21 Jan First Time Home Sellers – 5 Real Estate Tips
First Time Home Sellers – 5 Real Estate Tips
Selling a house for the first time is a milestone in many people’s life. After years of calling a place home, first-time sellers must learn the art of competitive pricing and finding the right realtor on-the-fly. But before you can sell your old property and buy the house of your dreams, you must learn the basics of selling a home. So follow the 5 real estate tips outlined below to make sure you can maximize your profits and move to a new place in no time!
1. Pricing your home
Pricing your own home can be very challenging for anyone! All the memories that you have of the kids playing in the back yard will interfere with your sense of value. Setting your home’s price high and then negotiating it down might seem like a smart business tactic at first. However, many buyers don’t react well to this tactic. In fact, you may lose many potential home buyers because they won’t want to insult anyone by making a much lower offer even if the offer is in line with the market. It’s OK if you prop your home’s price by up to 5% to give you some leverage, but you shouldn’t set it so high that you’re immediately discredited in the eyes of potential home buyers. So, if you are having trouble pricing your house, make sure you get a reputable listing agent to help.
Many sellers consider selling their home “For sale by owner” (FSBO) thinking that it’s an easy way to save money but, selling a home isn’t as easy as selling a product on Amazon or eBay. The real estate market is tightly regulated so every step of the sales process is a hassle especially with Covid. Hiring an experienced real estate agent that understands the market trends, tax protocols, and legal documents involved will guarantee that your property is sold successfully. Although hiring a good listing agent can seem expensive at first, you can easily make back your investment once your home is sold efficiently.
3. Stage your house like a pro
Whether it’s upgrading your appliances or repainting your outer walls, first impressions are everything in the real estate business. Potential buyers are looking for more than to just have four walls and a roof over their heads. That’s why you must unleash your creativity and use it to make your house look its absolute best. Some houses look better when part or all the furniture is removed; others might need minor repairs or a new layer of paint. Whatever your case may be, talking with your realtor is the best way to find the best places in your home to invest your time and money.
4. Move out of your house
Ideally, you would want any interested potential buyers to tour your house whenever they can. However, having strangers walk around your home is always awkward, especially if you have a family. That’s why if you can, you should try moving out of the house while you finish selling your home. Although moving out of your house without buying a new home can seem uncomfortable at first, if you hired a good agent you should be able to close the sale fairly quickly.
5. Close the deal quickly
Selling a house is often a drawn-out process. Unfortunately, once a purchase offer appears, some homeowners take so long to respond that either the buyers lose interest or the offer’s date expires before they get a reply. While the real estate market involves trading properties, it still is powered by the human desire to own a home. So, keep that in mind once you have listed your house and do your best to respond to potential customers’ offers as soon as possible.
Selling your home for the first time is a once-in-a-lifetime experience. That’s why it may feel overwhelming if you don’t stick to your plan. However, by knowing where you want to move next, as well as the costs of selling and moving, you will have a great experience and might end with enough money to buy your dream house.
If you are considering buying a house, you may want to read “10 Steps To Buying a House For The First Time Home Buyer” or “Buying a Home- Everything is Negotiable.”
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Realtor | Real Estate Broker | CRE Team Leader
ERA Team VP | MLMcVinney & Associates, LLC