6 Tips & Tactics If You're Selling A Home For The First Time
Your home is probably your biggest investment. That's why selling your home can be such an emotional and stressful experience. Understanding the process can make things much easier to manage. These first-time home selling tips will help to ensure you have a confident and rewarding sales experience.
1. Understand Your Finances
Find out your exact mortgage balance from your lender so that you have an idea of your equity. This knowledge will prepare you for making any home improvements prior to selling as well as for knowing how much you can afford in your future home purchase.
2. Determine Your Representation
Next, you'll need to decide whether you intend to sell your home on your own or with the help of a real estate professional. Which option is best for you will likely be determined by factors specific to your situation. Consider how quickly you need to sell your property, as well as the market conditions of your local area and any unique challenges that might be associated with your home. The majority of sellers tend to go with an agent.
3. Complete Home Improvements and Staging
You'll have a better chance of selling your home for your desired price if it's move-in ready and aesthetically pleasing. You may want to have a pre-inspection completed so that you can prioritize any items that need to be fixed in order to avoid red flags. If you're able to take on additional improvements, ask your agent for advice on what's popular in your area. Staging your home allows it to attract a wide range of buyers. At a minimum, take time to declutter and de-personalize. Buyers want to be able to imagine themselves in your home.
4. Price and Market Your Home Effectively
In order to get the best price for your home, you'll want to aim to sell quickly. As time goes by, asking prices tend to drop. Research houses similar to yours that have recently sold in your neighborhood. Your asking price should be in line with these comparables. Investing in an appraisal can also help to narrow down a fair estimate.
5. Market Your Listing
Marketing is key to ensuring your home is seen by the right buyers and that it is attractive to them. Be sure to advertise in a variety of ways in order to get the most eyes on your property. Professional marketing photos and a well-written description will go far to enhance your listing. Finally, you'll want to schedule as many showings as possible. Having remote viewings as well as in-person showings will increase your reach.
6. Prepare for Closing
You'll want to do all you can to ensure closing goes smoothly. Prepare for inspection by taking care of as many repairs as you can and being ready to negotiate if any issues are found. It's also possible that a buyer's financing could fall through entirely. Be prepared for any possibility. In addition, you'll need to be sure you have the money to pay your own share of closing costs, which could be around 8 to 10 percent of the selling price.
Keep these tips in mind if you're selling a home for the first time. Some preparation will make the process much easier.