If you’re in the market to sell your San Diego home, you’re in luck. According to Zillow data, the median sale price for homes in San Diego County rose 10.5% in the first half of 2022. That rise brings the average sale price up to $992,818. So when you sell, what can you do to make sure you see that nearly 11% increase in your final sale price? Use the tips below to maximize your dough and get the best possible return on your investment.
6 Ways to Increase Your Profit in the San Diego Real Estate Market
1. Focus on Updates With Big Visual Impact
When the market is this hot, your house really has to stand out from the competition in order to get buyers’ attention. It’s fine if you want to take a frugal approach to preparing your home to be listed, but make sure the projects you tackle have a big visual impact.
For example, it’s always a great idea to put a fresh coat of paint on the walls and get the carpets professionally cleaned. Also, if you have an outdated kitchen, spending some time refacing your cupboards and installing new hardware can really modernize your space, incentivizing buyers to pay a little extra.
2. Add Some Eco-Friendly Fixtures
Consider installing a few environmentally-conscious features to attract “green” buyers. Things like low-flow toilets, water-saving shower heads and faucets, an energy-efficient furnace or a new water heater can increase your home’s value by several thousand dollars. Since San Diego has 260 days of sunshine each year, installing solar panels can also be a great way to increase your selling price, especially if you can get in on a rebate program to help with the installation costs.
3. Research the Market
Choosing the right time of year to put your home up for sale can mean a difference in thousands of dollars at closing. Prices rise and fall throughout the year. To get the best returns, it’s important to list your home when the market is trending in your favor.
To figure out when you should sell, research recent market data and take a look at some comparable home prices to see how they’ve changed over the past few months. If you’re on an upward trend that looks like it’s getting close to a peak, it’s a great time to list. If prices have gone down a little and are anticipated to continue to drop off, it can also be wise to list if you don’t want to have to wait out a market downturn.
4. Take Excellent Listing Photos
Buyers are relying almost exclusively on online listings to find homes, which means that great photos are required to make a crucially important positive first impression. If your listing has just has a few cell phone snaps that are poorly lit or blurry, buyers will move on to the next listing faster than you can say “cheese!”
Study what appeals to home shoppers or hire a professional photographer to take high quality photos to increase your buyer traffic and your number of potential offers.
5. Make the Exterior Shine
Your home’s exterior is the first thing a potential buyer will see. Keep the grass and shrubs trimmed, plant flowers to add vibrancy and enrich any mulched areas. Also make sure that cracked siding or crumbling brick walls are repaired and that any backyard space you have looks inviting. With these improvements in place, you can increase your home’s value by 2-5%.
6. Save on Realtor Commissions
Realtor commissions are the largest expense when it comes time to sell your home. The typical 6% commission can seriously limit your profits. But there are ways to save.
Some real estate companies – like our partners at Clever Real Estate – offer listing fees at a drastically lower rates. While seller’s agents normally earn 3% of the total 6% commission, agents who partner with Clever’ only charge 1.5%. So you can keep that 1.5% profit for your next home or other investments.
For a $1 million home, that’s $15,000 in savings!
Best of all, you’ll never have to sacrifice great service. Clever’s nationwide network of trusted real estate agents provide full-service support, from brokerages like Coldwell Banker, Keller Williams, and RE/MAX.