First Time Selling a Home? Here's Everything You Need to Know
First-time homeowners decide to sell their homes for many different reasons. For some, the decision may be due to work- or family-related movement while for others, it’s about finances.
Both instances bring forth complex transactions that could easily lead to lots of mistakes. Selling a home can be emotionally challenging and time-consuming. However, with great care and a little know-how, you can list your home professionally and maximize your profit potential like a seasoned real estate agent. Read on to find out what it takes to sell a home the right way.
One: Price your home reasonably
Consult an experienced listing agent to determine the right sale price for your home. They will ensure that you don’t price your house far from the current market rates. You’ll have an easier time if you work with an expert that has previously sold several homes in the neighborhood. He or she can carry out a comparative market analysis to determine how much similar homes are going for.
No two homes are exactly the same. Prices vary depending on the location of the home, the construction material used, architectural design, and many more factors. Your agent will take all of those factors into consideration before coming up with the right price.
Two: Rid yourself of any emotional attachment
Start thinking of your selling process as a business venture. Look at yourself as a home seller or a businessperson rather than the owner. Seeing the process as purely transactional helps to create a distance between you and the emotional aspect that comes with selling your home.
It will also help you make the necessary changes that will make the home presentable. Fix any hidden problems and carry out upgrades where necessary, even if nostalgia means you don’t want to. You can invite a friend to help you out with the inspection process. Having a fresh pair of eyes helps to identify the tiny details that you’d have otherwise walked passed while doing the inspection alone.
Three: Prepare before selling a home
Hire a professional to help stage and clean your home. If you’re not able to afford it, find ways of doing it alone or with the help of a friend. A dirty or unprepared home can repel potential buyers. Failing to carry out some due diligence may prevent a sale or have you selling at a lower price.
Clean the house after every visit to accommodate buyers. Get rid of any odors and repaint the walls if you have to. Despite it being inconvenient and tiresome, it ensures that your home is ready for viewing at all times.
Four: Take professional photos
Today, many home sellers list their homes online. These listings are accompanied by professional photos that show what the property has and how it looks like. Set yourself apart from other sellers by putting up well-taken, quality photos. It helps to attract extra interest and to entice buyers into buying the home. You might even consider staging your home for good effect—especially if you aren’t currently living there.
The most sought-after homes have photos rich in depth, color, and clarity. Getting the angle right isn’t enough. Take your photos during the day for better lighting. This gives potential buyers a clear image of how the house looks like in its entirety. If you can’t do it, hire an experienced real estate photographer to take top-quality photos for your listing.
Five: Respond to offers in good time
Many home buyers prefer sending offers to negotiate on the price of the home before buying.
Some may express their interest in a letter of intent. Many offers come with an expiry date after which they are no longer valid. Try to respond to each purchase offer promptly. It can be frustrating for a buyer to wait for too long for a response. If you like the offer, get back to the potential buyer quickly to fasten the transaction process. However, be prepared for repair requests and other demands that buyers may have later on. If you don’t like the offer, consider giving a counteroffer.
Six: Pick the best time of the year
Do some research to find out when best to sell your home during the year. During winter, Christmas, and other holidays, things typically move slowly. People are normally occupied with social engagements while others prefer staying at home to escape the cold. This means that the number of potential buyers will be lower, hence, your home may take longer to sell or sell for way less.
As you pick the best time of the year, also consider picking the best day. Depending on your local community and the current real estate market, listing your home for sale on a particular day may improve your chances of landing a buyer. Many potential buyers look for homes during the weekend. Ensure your listing is up as early as possible on a Friday.
A successful sale
Following the tips above will give you a head start as you prepare to make your first home sale. Remember that selling a home comes with its own challenges. Be prepared both financially and mentally for unforeseen scenarios.
Your home may stay on the market longer than expected. You may also not get a buyer as quickly as you’d like–something that may force you to rent the home out as you wait for a sale. Such occurrences are completely normal, especially in a declining market. However, if you stay on course and avoid making dire mistakes, you’ll be well-positioned to make a lucrative sale in no time.
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