Guide to Selling Your First Home
How to figure out exactly what you want, and how to work with the experts who’ll help you get it. Selling, a famous salesman once said, is essentially a transfer of feelings. You love and cherish your home. You want the next owner to fall in love with it, too — through photos, through words, and through the experience of walking through your front door. But, perhaps most, you want to get the price you want. This isn’t a small task. Selling a home requires work. It requires time. The journey isn’t always easy. There will be frustrations. But when you seal the deal and move on to your next chapter — wow, what a blissful, boss feeling. Now, let’s talk about selling your house.
1.Price your home competitively
When listing your home for sale, cast a wide net for potential buyers. Pricing your home properly from the beginning is imperative.
Some sellers can let their emotions dictate their selling price instead of relying on their real estate agent’s expert opinion and market data — and that can be a big mistake.
According to studies, nearly 60% of homes nationwide sell at or above listing price when they accept an offer in the first week. In the second week, however, that drops seven percent and continues to trend downward as the weeks go on.
Be sure to research comparable sales, also known as “comps”. Your real estate agent should be an expert in home values in your area and can be a great help with this. It’s important that the comps you use are a similar size and condition as yours. They should also be near the same age and in close proximity to your home.
2.Time your home sale properly
Whether you’re in hot seller’s market or it’s a buyer’s market, an important strategy that shouldn’t be overlooked is when to list your home for sale.
Research shows that sellers typically get the highest prices and sell their homes more quickly when they list in early April, according to Realtor.com. Homes listed in that week logged an average of 14 more views and have 5 percent less competition from other sellers.
Even more appealing for sellers: Homes listed the first week of April see 6 percent higher prices — a gain of $17,000 more for a typical home.
It’s important to note, however, just because you missed that early April window it doesn’t mean you can’t sell your home quickly. According to Danielle Hale, chief economist with Realtor.com, while many parts of the country see homebuyers out in full force in the spring, some markets have later peak listing times.
3.Stage your house to sell
Consider staging your home to boost its selling power and appeal.
This is another area where your agent can help. Most real estate professionals can offer great advice on preparing your home for sale.
Home sellers should try to find the balance between being cluttered vs. being empty and not lived in.
You may be surprised to find out that most homes show better with roughly half of the furniture removed. However, if a homebuyer walks into your home and wonders if anyone lives in the house, that’s not likely to leave them with a great first impression.
4.Complete certain home repairs before listing
Don’t wait until the home inspection to start making certain repairs.
If you know you have a water heater that’s about to go, a running toilet, leaky faucet, or other issues that are likely to turn a buyer off, or more importantly, be flagged by a home inspector — fix them before listing your house for sale.
On the other hand, buyers often ask sellers to repair “everything” in a home inspector’s report, says Jean Bourne-Pirovic, a Realtor at Long & Foster Realtors in Silver Spring, Maryland. As a seller, however, you’ll want to be more circumspect, since those repairs take a bite out of your profit.
You do have an obligation to make certain repairs, Bourne-Pirovic explains, so it’s important to know what those items are. Typically, repairs that are required by law or involve safety or health hazards are “must-dos.” But you needn’t say yes to every repair. Cosmetic fixes in particular might be a “no.”
5.Vet potential homebuyers
For buyers, financing is all about home loan approval, and buyers who are short on cash might be especially keen to get a low- or no-down payment loan insured by the Federal Housing Administration (FHA) or guaranteed by the U.S. Department of Veterans Affairs (VA), respectively.
For sellers, though, financing is all about the buyer’s ability to close and in that context, you might view a loan program that requires a healthy down payment as a better sign.
The bottom line when selling your home
Perhaps you’ve considered selling your house because you need additional space, you want to downsize, or are relocating for any number of reasons. Whatever your motivation, it’s important to be prepared for the sales process — even more so if you want to sell your house fast.
Selling your home can be both emotional and stressful, especially for a first-time home seller. If you follow these five tips, you can set yourself ahead of the competition by convincing buyers that your home is the one for them.
All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified.