8 Tips For First Time Sellers
We talk a lot about first time home buyers and what they should expect going through the process for the first time. It's also important to talk to those who are selling a home for the first time. Here are 8 important tips to follow when selling your home!
1. Have a Plan
It’s good to know that you have options and what your options are once you are selling a home or even what happens after you sell the home. Are you searching for another home to buy or rent? Are you moving out of the state? Having a plan B if you do not find a home to buy in the time that your home sells is a good idea as well. There are many options from renting short-term or living with relatives while putting your items in storage. Discuss all of these concerns with your Real Estate Agent so that they can help you execute and stick to the plan.
2. Do It Yourself?
From updating and remodeling to repairs or even the option of selling your home yourself. These are all do-it-yourself options that everyone considers. Easy to tackle projects such as painting, deep cleaning, hardware replacement and refreshing your landscape are all great do-it-yourself ideas that can save you money and add some great curb appeal to your home. Bigger projects are a risk because if they do not work out or if more damage ends up being done, it could cost you more than you initially thought. We never recommend selling your own home. This almost always ends up being a huge legal risk that can again, cost you more in the end than letting a professional help you with the process from the beginning.
3. Understand The Costs
Knowing what costs are involved as a seller can end up being a surprise if you’re not prepared from the beginning. We all know that there can be many costs involved as a buyer, but what if you’re selling? Our Real Estate Team makes sure to explain the process from beginning to end which includes potential additional costs to the seller. It’s a good idea to be aware of closing costs in detail, the seller’s loan payoff, tax proration and any association fees.
4. It's Business, Not Personal
Once your home is listed for sale, now what? Buyers and Real Estate Agents are ready to come through and view your home. This can be exciting and frustrating at the same time. Usually, this process works really well, especially when your Real Estate Agent is excellent at communication with you and any potential buyers. Agents and buyers want to come through on their own schedule since they typically view 7-10 homes at a time that can take all day or all weekend. Sometimes this can lead to last minute cancellations or no-shows, which can feel frustrating. Also keep in mind, the easier it is to show your home, the more potential buyers will come to view it. Time restrictions, tenants, pets that need to be removed or sellers who are present in the home for showings can take away from a successful selling process. Preparation and communication is so important going into the sale of a home and as long as you are aware of everything from the beginning, you’ll ultimately be set up for success.
5. How Many Showings Will You Have?
So, how many showings will I have? This is a great question that many sellers have. It varies and depends on many factors, such as location, price point, condition and how many days the home has been on the market. The goal is to have the majority of the showings in the first few days that result in an offer or two. If you have had 10-20 showings in one week with no offers, you may be priced too high. Usually, bringing down the price point will increase your chance of receiving an offer if a week or two has gone by. This is why it’s important to not start too high or higher than the market will allow. Once your home has been on the market for for a few weeks with no offers, you’ll see less and less traffic come through. Price it right from the beginning to ensure the most profit possible.
Congratulations! You have received an offer to purchase your home! This is a very exciting time for a seller. All of the hard work has paid off and because of that hard work, someone out there wants to buy your home! But what if the offer is lower than what you’re asking for? This is the big question that should be discussed in detail with your Real Estate Agent prior to listing. Preparation and knowledge ahead of time is so important. Is the offer reasonable and how does it compare to the market value of your home? It may not be what you were hoping for, but it’s best to seriously consider anything that comes through as it represents interest from a buyer and is a conversation starter for accomplishing your goal of getting your home sold.
Repairs and inspection items are almost always going to come up in a real estate transaction. Even if your home is in excellent condition, having issues in residential resales is common. Be prepared to make repairs, pay to have repairs completed or reduce the price of the home. It’s a good idea to be aware that negotiations don’t always stop with making and accepting an offer and in fact, you can expect more negotiations during the inspection and appraisal periods. As a seller, you can take it one step further and have your home inspected prior to listing so that you are in the know - ask our agents if this is something they recommend for you!
8. Clean Up When Vacating
Packing and moving is mentally and physically challenging. Many sellers don’t realize that they have to also make sure the home is clean once they vacate. All unwanted items, boxes, extras and trash needs to be removed. Remember what the home looked like when you moved into it. It’s a good idea to have it professionally cleaned if you’re on a time crunch and do not have time to do it yourself. We've got referrals for that, too - just ask us!