The First Time Home Seller's Guide
So, you have made the decision to sell your house and take onto your next adventure, this is a big deal! You have spent your time, money, energy, and effort making your house a special place, not to mentioned all the memories you have made there. If you are ready and is the right thing to do for you and your family, selling is worth it! Just as when you where purchasing a home, the process was tedious, overwhelming and it entailed a lot of things – the same goes for when you are ready to make a move. To make sure you do it the smart way these tips for first-time home sellers will help you sell your house quickly and for the most money:
1. Decide how you are going to sell.
How you are going to sell dictates every aspect of the process and you have options. To make the right decision is important to weigh the pros and cons to determine the best fit for you.
With a real estate agent: he/she will market the home, prepare the paperwork, and communicate with the buyer’s agent. Many sellers choose to work with an agent because they can offer guidance on pricing, incentives, and local market expectations. A real estate agent can help you sell your house fast because of its knowledge and experience.
For sale by owner: this is the way to sell your house by yourself, FSBO, with this option you will get to manage all aspects of the sale and you will save on the listing agent’s commission. The seller has an asking price and can stick to that price, it is up to the buyer to pay their agent a commission. While this can save you money, it requires more time and effort. All the paperwork and home marketing fall on the seller. You will need to handle tasks like listing the property online, taking high-quality photos, writing listing details, and scheduling showings.
You will need to be wise on deciding which option is best for you and what is the best way to sell your house, one option grants you experience, knowledge, and guidance and the other saves you money.
2. Determine your asking price.
The home is only worth what buyers are willing to pay, so think objectively about your home’s value. The best to determine how much your house is worth is to ask a real estate agent to run a comparative market analysis report. This report compares your home to other homes near you that are comparable in size, have similar features, are currently on the market, or have sold recently. Another key factor is how the housing market is when you decide to sell, it could be a seller’s market giving you the most money for your house. Or it could be a buyer’s market, so when to sell your house is something that you want to consider as it may affect the price of your house.
3. Prepare your home for sale.
The better condition your home is in, the more appealing it will look, and the more offers you will receive. Here are tips on how to sell your house faster, getting it in a top condition for showings. Declutter, it’s the best way to make your home look clean, spacious, and ready for new owners. Decor for selling your home, make it as neutral as possible with neutral colors, providing the potential buyers a blank slate so they can imagine themselves in the home. Plan for maintenance so nothing falls through the cracks during the home sale process.
4. Market and list your home.
If you work with a real estate agent he will list your home on the MLS database - Real estate tips for a first-time home seller can make a big difference. This includes professional photographs, posting signage in the yard, hosting a broker/agent showing, and organizing an open house.
5. Show your home.
Showings are a vital part of the selling process, the more people who tour the home, the more likely you will receive offers. One of the top tips of selling your home is keeping it extra clean, tidying at a moment’s notice, and vacating the property so potential buyers can tour it.
6. Review offers and negotiate.
When a buyer wants to proceed with buying your home he/she will make a formal written offer. Often you get multiple offers and this is where you consider the best offer and/or negotiate. Things to consider beyond the offer price are buyer pre-approval, closing cost, seller concessions, cash vs. financing, and buyer’s contingency.
7. Accept the best offer and close the deal.
Once you have accepted an offer, the home comes off the market and the buyer can do due diligence to inspect the home and ensure they will proceed with the purchase. The underwriting period follows where the bank will inspect the buyer’s financials and decide to grant a mortgage loan. You will then sign your title and escrow documents showing the seller now owns the house, and this will be recorded in the public records. You’ll be wired the money and sale will be complete, congratulations, you made it!