No matter when it was you purchased your home, your first home sale can be extremely nerve wracking. Selling a home is a completely different process than buying one, and it’s important to consider a few points before you get started. Below are our tips for first-time home sellers.
You and Your Home Must Be Ready
The advent of the Internet to the real estate market has created the opportunity for 24/7 home buying and selling. This means making sure your home is prepared to be shown and sold the moment you list it for sale. You need to be ready to show your house immediately as interested buyers could come see it the day it is listed by your agent.
Keep in mind: you will only get a brief chance to impress potential buyers. Not being emotionally prepared to sell your home can also sabotage your process, causing you to resist your agent’s best advice for your home’s selling price. First-time home sellers’ mistakes of opting instead to go with your own, over-inflated price because of your own personal opinion of its sentimental value can ruin your sale.
Mistakes in setting the selling price of your home could end up being extremely costly. The majority of buyers looking at a home listing will first observe its price and size, next scrolling through photos of the home and reviewing its listing history. If a home has been on the market for more than three months, buyers may wonder if something is wrong with the home. If you are forced to adjust your selling price down to what it’s realistically worth, buyers will be more likely to capitalize on your lack of interest by offering even less.
If You Get an Offer, You May Have to Move Quickly
If you get an acceptable offer from a potential buyer and sign a contract, your clock starts ticking on the closing process. It’s important you have a plan in place for how and where you will move pending your home’s sale. If your next home purchase is dependent on the sale of your current home, you could wind up needing to find a new home to move into in as little as a week. On the other hand, if you need the proceeds of your current home’s sale to fund the purchase of your next home, you could miss out on your best opportunities if you aren’t receiving any offers on your current home.
As first-time home sellers, the most important things to keep in mind are: being prepared, understanding pricing strategies, and being ready to act quickly. Having your affairs in order across all fronts will help ensure that your sale moves quickly.