Are you looking to sell your home for the first time?
There’s a lot to think about. It can be a stressful experience. You need to get a lot done in a short period of time. Get it wrong and you could sell for thousands of dollars less or have your home languish on the market for months.
But what if there’s a better way.
With a little guidance, and the right approach, you can sell your home more quickly and for more money.
In this ultimate guide, everything you need to know to sell your home for the first time is covered. From the prep work to closing, it’s all covered. Let’s jump in!
What we’ll cover
- Why First-Time Sellers Need A Plan
- Getting Your Home Ready To Sell
- Pricing Your Home The Right Way
- Marketing Your Home For Maximum Visibility
- Navigating Offers & Closing The Deal
Why First-Time Sellers Need A Plan
Selling your home is a major financial decision. If you don’t go in with a plan, you could easily leave thousands of dollars on the table or, even worse, fail to find a buyer at all.
The market is interesting right now.
With the current economic conditions, 21% of buyers are first-time home buyers, which is one of the lowest levels on record. Most buyers are moving up to their next home or purchasing an investment property. These repeat buyers know what they want, and they are not afraid to keep shopping if your home doesn’t meet their standards.
Thankfully, with the right approach, selling your home can be a smooth and profitable process. The key is to have a plan that covers each step of the journey.
Getting Your Home Ready To Sell
Did you know that first-time sellers make one big mistake?
They list their home for sale without taking the proper steps to prepare it first.
Buyers are comparing your home to every other home on the market. If it doesn’t look as good as those other homes, they’ll keep looking and take the next one that interests them.
Here are a few ways to give your home an advantage:
Make The Repairs That Matter
Simple repairs like leaky faucets, cracked tiles, and broken light fixtures all send a message to buyers that the home hasn’t been properly cared for.
The key is to focus on the repairs that give you the best return on investment. This means prioritizing any plumbing and electrical issues, damaged walls and ceilings, broken windows or doors, or roof problems. Avoid over-renovating though. Most upgrades won’t pay for themselves in an impending sale.
Deep Clean Everything
This is an easy one that so many sellers neglect. Your entire home should be deep cleaned before listing. Floors scrubbed, windows cleaned, baseboards wiped down and any lingering odours should be eliminated.
Buyers notice immediately, and a clean home also photographs better.
Declutter And Depersonalize
Buyers need to be able to imagine living in your home. The more personal items you have around, the harder it is for them to do that.
Remove family photos, personal collections and excess furniture. The goal is to make the home look as spacious and neutral as possible. For many sellers, temporarily using a self-storage unit is an effective way to clear space while keeping belongings safe and accessible.
Pricing Your Home The Right Way
Price too high, and your home will sit on the market for months. Price too low and you leave money on the table. Pricing your home properly is more important than most first-time sellers realize.
Research Comparable Sales
Look at recently sold homes in your area with similar square footage, number of bedrooms and overall condition to get a baseline for what your home is worth.
Your agent should provide a comparative market analysis that tells you exactly where your home stands in the market.
Consider Market Conditions
Market conditions change all the time. Right now, we are in a buyer’s market. Inventory is on the rise which means there are more options for buyers than in recent years. The balance of power in the market has shifted to the buyers.
Taking into consideration these types of market conditions can help you price your home more competitively.
Think About Quick Sale Options
Sometimes you need to sell your home fast. Whether you’re relocating for work or dealing with financial issues, the traditional path of selling your home can often take longer than you have.
An option to think about in this situation is selling your house for cash. There are plenty of companies that offer this service that buy homes as-is in a matter of days or weeks. No need to wait for repairs or hassle with the back-and-forth of typical real estate transactions when you choose this option.
Marketing Your Home For Maximum Visibility
Once your home is in showing condition and priced right, it’s time to start getting it in front of buyers.
Professional Photography Is Non-Negotiable
If you have to spend money on one thing in the selling process, make it professional photography. It is the number one way to ensure your home stands out online where most buyers begin their search.
Avoid taking photos yourself with your smartphone. Hire a pro.
Create A Compelling Listing
Make sure your listing description does more than simply list the features of your home. Tell a story with your words that helps buyers picture themselves living there.
Play up what makes your home unique, like large windows with natural light, an open concept kitchen, a private backyard oasis, or proximity to schools and shops. Be creative, but don’t be dishonest.
Leverage Multiple Marketing Channels
Don’t just post your home on one real estate website and hope that’s enough. In this day and age, you should be listing your home on real estate websites, social media, local community groups, and real estate agents’ networks.
The more places buyers can find your home online and offline, the better chance it has of selling quickly.
Navigating Offers & Closing The Deal
You’ve got an offer on your home. Now what?
Evaluate Offers Carefully
Remember, the highest offer may not be the best offer. Look at the buyer’s financing, requested closing date, and contingencies they are including.
Cash offers often come in lower but will go through quicker with no contingencies, while a higher offer with a lot of contingencies could fall through. Evaluate the offers on more than just price.
Negotiate With Confidence
Negotiation is normal and expected by most buyers. Don’t be afraid to counter if their initial offer is too low.
Know what terms you can budge on and what are non-negotiables. Rely on your agent here and don’t let emotions get in the way. Focus on the numbers.
Prepare For The Home Inspection
Unless you are selling to a cash buyer who doesn’t require an inspection, be prepared for the buyer’s inspector to find issues with your home.
Almost no home is perfect, and these issues can sometimes be used by the buyer as negotiating chips to get you to pay for the repairs or lower the price. Be prepared to put some money aside for this.
Understand Closing Costs
Closing costs are fees and expenses in addition to the agent’s commission that are associated with selling a home. Title insurance, transfer taxes, attorney fees, any outstanding liens and prorated property taxes are just a few examples of closing costs.
Budget for 1-3% of the home’s sale price in closing costs.
Wrapping Things Up
Selling your home for the first time doesn’t have to be an overwhelming experience. Follow this checklist, and you’ve got everything you need to handle the process successfully.
The main points to remember are to properly prepare your home before listing, price it right based on market data, market your home aggressively on all possible channels, evaluate offers beyond just price and stay organized through the closing process.
Start with these simple steps, then work through each part of the process. You will be shocked at how much easier the entire process is when you are prepared. The market won’t wait for you — take action today to get your home sold!