First time sellers may not have considered all of the facets of this sale including the reality of paying money at the closing table, rather than generating income. Often times, the seller will provide extras to sweeten the deal and have also spent time and money spent in making the home camera-ready.
On a brighter note, several economists are forecasting an increase in home sales this year while some predicted that more first-time buyers will be in the mix.
This is amazing news for sellers, specifically the first-timers who are most likely to have the kind of starter homes these buyers desire.
Procure the assistance of a qualified and knowledgeable real-estate agent
Typically, people choose real-estate agents based on reviews and referrals from family and friends. However, you may have to look further to ensure you’re working with the right person – one who does business in your specific neighborhood.
Sales information for agents isn’t necessarily publicly accessible however, you can check with your local Realtor association group for this data, look for the local multiple-listing service or consult with a brokerage firm about their current top-sellers. Researching online reviews of real-estate agents can also be beneficial.
Realistic Pricing of the house
A knowledgeable and reliable agent will help you price your home right. Buyers are attracted to realistic figures and may be deterred by exorbitant pricing. Overpricing often means a prolonged stay on the market which may lead to future price cuts.
Prepare for the next purchase
Secure your next home before selling your old one. Carefully think about where you will live next. Consider and check if vital services are near your home. Is your new home secured and safe? Are there any water or electrical issues? Planning ahead will help you save time associated with moving in and out. Your Realtor can assist you with locating a new home or rental before you negotiate and close the deal on the sale of your current home.
If your intention is to finance the purchase of your next home, be sure to get pre-approval from a lender, for a mortgage. With this information, you’ll be well informed regarding your budget.
Have your home move-in ready
Making your home move-in ready, will benefit you as the seller. Check for and replace any ripped screens or broken cupboards, fix faucets and sinks with leaks, correct any other interior and exterior issues. Remember that the first impression is critical – your home should be in showing condition once the home is on the market.
It is now time to start looking at your old home as a house. Consider removing all personal items/photos. This step will make it easier for prospective buyers to see themselves in the space.
Appropriately and Effectively Market the home
Beyond putting your home on the multiple-listing service and home listing websites, your real-estate agent may recommend other strategies and methods of advertising. These suggestions may include open houses and direct mail postcards. Before hiring the agent, ask the agent how he/she plans to market the property.
Negotiation plan
Know your limits and what you will and won’t give up – from your price to closing date, to repairs and closing costs. Being aware of what outcome you desire in advance will be a big help for you to refrain from negotiating over petty items that could cost you the sale.
Lastly, don’t solely pay attention to the final sales price as on the final net price. Occasionally, first-time buyers will ask for the sellers to contribute toward closing costs. This contribution will affect the net profit/loss.
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Do you have general real estate requests or need a Realtor to represent you in South Lyon, Novi, Farmington Hills, Livonia, Northville, Plymouth, or in any other surrounding Oakland County area? Feel free to contact me.