Many Real Estate blogs focus on tips for first time home buyers but selling your home for the first time can be just as confusing and daunting.
There are different costs associated with selling, as well as parameters and negotiations. It is important to know what you are getting yourself into, so you are able to make informed decisions.
Prepare your home
Before you even list your home on the market, there are several factors to consider. You need to make your home as appealing as possible if you are anticipating a timely sale.
The easiest way to do this is to have a home inspection performed before listing your home. More than likely the buyer is going to want a home inspection, so by getting a head start and correcting any issues that arise your potential buyer will feel more secure.
After tending to the internal needs of the home, you must focus on making it as attractive as possible. We’re not talking about a complete remodel here, but low-cost home improvements can go a long way. A fresh coat of paint, replacing outdated fixtures and hardware, professionally cleaning your floors and carpet, and sprucing up your landscaping are a few things to consider.
Hire a listing agent
Selling a home by owner can be very stressful and overwhelming. You are going to want an experienced listing agent on your side to guide you through the process and get you top dollar on your home.
You will have to do your research to ensure you are working with an agent that isn’t just a buyer’s agent but is a top producing listing agent as well. Sometimes, the agent who helped you buy the home you are now selling, may not be qualified to sell it for you.
Know your local market
There are three markets you should be aware of: a seller’s market, a buyer’s market, and a balanced market.
Check with your listing agent about the appropriate time to list your home for sale, and what the state of the local market looks like.
You will have to have a game plan ready that can be implemented quickly after a sale.
The most common scenario is that the homeowner is buying and selling at the same time. To avoid any timeline blunders or financial issues, make sure you know what mistakes to avoid when buying and selling simultaneously.
Pricing your home
To guarantee you are selling your home for what it’s worth, you will need to have a comparative market analysis done. Your listing agent should be able to provide you with a detailed report comparing stats of past and current listings in the area.
Another way to determine your price tag is to have an appraisal done. If you haven’t fully committed to selling your home yet, but are thinking about starting the process, we provide a home value report on our website.
Know your closing costs
Yes, sellers do pay closing costs as well. The commission paid to the brokerage is a given, but many sellers are unaware of the additional costs they will likely end up paying.
These can include loan payoff costs, transfer taxes and recording fees, title insurance fees, as well as any possible attorney fees and additional costs such as a prorated property tax.