Being a first time home seller can be just as, if not more difficult than buying your first home. You’ve invested time, money, and memories into this home. You made it yours. In come the emotions.
As a first time home seller, in order to profit as much as possible, in the shortest amount of time as possible, while enjoying the ride along the way, I’ve got some ideas for you.
Here are my best tips on how to navigate being a first time home seller.
Hire a Local Expert
Choosing a Realtor who has experience, knowledge, and expertise in your actual neighborhood will be a huge part of your success. Take time to research their sales and ask them questions about how they’ll market your neighborhood.
Pricing is Absolutely Life or Death
First time home sellers haven’t had the chance to experience an expired listing and feel the sting of how that feels to overprice your home and watch it sit while your neighbors’ homes sell.
Pricing your home appropriate to the location, condition of the home, and comparable homes that have already sold will be key.
Additionally, try to price your home “on the line” meaning instead of pricing at $299,999 to trick buyers into thinking they’re getting a deal, price at $300,000.
When buyers search online they search with increments of whole numbers. If a buyer is perfect for your home and in searching for homes between $300,000-325,000 and you’re priced at $299,999 you won’t even show up on their search. Scary right!
A lot goes into pricing but I’ll leave you with this last point. The strategy needs to be specific to your home, your neighborhood, and your goals.
A good Realtor will have a strategy that speaks to your situation specifically – not a plug and play plan.
-Jenna Martindale, Realtor with Edina Realty in North Oaks, MN
Make Home Improvements
Ensure the home is well-maintained, including repairs and upgrades that may be necessary. Small items add up quickly when buyers are surveying the home and they tend to wonder what big things the seller is ignoring if these small items have gone untouched.
Keeping a list of improvements and upgrades you’ve made out during showings for buyers to review also creates more perceived value in the buyers’ eyes.
Stage Your Home
Staging can mean clearing cluttered areas, rearranging current furniture to create a better flow, or it can mean furnishing empty rooms to enhance functionality. Your Realtor will be able to guide you through the staging process and recommend additional resources if necessary.
Be Ready to Negotiate
Be prepared to negotiate with buyers and have a clear understanding of your goals. Don’t assume because it’s a seller’s market that you won’t need to negotiate anything.
To fully understand what your goals are, I’d recommend you ask your Realtor for a Seller’s Estimated Net Sheet so you can understand what your take home profits may be with each offer.
Having a clear understanding of your timeline and logistical needs during the moving process will help during negotiations as well.
Keep an Open Mind
There are a million roads to Rome and the entire process will be so much more enjoyable and successful if you stay flexible. Be open to all offers and always provide a counter offer; don’t let pride get in the way by out right rejecting a low ball offer.
Understand the Closing Process
Ask your title closer lots of questions and make sure your ducks are in a row for closing day. For instance, you’ll need to bring your I.D. to closing and you will sign a day or two before your actual closing day as a seller.
Be Patient
Have patience throughout the process and know that if you follow these steps, you will have a successful sale.
I hope this information was helpful – it’s always my intention to educate and empower you to make the best real estate decisions for you.
If you’re ready to start your home search, reach out! I can set up your home search in minutes.
Have a home to sell? Start here & I’ll email you a free home valuation.
You can find more helpful information on my YouTube Channel At Home in Saint Paul.
