When you moved into your first home, you were overwhelmed with joy. But now, you’ve decided that it’s time to continue your life journey at a new location.
Before you put the “for sale” sign out front, there’s a few things you’ll want to know about selling your first home. Here’s a 6-step guide that will help you navigate the process with ease.
1. Establish Your Reason for Selling
People move for a mixture of reasons. Some simply outgrow their homes. Others have an urgent need to relocate due to a diverse array of personal reasons that range from growing families to divorce. While the reason behind your move may seem irrelevant, it actual plays a crucial role in how you’ll approach the selling process.
If you’re not in a rush to sell your home, you can strictly stick to your selling price. When there’s no sense of urgency in selling your home, you can dedicate more time to making home repairs, too. Also, it’s crucial to determine if you truly want to sell your house or not.
Some people think they want to move but end up changing their minds later on down the road. Being sure and confident in your decision to sell can save you from acquiring countless expenses in the long-run.
2. Research the Market
More than likely, you’re not selling your home after spending only a week or two in your space. Since the housing market changes frequently, you’ll have to do a bit of research to evaluate the changes that have occurred since you first bought your home.
An important thing to research when selling your home is the ideal time to put your house on the market. You’ll want to maximize your profit and sell your home as quickly as possible. Just remember that the ideal selling time and the price you can expect to fetch for your house will vary based on your location and the current state of your home.
3. Determine Your Representation Strategy
After you’ve outlined your reason for selling your home, set your seller standards and spent some time researching the current real estate market, it’s time to get to work. One of your first actions should be deciding who will sell your home for you.
Some people decide to sell their home without outside help, or through a “for sale by owner” approach. But, most people hire a real estate agent to help them in the process. The average real estate agent takes a 6 percent cut of your home’s selling price. However, this is a fair tradeoff for the work that real estate agents put into ensuring a speedy and smooth sale.
4. Get Prequalified for Your Next Home
When you’re selling your house, it’s important to spend just as much time prepping yourself to move into your next home, too. The second somebody purchases your house, there’s a sense of urgency to find your next residency.
Get ahead of the process by finding a new home before your former one is taken off the market. Decide if you can pre-qualify for a mortgage to provide you with the added peace of mind of securing a new home. This step can help you plan your expenses and saves time once you’ve found the next home of your dreams.
5. Do a Few Home Improvements First
Does your home have any current flaws? If so, potential buyers are likely to notice. When people come to look at your home, they want to envision it as their future abode. If they come to a house viewing and see leaks, chipped wallpapers and tattered rugs, it’s unlikely to leave them with a positive impression.
Fixing up any cosmetic or interior home damage will make it a more appealing option on the market. Plus, you’ll end generating a greater profit, too.
6. Partake in Home Staging
A whopping 62 percent of listings spend less time on the market when listers use professional home staging. When you bought your first home, what convinced you to purchase it? The fact that you saw a building as a future home likely influenced you considerably.
When you add props, such as furniture, decor and accessories, to your home, it allows prospective buyers to envision themselves as the homeowners of this property. If you need assistance in getting started, you can hire a professional to help you stage your home.
Selling Your First Home Like a Seasoned Professional
Buying your first home is an exciting process. But selling that very same home can be just as thrilling, too.
Make selling your home an easy journey by following the simple guide outlined above. Once you know how to successfully navigate the process with ease, you can dedicate all your energy to choosing the new place you’ll call home instead.
Holly Welles is a freelance writer specializing in real estate. She’s the editor behind The Estate Update, where she shares weekly updates on making the most of any home.