For what seems like the first time in years, home prices are finally on the rise again. With lower mortgage rates and a stronger economy, potential buyers are coming out in droves, according to AARP. If you have been considering selling your home, now may be the time to act.
However with more homes on the market, you may have a difficult time making your home stand out. Here are some tips from AARP that not only will help your home sell, but may help your home sell faster as well.
- Price with round numbers. Homes listed as “00” sold quicker than homes listed as “99”.
- Don’t skimp on photos. Photographs of the home turn lookers into visitors.
- Storage space sells. Large closets and storage spaces are a big selling point. Be sure to photograph your storage areas.
- Know the eight-second rule. Buyers decide whether they’ll buy a home within eight seconds of seeing it. Make sure you spruce up your home appeal.
- Get an appraisal and inspection. If your reports are positive, then showing them to prospective buyers can be a great tool in the selling process.
- Painting pays. Fresh paint provides a fresh look to your home. Be sure to use neutral color schemes.
- Offer a financial goody bag. Instead of offering to prepay taxes or closing costs, consider offering a year’s worth of pool service or landscaping. It may be cheaper for you and gives a better perceived value of the home to perspective buyers.
- Consider add-ons to stand out. Opposed to lowering your price to make the home stand out, consider adding a flat screen TV or another high end feature. This may cost less than a price reduction and makes your home stand out from competitors.
One option to consider before selling your home is a reverse mortgage loan or also known as a Home Equity Conversion Mortgage (HECM). With a HECM for Purchase loan, you may be able to sell your current home and purchase your new home, all in one transaction, and eliminate monthly mortgage payments1 on your new residence.
Use our free reverse mortgage calculator in the top right of this page to see if you qualify.