First-time Seller Tips You Should Know
Selling a home for the first time can be a daunting task, but with a bit of preparation and knowledge, the process can go smoothly. Here are some key things that every first-time seller should be prepared for when going through the selling process in the current real estate market.
Understand the current market conditions: The real estate market is constantly changing, so it's important to understand the current market conditions before listing your home. This includes understanding things such as average home prices, inventory levels, and market trends. Be sure the real estate agent that you pick has a good understanding of this and will advise you through any questions you may have.
Prepare your home for sale: Before listing your home, it's important to prepare it for sale. This includes things such as decluttering, deep cleaning, and making any necessary repairs. It's also important to consider things like staging, which can help make your home more appealing to potential buyers. The best practice would be to remove half of your furniture if possible. You want the buyer to walk in and wonder if anyone lives there at all. Re-painting anything with tiny dings will do wonders for your selling power and appeal.
Determine the right price: Pricing your home correctly is crucial when selling it. It's important to consider the current market conditions and to price your home competitively. A reputable real estate agent can help you determine the right price for your home. Your real estate agent will do extensive research on the comparable properties sold in your neighborhood and the surrounding neighborhoods and present the prices to you. There are services like Zillow’s Zestimate that you can bring up to your agent, they will more than likely point out the variances and use their experience and education to provide you with a more accurate opinion of value.
Be open and flexible with home showings: Many buyers want to see homes when considering their purchase. Be open to open houses or buyer’s agents showing your home. This may be intrusive to you or maybe inconvenient, but the best practice would be to have set days where no one will be in home for a couple hours. Buyer’s agents prefer to show homes without any interference, this is better for both parties.
Be prepared for negotiations: Once your home is on the market, you should be prepared for negotiations. This includes being prepared to negotiate on price, closing costs, and other terms of the sale. It’s important that you have a good real estate agent to help with this process.
Understand the closing process: The closing process can be complex, so it's important to understand what to expect. This includes things like title searches, inspections, and paperwork. Your real estate agent can help guide you through the closing process and will sit with you at closing to ensure everything goes smoothly.
Be prepared for the closing costs: Closing costs are a necessary part of the selling process and they can be significant. It's important to understand what closing costs are, who is responsible for paying them, and how they are calculated.
Be prepared for contingencies: Contingencies are conditions that must be met before the sale can be completed. It's important to understand what contingencies are, how they are used in the selling process, and what your options are if a contingency is not met.
Get legal advice: Selling a home can be a legal process, so it's important to seek legal advice at any point in the process. Your real estate agent can help connect you with the necessary legal figures and some have access to a legal hotline at all times that specialize in real estate legality.
