8 Essential Tips for First-Time Home Sellers
Written by Wena Roeloffze, REALTOR and Lifestyle Expert. Owner of Realty Club 74, brokered by Coldwell Banker Realty.
There is a lot of focus on first-time home buyers in terms of loan and mortgage programs as well as education, but there is hardly any information available to first-time home sellers on how to navigate the selling process.
Selling your home for the first time can be both exciting and overwhelming. It's a significant financial transaction that involves careful planning, strategy, and attention to detail. Whether you're downsizing, upgrading, or relocating, here are some essential tips to help you navigate the process smoothly and maximize your selling potential.
1. Hire a Knowledgeable REALTOR. This might not seem like the utmost 1st priority when thinking of selling, but here is why this should be your first point of action: an experienced and knowledgeable REALTOR can advise you on how to best prepare your home for sale. I have seen too many times how prospective sellers renovated their home, only to find that their idea of renovation will not yield them a profit, nor add value to the prospective buyers or even worse, fall into the hands of lowball cash offers because of the apparent condition of the home. Every home is different and buyer’s needs change regularly. Make sure you have the statistics from an experienced listing agent about the current market, current buyer requirements and most valued renovations.
Beyond renovations and updates, hiring the RIGHT real estate agent, can save you thousands of dollars, can help you close on your schedule and have a strategic plan in place that is tailored to your unique situation. You definitely do not need the area specialist for selling your home - you need the best marketing specialist. Buyers should work with area specialists, not sellers. Working with an experienced real estate agent can simplify the selling process and increase your chances of success in attracting the best possible terms and conditions, introduce you to the best in the industry to make sure that your interests are looked after.
You real estate agent should be making sure you are working with an experienced Title company, you are fully prepared about paperwork that will coming your way, making sure the lender on the buyer’s side is not a large banking group or a non-local servicing company who doesn’t understand Wisconsin law and many more details that we cover in our pre-listing digital presentation.
2. Prepare Your Home: It is crucial to make your home as appealing as possible to potential buyers. Start by decluttering, deep cleaning, and organizing each room. Consider minor repairs and touch-ups such as fixing leaky faucets, repainting walls, or replacing worn-out carpets. First impressions matter, so invest in curb appeal by mowing the lawn, trimming bushes, and adding some potted plants or flowers to enhance your home's exterior. This may seem very daunting to do on your own or create a list that would yield you great results. That’s why it is really important to have a discussion with us about what would be best in your situation.
Some of our sellers do some work on their own and some prefer that we help them with these tasks as a deferred cost at closing, meaning that no upfront fees are payable. Why would we offer such a service? Because we only get involved with those kinds of tasks if we have some “skin in the game” and only if those tasks WILL create a bigger profit for our sellers and clients. The experience, knowledge and confidence we bring to each transaction is our guarantee to your success.
3. Have the Right Pricing Expectation: Pricing your home competitively is key to attracting buyers and securing a timely sale. There are many websites to research the local real estate market to understand the prices of similar homes in your area. “Research” does not mean Zestimates from Zillow or other real estate sites. This means actually researching what similar homes sold for, not what an algorithm “thinks” your home is worth. These algorithms are marketing tactics and superficial computer/AI calculations using large numbers of home prices (sold, pending and for sale), that are not comparable to your home and/or area. Consider hiring a professional appraiser or real estate agent to help you determine the optimal listing price based on factors like location, size, condition, and recent sales data. Avoid overpricing, as it can deter potential buyers and prolong the selling process.
Having the right expectation is crucial before you start considering pricing your home. Just because your neighbor sold his home for a certain dollar amount, does not mean you have to price it as that amount. Ask your real estate agent to show you data on list prices vs sold prices. In some case you will be astounded how a seemingly “low list price” ended up with a high sold price. Get the full picture, not unregulated algorithms, to be clear about pricing expectations and market demand.
4. Consider Staging Your Home: Staging is the art of arranging furniture and decor to showcase your home's best features and create an inviting atmosphere for buyers. There are physical and virtual staging options your real estate agent can recommend, depending on a few factors. Any knowledgeable real estate agent will tell you that how you live and how you sell a home is very different from one another. If it will be beneficial in your situation to highlight your home's potential and make it more appealing to a broader range of buyers, then you should definitely consider the services of a professional stager to neutralize personal touches, declutter a space, and maximize furniture placement to create a welcoming and spacious environment.
What if you are still staying in your home? No problem at all. In fact, this could be the best alternative ever! Stagers can use all you have and rearrange and decorate to create something completely different without creating any inconvenience whatsoever. The statistics prove that staging do in fact create higher profits in selling. Be open to suggestions from your real estate agent on this topic and how it could benefit your home sale.
5. Be Flexible with Showings: Accommodating showings can be inconvenient, but it's crucial to be flexible and make your home available to potential buyers as much as possible. Keep your home clean and organized at all times, and be prepared to leave during scheduled showings to give buyers privacy and space to envision themselves living in your home. I always work with my clients and come up with a schedule before the home is listed. This helps to alleviate a lot of inconvenience and strain on our clients and help them plan better for the process. Each situation will require a different approach and a different plan of action. Preparation is key! I also use lockboxes or electronic key systems for secure and convenient access for agents. Cameras are allowed in your home, except for bathrooms. Your privacy and security in your home is very important and will be discussed.
6. Commit to Keeping Your Home Show Ready: This might be the hardest part - keep your home in tip-top shape during the sale or transaction period. Your home is effectively (in most cases) selling 3 times. Once you have that accepted offer you dreamed of, you have to complete the perfect home inspection with no concessions and finally getting the appraisal report to show your total offer price as the assumed value to the buyer’s lender. During this whole time you have to live, work, take care of your pets and pack for your move - not an easy task, but very important.
After the accepted offer, a lot of sellers go crazy and back to their old ways of living messy. Commit your whole family to have accountability and responsibility for tasks. Get your 3 year old to pack their toys away (well, try at least…..), assign a sheet on the fridge to indicate deadlines in the transaction to keep track of everything. Keep this in mind and talk about options with your real estate agent. We have come up with different solutions for our clients and each unique situation. Best to know that this will be a crazy time in general.
7. To Repair or Not to Repair: This is one of those decisions you should plan for way before you list the home for sale and should fall in the preparation phase right after you hired your real estate agent. This topic can be heated and have many interpretations. I always have the as-is talk with my clients and go through different scenarios on this topic at the listing appointment. Being fully prepared can save you thousands of dollars and lots of time. If you take nothing away from this article, except for this, then I have done a great job. Evaluate and discuss the outcomes with your real estate agent going forward - it’s worth every second.
8. Availability to Review Offers: When you receive offers from interested buyers, carefully review each offer with your real estate agent to assess its terms, conditions, and financial viability. Consider factors such as the offer price, contingencies, financing, and proposed closing timeline. Don't hesitate to negotiate with buyers to reach a mutually beneficial agreement that meets your needs and objectives.
Depending on how many offers you receive, you might want to plan on an in-person review with your real estate agent. If you are out-of-state, a Zoom meeting should be scheduled, rather than a phone call. Each term in the offer has a significant effect on your transaction and should not be rushed through. Be clear about the objectives and direction of your home sale to stay on track and make sure the communication on your paperwork is concise to avoid any confusion or stumbling blocks in your transaction.
Selling your home for the first time can be a challenging yet rewarding experience. By following these essential tips and working with knowledgeable professionals, you can navigate the process with confidence and achieve a successful sale that meets your goals and expectations. Fill in the form below to get in touch and hear more about my process on selling your home. My name is Wena, and I sell awesome homes!