Tips For First Time Home Sellers

Tips For First Time Home Sellers

Selling a home for the first time can be both stressful and exhausting. Many first time home sellers are confused by how or where to start the home selling process. However, we hope the below tips and tricks will prove to be extremely helpful to any first time home seller.

Decide where you are moving to:

It’s important when selling a home for the first time that you have a strong game plan for your next move. If the desire is to purchase another home, a first time home seller needs to determine whether they can getpre-approved for a mortgage without being contingent on the sale of their current home. In most cases, if the home seller is moving to a bigger home, it is quite likely, that they will need to make an offer ‘contingent’ on the sale of their current home, to use the equity from their current home as down payment for their next home. Buying and selling a home simultaneouslycan be tricky and it’s important to know your financial picture.

Prepare Your Home to be move-in ready for the next buyer:

One of the biggest mistakes made by first time home sellers is that they do not know how to prepare a home before putting it on the market. That means replacing ripped screens, broken baseboards, leaky faucets, making minor cosmetic repairs, doing some paint touch-ups as well as updating landscaping. First time home sellers must understand the importance of making a great first impression on potential home buyers. By not properly preparing a home for sale, a first time home seller could potentially be costing themselves thousands of dollars and also valuable time, in the event their home takes longer to sell.

Hire A Competent Real Estate Agent:

Selling a home is not an easy task. It’s important that first time home sellers understand that not all real estate agents are equal. A competent agent can make the process simple and hassle free while maximizing your net returns. The agent will also help you with preparing your home to be sale-ready with great tips and advice. A first time home seller will need the hand holding from the agent and thus it will be very important to properly interview real estate agents. A good agent will property market your home, while bringing in a pool of buyers and thus multiple offers. An important piece of advice would be to not simply hire a realtor just because they happen to be a friend.

Understand the importance of pricing your home correctly:

First time home sellers often have no clue on how to correctly price their home. The number one reason a home doesn’t sell in real estate is because the property is incorrectly priced. A comparative Market Analysis (CMA) prepared by a real estate professional will summarize the active homes for sale, pending home sales, and also recently closed sales. This will be able to determine a probable sale price of a home. While a CMA is the most common way to determine the price of a home, another accurate way to produce a listing price of a home is by having an appraisal completed on the property.

Know Your Closing Expenses When Selling Your Home:

Besides the real estate brokerage fees, first time home sellers need to consider other costs involved in the sale of their home. The County transfer tax and in some cases, City transfer tax, are common seller expenses. If your home is part of an HOA, the HOA doc fee is also typically a seller expense. In addition, the buyer could ask for a home warranty and possibly a seller credit towards their closing cost. When selling a home for the first time it’s important to keep an updated mortgage pay-off balance handy, if applicable, so when a purchase offer is received you can determine what your net take-away will be and there are no surprises a few days before closing.

Sonya Shastri Headshot
Phone: 925-997-7653
Dated: December 29th 2016
Views: 168
About Sonya: ...

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