It can be challenging to sell your home; aside from taking a lot of time, you must contend with various conflicting emotions throughout the process. If it’s your first time selling a home, it could be especially trying.
Letting strangers come into your house, look into your cabinets and closets, and criticize the place you call home can feel like an invasion of your privacy. What’s more, the entire process ends with them putting a price, often lower than you wish, on your property. Here are a few things to remember so you can pull off a house sale successfully.
Rein in Your Emotions
You will be inevitably sentimental about your first home, especially if you spent time and effort to pay off the house and collect the right furnishings for it. When you’re doing business, though, you have to keep your emotions in check, and a house sale is a business transaction. It would help you to think of your transaction as a purely financial move.
Consider Hiring a Real Estate Agent
If it’s the first time you’re selling your home, it’s best to leave it to experts. Hiring a real estate agent gives you some distance from the process. Though agents usually get a five to six percent commission on your home’s sale price, it’s definitely worth the cost.
Good agents have your best interests at heart and help you set a competitive price for your home. They are also the go-between for you and potential buyers; they can deal with difficult prospects or tire-kickers, people who come to view your home but not make an offer.
Also, agents have experience in negotiations, and they can help you get more money than you probably could. Since they are professionals, they can handle everything relating to the sale and take care of the paperwork that comes with the process.
Set the Asking Price Properly
One of the most critical things in a home sale is setting the right asking price. Before deciding on a figure, you need to do a market analysis. Look at comparable houses in your area and gauge if the figure you have in mind is too small or too large. Keep in mind that buyers also shop around and collect figures, so you should do the same.
Do Not Expect to Get the Asking Price
All buyers will want to negotiate, and if you want to close, you have to learn as well. If you hire a real estate agent, you could expect them to do this, but you still want to follow what happens. People typically list their home at an attractive yet negotiable price; this is better than underpricing. A negotiated price will let both parties walk away feeling satisfied that they got the amount they needed from the transaction.
Ensure That Your Buyer Is Qualified
Ask for buyers to provide a pre-approval letter from their mortgage lender. You might also ask for proof of funds, especially for cash purchases. Before you sign with a buyer, find out if the sale of your property relies on the sale of theirs. This situation might be alright if you are in no rush to close a sale, but it could cause complications otherwise.
Selling a house for the first time requires you to be financially and mentally prepared. Make sure you do not make the mistakes outlined above when putting your home on the market. If you are doing this for the first time, you should get help from a real estate expert. Hiring a qualified real estate agent will help you close the sale smoothly.
For unparalleled expertise in real estate, get in touch with our agents at The Blake Hayden Group. We are Owensboro, KY realtors with over 35 years of combined experience in providing first class service. Check our FAQs, view our current listings, and contact us today for inquiries!