in staging that is why I have made staging an integral part of my services for  the last 10 years.

4. Employ a Competitive Pricing Strategy

Overpricing your home can lead to it sitting on the market, deterring buyers and driving down offers.[7] Instead, pricing it competitively—at or slightly below market value—can attract more interest and potentially higher offers. We perform a comparative market analysis (CMA) on your property to determine the ideal listing price based on recent sales in your area, ensuring you hit the sweet spot that maximizes profit while attracting buyers.

5. Offer Buyer Incentives

Sweetening the deal with buyer incentives can be particularly effective in the current market. Consider options like buying down the buyer’s mortgage rate, offering closing cost credits, covering HOA fees, or including furniture or appliances. These incentives can make your property more appealing, especially when buyers are concerned about affordability.[7] We can help you evaluate and implement the best incentives for your situation.

6. Use a Proven Property Marketing Plan

Effective marketing is crucial to reach as many qualified buyers as possible. Our multi-step approach starts with identifying your target audience and positioning your home strategically in the market. We use various distribution channels and performance metrics to ensure your home gets maximum exposure. Contact us to learn more about our marketing plan and how it can generate interest and offers for your Space Coast home.

7. Work with a Local Expert

Partnering with a real estate agent who understands the Space Coast market is essential. Local agents can provide up-to-date insights and use their networks to get your home in front of more potential buyers. In 2021, homes sold by agents had a median price of $330,000, significantly higher than the $225,000 median for homes sold by owners.[8] Our knowledge of local market trends and buyer preferences can help you price your home accurately and make it more appealing to buyers.

Let’s Get Moving

Are you ready to attract great offers for your Space Coast home? Our comprehensive approach can help you maximize your real estate returns. Reach out for a free home value assessment and a customized sales plan to get started!

This content is for informational purposes only and is not intended as financial, legal, or tax advice. Consult the appropriate professionals for advice tailored to your needs.

Sources:

1. [U.S. Bank]

2. [National Association of Realtors]

3. [Bankrate]

4. [National Association of Realtors]

5. [Bankrate]

6. [National Association of Realtors]

7. [U.S. News & World Report]

8. [National Association of Realtors]