First Time Selling Your Home? Here's How To Do It (Part 1)
November 11, 2021
Selling your home for the first time is as much a financial task as it is an emotional one. You get ready to say goodbye to your home as you look for ways to make the most out of your biggest investment. The whole process can be overwhelming for first-time home sellers.
Luckily, you can reduce your stress by taking small, deliberate steps that will bring you to the ultimate goal of selling a home. That is, to make the experience a rewarding one, both emotionally and financially!๏ปฟ
Evolution’s Beginner’s Guide To Home Selling (Part I)
We have put together a guide to help you navigate your first home selling experience.
This is the first part of the guide and will discuss the things you need to do to get ready and ease you into the process.
1. Get Your Home (And Affairs) In Order.
Before you go looking for a realtor, a buyer, or a Home for Sale
sign, take time to assess your financial situation first.
Here are a few housekeeping tips to get your home and affairs in order:
- Know your home value. How much can you sell your home for? Before, the only way to determine your home value is to hire an appraiser who will visit your home and run a home value analysis. This costs several hundred dollars for one appointment only. Now, you can get in touch with real estate professionals for a no-obligation appraisal.
- Compute your equity. Equity is the value of your home minus your mortgage payoff. Between Q1 2020 and Q1 2021, the average homeowner with a mortgage gained $33,400 in equity nationwide. This is a remarkable boost compared to previous data and is great news for home sellers in 2021.
- Estimate your net profit. The amount of money you'll make from the sale is not the same as your home equity. You'll need to account for selling expenditures like agent commissions, taxes, and other fees to get a reasonable amount of your net profit.
- Organize your stuff. Start decluttering and boxing up your things. Moving will take longer than you think. It’s never too early to start packing! The earlier you start organizing your stuff, the better! Besides, you need to declutter to make your home ready for showings anyway.
2. Find the Best Real Estate Professional.
There are many guides and tools online to help you sell your home by yourself. But partnering with a real estate agent will save you a lot of time and trouble.
Here are a few things to keep in mind:
- Choose a top local agent. You need to work with the best person to get the best results from selling your home. A local real estate agent knows your area best. If you’re looking for trendy New Jersey suburbs, we know just the place! Local agents also have a great network and can connect you with reliable service providers that will make your home selling even better. This includes inspectors, roofers, movers, home stagers, and so much more.
- Ask about their relevant experience. Find out how long the agent has been in business. They also need to be familiar with selling your property type. For instance, unique homes are great, but you’d need someone who has relevant experience to sell a distinctive property, just like this abandoned-churched-turned-home that we sold!
- Learn how they will help you. Not all real estate agents are the same. Find out the real estate agent’s process for home-selling. This is also the best time to let them know your preferences. Are you in a hurry? You may discuss getting a cash offer only to speed up the process.
3. Set a Price.
Getting a home value estimation was only the beginning. You also need to establish an accurate and strategic price for your property, now that you have a real estate agent and are closer to placing your home on the market.
Here are a few considerations before setting a price:
- Get a home inspection. Homebuyers tend to negotiate for repairs. Request a pre-listing inspection to get a more realistic image of your home's condition. A home inspection will protect you from setting a property price at one level only to have it reduced by ten to twenty thousand dollars later.
- Review your agent’s market report. Set some time to review your agent’s market report. Local real estate agents are familiar with your neighborhood and can pull up a comparative market report to help you settle on the best price for your home.
- Work on a pricing strategy. Don’t be surprised if you can’t decide on the price right away. You must also consider other factors outside of your home’s intrinsic value that will affect its price and appeal in the market. Lake views, a nice and well-kept yard, a safe and popular neighborhood — these are some things that can factor into your home price. There’s also the timing of your home sale to consider. It’s best to discuss the best price with your real estate agent as they always have a finger on the pulse of the housing market.
You’ve done your research and crunched the numbers. Now comes the exciting part — getting your home ready for the market!
Watch out for the Second Part of our Beginner’s Guide To Home Selling in our next blog post!
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