Top 5 First-Time Home Seller Tips
Selling a home comes with lots of challenges, whether you’ve been in the house for four years or four decades. Here are my top 5 first-time home seller tips to keep in mind.
Start with the best agent for you
Unless you’re going the For Sale by Owner route, start the process by finding the best real estate agent for your location and needs. You’ll need to sign a listing agreement, which contractually binds you to your agent for three to six months. So take your time and make sure you’re committing to the best agent, and don’t forget to factor in the agent’s commission.
Be ready to sell
In the Internet age, you only get one chance to make a first impression. If you list your home at an unrealistic price or in sub-par condition, the number of days on market (DOM) will add up—and could come back to bite you later. Sellers who resist their agents’ pricing recommendations may not be emotionally ready to let go of their home. But by overpricing it, you unconsciously sabotage the sale. It’s better not to list your home than to overprice it or list it in bad condition.
Be aware of the DOM factor
A typical buyer looking at a listing will notice its price and size first. Next, they’ll scroll through the photos and look at the listing history. If a home has been on the market more than three months, they may assume something’s wrong with it. Even worse: When you finally adjust your price or condition to what the home is really worth, buyers will penalize you for it by offering even less.
Focus on the agent, less so on the brokerage firm
Ultimately, the agent you choose is more important than the brokerage firm he or she represents. Agents are independent contractors who choose to hang their license with a company whose brand and culture match their business. A well-known or large brokerage is an important consideration for listing. But if your agent is successful and trustworthy, she will do a good job no matter which brokerage she represents.
Don’t underestimate the time it takes
Many sellers underestimate the time it can take to list, sell and close on a home. Know your market before you list, and put a plan in place for where you’ll move when your home sells. If your market moves quickly and your agent expects the home to sell within a few weeks, it might be better to wait.
Ultimately, the most important takeaway is not to sell until you’re truly ready. Have a plan, know where you’re going, and work with a great local agent early on. Do what it takes to present your home in its best light and price it right.
