You probably remember the first time you bought a house. It’s probably the very house you’re living in right now! But what comes next? How do you go about selling your first home? Well, with the right information and preparation, it can actually be an exciting endeavor. Read on for some tips that will help you feel confident in making decisions throughout this important process. Let’s dive right into some of the most common questions asked by first-time sellers:
When is the Best Time to Sell?
The housing market is like any market; it rises, it falls, and it fluctuates according to a million things no-one can predict with 100% certainty. However, like any market, the housing market does tend to follow long-term trends, and these trends can be unique to each area. If you’re thinking about selling your house, a great first step is to find out the peaks and troughs of the market in your area. The best way to do this might be speaking with an experienced real estate professional. As with many things, timing plays a crucial role in the success of a home sale.
Are Repairs Necessary?
Prior to listing, home repairs can be a wise investment that often pays for itself in increased property value. Keeping buyers from being distracted by any issues or safety hazards is important and making the house more attractive helps too! Most purchasers are looking for homes they don’t have to put much effort into when moving in so having these improvements ready beforehand can ensure it stands out amongst other listings. Some buyers are happy to buy your home as-is, but the condition will also affect the price you can ask for it. Speak with a professional home inspector for the low-down on your home’s condition and get advice on how to move forward with your buyer.
How Much Can I Get?
When it comes to selling a home, there are fees and payments associated with the process that can be overwhelming at times. The most common fee for sellers is the real estate commission, which usually amounts to around 5% of the sale price. Depending on your area and market conditions, it may be higher or lower than this. In addition to the real estate commission, you may also have to pay for closing costs, title insurance, document preparation fees and other taxes associated with the sale.While each sale is different, sellers can expect to get between 50-70% of the sale price in net proceeds.
As with any real estate venture, it’s imperative to understand the local market and be realistic about how much your house is worth. Once you have that knowledge, start working on renovations or repairs to make your home more desirable for potential buyers. A bit of work can pay off in a big way when you get top dollar for your property!
Check out this article on the types of home buyers and how they’re different!