Published On: Wed, Jul 4th, 2018

What to Know If it’s Your First Time Selling Your Home

The process for buying your first home is always nerve-wracking. There are so many aspects you never thought to consider at the outset and more hurdles than you initially expected. While it’s safe to say that if you had never been through the process of purchasing a home before that, you haven’t been through the process of selling a home either.

Naturally, both types of transactions are completely different from each other, but there are many aspects you may not foresee as a first-time seller just the same. Typically, homeowners don’t even think about selling until they’re ready to purchase a new home. There are always different motivating factors for such an occasion, and these will play into your action strategy for the home sale.

photo/ mohamed Hassan

Important Considerations to Make

Often there are emotions concerned when buying your first home and the same might be said when selling. You’ve built a portion of your life within those walls. But any good listing agent will tell you that the other side to it involves plenty of staging, preparation, photography, and marketing – not to mention a market analysis and valuation.

Today’s homebuyers are pickier and savvier than ever with more tools at their disposal when searching for a new home. Maximizing the profit potential of your home to meet their needs is a careful craft not many sellers are attuned to. These tips, as well as the few listed below, should help on what to know if it’s your first time selling your home.

  1. Hire an Expert Listing Specialist

You may already have an idea of where you’re moving to and what type of home you want. But that’s only part of the process. There are many things to know about your home sale, and you’ll have a hard time trying to figure it out yourself.

A true expert real estate agent will not only be able to help you understand your local market and the perfect time to list, but they’ll often provide a comparative market analysis to price your home accurately, fairly, and strategically. If done right, they’ll price and list it competitively to ensure rival offers. Of course, that’s if their advertising methods reach a wide and willing audience.

  1. Prepare Your Home for the Market

There’s a lot that goes into preparation, and having good representation behind you could also be the difference it makes between your home selling fast and sitting on the market longer than you’d like. Time is valuable because time is money.

Your home ought to be ready to show when it’s listed. That means including plenty of photos, staging it to appeal to the buying public, and using an outstanding description while also being honest about any issues. However, issues ought to be addressed beforehand. Where needed, consider repainting, repairing, de-cluttering, and hiring professionals to clean.    

  1. Consider Your Expenses

Yes, on top of spending money to prepare your home, you’ll have to deal with your agent’s standard commission. Be up front from the beginning in asking your agent about their fees and review the contract accordingly. Just know that often these commissions are indeed negotiable.

You’ll also see expenses like brokerage fees, instrument survey, transfer taxes, and others. Ask your agent to break these down for you. Additionally, before you think you may break even on your home sale, the chances aren’t always likely. Be prepared to lose some money.

Author: Brad Richardson

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