There is a lot of information out there about buying a first home, but not as much about selling your first time. If you’ve already gone through the process of purchasing for the first time, then there may come a time when you’ll be looking at upgrading or changing locations. There are some things you need to know as a first-time seller, since this is the time when you can get something out of your initial investment. Here are the most important tips you need to know.
Timing of Your Sale
The housing market can boom or bust, and you need to find a sweet spot where you can maximize your sale price and get the best price for your new home at the same time. There are many factors that can affect the market, including unpredictable ones like a pandemic. You may not have complete control about when you have to sell. This is particularly true when you are moving due to a change of career or other factor, but you can still try to sell at the best time during that window. The spring, for example, is usually the time where there are more people looking to buy, and therefore you may be able to get the best price possible if you can time it right.
Pricing your home property might be the most important part of getting a wide array of prospects to potentially buy your house. Too many home sellers do not do proper research into the market and into what their home might actually be worth. They either over price it, scaring potential buyers off, or they underprice it, which means they do not get full value. Talk to a realtor about what the perfect price range might be. You want to create a bidding war if you can, which will hopefully drive the price above the original asking number. Your real estate agent can look up the comparisons of other homes that have recently sold in your area to find a comfortable starting point.
When selling your home, you want to put its best foot forward. If there are home repairs that are way past due, then buyers are going to pass. Nobody wants to take on extra work if they can avoid it. If you are hoping that a home renovation hobbyist will buy your home, then you are drastically cutting down on the pool of potential buyers. Repairs that involve health and safety are required by law in most jurisdictions, but you should also make sure that everything in the home is in good working order. In fact, sometimes the buyer may insist on this condition anyway as part of the sale.
Stage Your Home
The other aspect to putting your home’s best foot forward is to make sure it looks great. The best thing to do is find a balance between cluttered and too empty. If it’s too empty, then it can look staged and as if nobody has lived there. If you are able, you can put your belongings into storage. Or, since you are moving out anway, you can work something out with your long distance movers to take certain items out and bring them to your new home ahead of time. It depends on your circumstances and your budget. Your realtor can help set up your home so that it looks appealing for buyers.
Being patient might be the hardest thing for a first-time home seller. You may have gotten offers that are not in the range you were hoping but you may still be tempted to take one. This could be because you have to move soon, or that you’ve already closed on a new home. However, jumping at the first offer might cost you thousands of dollars if there is a better one around the corner. Talk to your realtor to have a strategy for which offers are worth accepting and which are not.
Selling a first home can be incredibly stressful. Make sure that you do everything you can to try to get the best price. By making your home as attractive as possible and waiting to accept the best offer, you will be well ahead of the game.