Have you been wondering or looking for an answer to how to sell your house? If so, you’re not alone. According to a consumer report in 2018, the average seller stays in their house for 13 years before listing it, and they spend an average of seven months contemplating marketing their property before taking action.
Perhaps you’re considering selling your house because you need more room, you’re ready to downsize, or you’re relocating for school or work. Whatever your motivation, it’s critical to be prepared for the sale process. It may be both emotional and stressful, especially for first-time home sellers, because you undoubtedly have an emotional attachment to your house — and because it’s likely your biggest investment.
You have the advantage of having gone through a buy and sale process when you acquired the house as a first-time home seller. You spent time as a buyer preparing financial paperwork and looking for the ideal property. As the seller, you’ll need to do a lot of prep work as well, but it’ll be a different kind of prep work – you’ll spend your time making your property look its best for possible buyers. In addition, depending on your goals, you may face the additional stress of purchasing and selling at the same time.
The Perfect Guide for A First-Time Home Seller
These steps aggregate some of the easy ways to sell a house:
1. Determine your selling motivation
Spend some time thinking about why you want to sell. The procedure may be time-consuming and costly, so make sure you are very convinced you want to sell before you begin.
Address your financial situation by contacting your present loan servicer to discuss your remaining mortgage debt. It’s the first step in determining how much equity you’ll have when you sell your home. Knowing this amount might help you budget for any upgrades you’ll need to make before advertising your property, or it can help you plan for your future home purchase.
Make a list of non-negotiable: Jot down your must-haves and deal-breakers. What’s your time frame to move? How much is your budget for pre-listing home improvements? What’s the minimum sale price you will accept?
2. Find out when is the ideal time to sell in your region
How can I sell my property quickly? Understanding the health of your local real estate market, especially whether you’re in a buyers’ or sellers’ market, will assist you in determining the optimum time to sell. If you have some wiggle room in your schedule, you may try waiting for a sellers’ market, which occurs when there are more buyers looking for houses than there are available. It offers sellers bargaining leverage and can cause prices to rise.
How to sell your house fast stems from picking the right time. The first part of May has always been the greatest time of year to sell your house in order to maximize your earnings while minimizing your time on the market. Homes listed in this window generally sold six days faster than the average and for $1,600 more. However, the regulations will be adjusted in 2020, with the main selling season extending well into the off-season.
This selling window may differ depending on your local real estate market, so seek the help of experts to determine which month is the ideal time to list in your region.
3. Commit to a representation technique
One of the first decisions you’ll have to make is whether you’ll sell your house on your own (also known as “for sale by owner” or “FSBO”) or through a real estate agency. In 2018, just 10% of sellers who reported selling in the previous year completed the sale of their house without ever consulting an agency. Another 10% attempted to sell on their own but finally went to an agent or broker for assistance.
Consider the advantages and disadvantages of each choice, such as how fast you need to sell, the state of your local market, and any difficult elements of your house that may necessitate negotiating expertise.
If you intend to sell FSBO:
- Allow ample time to prepare your house for listing and advertise it through many channels – this is why real estate agents work full-time.
- Investigate recent comparable sales in your region.
- Maintain flexible hours for showings or employ a lockbox.
- Listen to comments from brokers and buyers without taking them personally.
If you intend to engage an agent:
- Request recommendations.
- Each prospective agent should be interviewed.
- Don’t be afraid to haggle over your contract.
- Trust your realtor’s advice when it comes to selling your house.
4. Complete Home Improvements
Preparing to sell your house usually takes some effort, whether it is your own sweat equity or professional renovations. After all, you want purchasers to fall in love with your house as much as you did when you initially purchased it. Spend some time making your property move-in ready in a way that appeals to the widest possible group of potential purchasers.
Sellers who hire professional help spend an average of $4,953 preparing their property for sale, but the repairs and renovations you choose will most likely be determined by the state of your home and what buyers in your region are searching for.
Your real estate agent may be of great assistance in determining the items that should be on your to-do list. When I am considering how to sell my house fast for cash, do I need to complete home repairs? No! cash for homes deals are also referred to as selling your house as-is.
5. Price your house competitively
Finding the proper listing price for your house can be difficult, but it is one of the most crucial components in a successful home sale. Homes that are priced correctly are more likely to sell in a timely way. 57% of houses nationally sell at or over the asking price when an offer is accepted within the first week. That reduces to 50% in the second week on the market and continues to fall as the week’s pass. Pricing your house competitively is only important if you are not considering cash for houses deals.
To sell quickly, use all of the resources at your disposal to help you price your house for sale.
Comparables: Also known as “comps,” comparables are records of previous house sales and their sale prices. It’s critical that the comps you use as references are similar in size and condition to yours, as well as in a very similar location – the closer to your property, the better. Your real estate agent should be an expert on house values in your region, making them an excellent resource for determining the appropriate listing price.
Hire an appraiser: A professional evaluation of your property can cost between $300 and $700, but it may be a minor amount to pay if it helps you sell your home fast and for the right price.
Remember, when it comes time to close on the house, you, as the seller, are in charge of several legal paperwork and procedures. How do cash for houses work? We have tons of resources on our website to walk you through this process at John Medina Buys Houses.
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