What is the Most I Can Get if I Sell My Home?

• Real Estate Tips
• May 2, 2023

Learn More About the Most You Can Get if You Sell Your Home!

Are you considering selling your home and wondering, “What’s the most I could walk away with?” For many homeowners, selling a home isn’t just a out a new life chapter, it’s about cashing in your chips, whether the proceeds are to buy another home, pay off your mortgage balance, or put them into a fixed-income fund, the big question is: “How much cash can I really pocket from my home sale?”

When you’re in the process of selling your home, you may not be aware of the costs associated with the property’s sale. Things like your mortgage payoff amount and your house’s closing costs can influence the total money you’d get from the sale. Additionally, there are other costs associated with selling your home that you must acknowledge. If you consider all of these different costs, you could determine the amount of money you’d retrieve from the total sale. 

Let’s explore the costs associated with a home sale–and how to maximize that amount! 

What is the Most I Can Get After Accounting for the Costs of My Home Sale?

Although many expenses come from a home sale, some average costs are important to note. For example, before you initiate the sale, you would want to hire a professional Encinitas Real Estate Agent. A Real Estate Agent can help you make a successful sale and help you find the best deal for your home! But, of course, an agent doesn’t work for free; you must consider the money you’d spend hiring that agent for their real estate services. 

Additionally, there is the cost of prepping your house for sale. To sell your property for the best price, you must ensure your home is attractive to potential buyers. You can hire a home stager to spruce up your home’s interior or landscapers to boost your curb appeal. While house prepping can be costly, it could increase the value of your property by a good margin. 

Finally, you must acknowledge the cost of closing the sale on your home. While many closing costs are the buyer’s responsibility, you might also have to cover some expenses as a seller. Some of the costs can include property taxes, escrow fees, and title insurance. Also, you may have to pay a brokerage fee and any fees associated with the Homeowners Association. Add every expense together, and you can expect to spend plenty of money on closing costs alone.

Know Your Home’s Value–And Make It Shine!

While online estimators like Zillow’s Zestimate are quick and convenient, they’re not gospel. If you want a true, accurate estimate of what your home is actually worth, you have to do some legwork and dig deeper. Here’s how:

Get a Comparative Market Analysis (CMA)

Ask your Realtor to provide a CMA, which culls together similar properties that have sold near you recently to see how your home may compare–so if a neighbor sold their three-bedroom for $620K, and your home has a new, state-of-the-art kitchen and expanded yard, your home has leverage.

Go With a Pro Appraiser

Hiring a professional, independent appraiser can offer you a more objective market value of your property. This can be particularly beneficial if you’re selling FSBO (For Sale By Owner) and would like to be fully equipped with all the facts in negotiations.

List Smart, Price Way Smarter

This is where strategy and psychology come together: the highest price doesn’t necessarily attract the highest offer. Instead, try listing slightly below the market value. Why? It’s about creating a sense of urgency, especially in a seller’s market, where doing so may start a bidding war between multiple buyers since a $480K listing can become a $520K sale overnight when emotions run high.

To get an idea of how to potentially finesse pricing for a max return, start with the Realtor.com home value calculator, which uses advanced algorithms to deliver an estimate you can discuss further with your real estate agent to devise the best plan of attack.

Keep in mind that the “highest” offer may not always be the best–things could always fall apart during escrow–therefore, strive for the best net profit, not just the number with the most zeros.

What is the Most I Can Get After Paying Off the Mortgage on My House?

If you still have a pending mortgage on your property, you may need to use the proceeds from the sale to cover that cost. But the amount you’d spend on a mortgage can depend on your home’s available value. For example, if your house has significant value, the mortgage payoff amount will be lower than your sales price. That means you’d have more money saved up by paying less for your mortgage! But, unfortunately, the same cannot be said if you have a low value on your house. 

Don’t worry if you have a house with low value. There might be strategies available that could help you increase your home’s overall equity! Speak with a Realtor today about what you can do to boost your home’s value.

What is the Most I Can Really Get?

The math is really quite simple: if your home has a $500K market value and you’ve invested in a number of light upgrades and staged it properly, inventory is low, and buyers see your price at $489K, then you may be looking at a TNT-type reaction with multiple offers flooding in.

If an ensuing bidding war pushes the final sale price to $540K (after closing costs), you could receive a very lucrative profit over your initial valuation–and all from working closely with your real estate agent to strategize pricing, timing, and giving the optimal presentation.

Can a Realtor in Encinitas Help Me Find Out the Amount I Can Get if I Sell My Home?

Yes! Finding an exact money total can be challenging when there are many factors to consider. However, a Realtor in Encinitas could help you find a definitive answer! They can calculate your home’s value and the home sale costs to provide you with an estimate of your proceeds.

Contact Realtor Linda Moore for assistance in finding an appraisal of the total you’d receive from selling your home.