First time home seller guild
Thinking about relocating for school or employment reasons, selling your home because you need more space or you want to downsize your house when your kids move out,etc. Your home is a very important investment. It’s the most expensive thing you own. It can be both emotional and stressful, especially for first-time home sellers, since you have an emotional connection to your home. Once it is time to sell your home, you should get as much money for it as you can and to be able to get it, it’s important to be prepared for the sale process.
The following 11 steps are the best tips for selling your home.
10. #Move out
Sometimes it is not easy for homeowners to take the last step of selling their house when they feel too much connection to the house. So it is important to be sure about your decision to move forward in selling your home.
Finding a great real estate agent to help you through the home selling process is critical. Your agent will look at your property and learn more about your goals for selling. They will discuss with you about your home's selling features, and suggest improvements that could lift your price. They’ll also do a comparative market analysis (CMA), which looks at comparable homes that have sold nearby, to determine a recommended price. Your real estate agent will also help negotiate offers and walk you through every step. They’ll be there to give you expert advice, make sure that your interests are always protected and help you get the best price for your home.
You can ask your agent to value your home and use that value to subtract all of your debts on the house, the rest of it will be your home equity. For example, your house value is $100,000; you have a $40,000 mortgage on your house, then your house equity is $60,000.
Talk to your agent to find out the best time to sell your house. It’s important to understand the state of your local housing market. Is it a buyer's market or seller’s market? Understanding this will help you maximize your profits and minimize time on the market.
After you know how much equity you have on your house and set a time to sell it, if there is a necessary improvement which can help sell your house faster with better price, you can put some money in (by cash or have another loan based on the equity on your house) to upgrade your house. Complete all of the improvements and so do with littler items that need to be fixed. A latch that doesn’t work, a leaky toilet, or a couple of light bulbs need to be changed, etc. It might seem small, but potential buyers may see them as a sign that the home hasn’t been properly maintained. This means more work for them if they buy it. Making your buyers fall in love with your home may help you get multiple offers and have the best deal.
The next step is to determine a price before it goes on the market. Your agent will help with this. You want to get the most that you can for your house. Your agent will create a comparative market analysis (CMA) to review comparable homes nearby that are currently on the market, pending, or have recently sold. They ideally look at sales that occurred within the last 3 – 6 months in your neighborhood. When looking for comparable sales, they look at several factors, including the home’s condition, age, square footage, location factors and the number of bedrooms and baths. It’s important that the comps they use as reference are of a similar size and condition as yours, and in a very similar area — the closer to your home, the better. The sale date is also important since it will reflect the most recent changes in your market. This will give you more information on what people are willing to pay for homes that are similar to yours, so you can set a competitive price.
If you want to have more recommendations on your home price, you can hire an appraiser. Having a professional appraisal done on your home can cost up to $700, but it can be a small price to pay if it helps you sell your home quickly and for an appropriate price. Both appraisers and real estate agents will base their price opinions on comparable sales.
One of the most powerful ways to make buyers want to purchase your home is to stage it like a pro. Staging helps potential buyers envision your house as theirs. It can be as simple as cleaning, removing extraneous items and repainting. Or it can require a clean sweep that involves storing belongings off-site, redecorating and even renting furniture and art to make your place show well. Here are some key tips:
Declutter, clean: Decluttering helps to minimize or eliminate distractions that could otherwise take a buyer’s focus away from the things that really matter. Too much stuff in a room can make your home feel small, crowded and lacking in storage. Garages, most basements, storage areas and laundry rooms all need similar treatment.
Depersonalize: .Personal items, like clothes, family photos, can make it hard for buyers to picture themselves living in the home. Clear out closets, repair pet damage, remove pets’ belongings, and clear away kids’ items like gates, highchairs and piles of toys.
Don’t forget about your lawn. Plants and curb appeal is important.
Arranging your furniture, organizing and decorating in a way that appeals to the widest range of potential buyers.
Cleaning your home inside and out.
Once your home is ready for listing, you will want to show your house to as many buyers as possible. Your agent will take professional marketing photos, install a “for sale” sign in your yard, deliver flyers, set up a lockbox (which other agents will use to tour your home with their clients), advertise across multiple channels, ect.
Your agent will also give you advice preparing for home showing and open house like keep your house neat and tidy, keep children and pets out of sight, brighten the house up...It is important to prospective buyers feel comfortable at the first sight they see your house and picture themself in the house.
Negotiating is one of the most important things in the selling process. Maintaining realistic expectations will help you be flexible and open. Be honest about any damage a buyer may point out about your house. Discuss these problems, and let the buyer know they’re welcome to have any perceived damage or defect inspected—at their own cost if it’s a major concern. If there is indeed a problem, you can offer to reduce your asking price to help offset the cost of repairs.
Accepting an offer is also very important. Your agent will help you understand which offer will be the best one for you. There are many cases when a higher offer falls apart, so discuss it with your agents and think twice before you reject a lower offer.
It’s a must that you be out of the home by the closing date. So you’ll need to be prepared to move out in a short period of time. Base on MLS report, it took 47 days to sell a house (Objects of calculation: Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Lassen, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Modoc, Mono, Monterey, Napa, Nevada, Orange, Other, Placer, Plumas, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Shasta, Sierra, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Ventura, Yolo, Yuba).
Your agent will guide you through all of the paperwork and steps that need to be completed in the closing process to officially hand over your keys to the new owner. The closing obligations include complete repairs and obtaining certifications, submit property disclosures and must be in writing prior to closing, sign documents, hand over keys to your buyer, close the transaction.