Many homeowners dream about listing their home for sale, finding a buyer in a couple of days, and getting the money in the bank account. But in reality, the whole process is not that simple and requires a long-time period to connect all of the puzzle pieces.
People want to sell their homes for different reasons, from a desire for additional room to a desire to experience a new neighborhood or city for the first time. So, whether you are selling your home in Ontario because you need a bigger one, or you are selling your property in Montreal to relocate to Vancouver, chances are you will need help selling your first home. Read our how-to guide on selling your first home successfully and miss out on the headaches.
Hire a Real Estate Agent
The method you use to sell your home will determine the next steps in the process. Hiring a professional real estate agent or broker means that you will have support from someone who understands the whole process from start to finish. The real estate agent will create a selling strategy, prepare the complete paperwork and make a selling plan depending on the house location.
For example, if you live in a densely populated area, there are likely thousands of properties on the market, and you will need the assistance of a professional who is knowledgeable about the real estate market in your area. Enlisting a real estate agent will help you avoid any complications during the home selling process.
Prepare Your Home for Selling
A home inspection is a good idea before you list your home for sale. You can call home revamp professionals or check by yourself to identify any potential repairs and deficiencies. Focus on the mechanical and structural issues and try to invest some money to improve them. Replace the old things with new ones, repair the floor or change the roof. Do anything necessary for your buyer to get a home in flawless condition and live happily for a long time.
Keep in mind to avoid wasting money on unnecessary investments, such as new TV in the living room, new curtains, or a bigger porch in the backyard. Tend to procure the must-haves first and concede the other things to the new homeowners.
Set a Normal Price
Buyers will not pay significantly more for one house in the same area with the same proportions. Researching the local real estate market will help you to determine a realistic price and boost your selling chances. That’s how you will get an insight into other homes for sale around and set a more attractive price for the potential buyers.
Setting a price that is too high will turn away buyers while setting a price that is too low will result in losing money and no profit. Setting a lower price can be risky too because it will look like you underestimate the value of your home and keep the serious buyers out of the game. Additionally, avoid price variations and pricing up and down often. It can leave an impression that something sketchy is going on.
Set a normal price affordable for the buyers but nearly the same as similar houses for sale, and wait for the new homeowners to ring your doorbell.
Be Open to Negotiation
You listed your house and now you can wait for potential buyers. When you receive your first offer, don’t rush and negotiate with the client. Respond to the offer with a counteroffer, because everyone interested will try to buy your home for the lowest price possible.
To give a more catchy offer, include a credit for interior redesign or backyard reorganization. These offers seem to be attractive to the buyers and they can easily get a decision about the deal. Moreover, if you get a couple of offers, choose the highest one to make a bigger profit. But, know that the process is not finished yet; you should take care of the payment completion, the closing date, the down payment, and the whole paperwork.
Ensure you have a pre-agreed-upon sum as compensation for terminating the entire buying procedure in the event that the contract is terminated.
The decision to sell your first home and relocate to a new setting might be motivated by a variety of factors. But, home selling is more than just uploading professional photos on any home listing sites and waiting for the buyers to contact you. It requires certain steps and efforts to research the market, set the right price, and make a deal for a higher profit. Think about hiring a real estate agent to guide you through the process to avoid potential headaches and make the best deal you can.