4 Things First-Time Home Sellers Should Know Before Selling
It’s not uncommon for people to want to sell their homes after living there for most of their adult lives. When that time comes, there are a few things you need to know so that you are not disappointed by the outcome. Pay attention to these tips for first-time home sellers.
1. Don’t be too emotionally involved
Emotions can cloud your judgment, making it hard for you to sell your home. It’s normal for you to reminisce about the good times you had in that house. As a result, you want to leave most things as they are, including the pictures on the wall.
If you want your house to sell fast, depersonalize it. Get rid of any memorabilia and personal items before the open house. Buyers want to imagine themselves living in that house. When you have your belongings inside the home, it makes it hard for buyers to visualize the property as theirs.
Therefore, get rid of all attachments and think like a businessperson.
2. Don’t be too rigid with the price
Most first-time home sellers think the house is worth more than it actually is. As a result, they stick to their initial selling price and are not flexible.
The housing market is affected by inflation and other factors. For example, the crime rate in your neighborhood may have gone up in recent months. That means your property will be less attractive to buyers because it’s considered unsafe. Consequently, the value of the property may diminish with a drop in demand.
Therefore, pay attention to these factors and do your research before listing your home. You can also ask a real estate agent for guidance.
3. Don’t think your home is perfect
You may have lived in your house for years without seeing any fault in it. In fact, you may think the rooms are well-designed and modern because you chose the plan yourself. It may have taken you months to find the right architect for the project. This hard work can leave a first-time home seller with rose colored glasses.
Unfortunately, your designs may not matter when it comes to selling the house. Most home buyers are influenced by trends in the real estate industry. For example, they saw a bathroom design on TV or a home magazine and want their home to have one exactly like that.
Before you list your home, learn about current house design trends. As you do so, be prepared to spend money on a few minor renovations to make the home more attractive to buyers.
4. Don’t underestimate your costs
Some first-time home sellers think because their home is in a prime area, they’ll make a lot of money by selling it. As a result, they don’t put much thought into the price.
If you underestimate your costs, you may end up underpricing your home and not making a profit. Consider all the money spent on renovating the house. Consider the real estate agent fees. Even if you decide to sell the house yourself and your buyer has an agent, you have to pay that agent at least 1% of the home value.
There are also title transfer costs and attorney expenses that you can’t escape. Factor in the capital gains taxes, and you get a realistic view of how much money you are going to make off the sale.
As a first-time home seller, be a professional and perform your due diligence before listing your home. If you don’t have any selling experience, work with a real estate agent so that you can sell your home fast.
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