There can be many reasons to sell your house. Maybe you need more room or you're looking to downsize. Maybe you need to relocate or you're going to pack it all up and travel the world. Whatever your reason, having a plan in place can make this decision easier. Here's a simple checklist for first time home sellers.
Determine your sell timeline.
To plan a proper budget for your transition, know how fast you need to sell. If you're planning to both sell and purchase, your timeline and budget can be affected by the decision to make these transactions contingent upon one another. You should also factor in moving expenses, temporary housing and a new down payment. Make sure you have an excess cash reserve, so you don't put your finances in a bind. To be better prepared for your situation, take advantage of free money management tools.
Hire a great real estate agent.
Before you start the home sale journey, hire a trustworthy and reputable real estate agent. They can advise on which items need to be fixed or updated before listing, to align your home to market expectations in your area. Agents can also help stage your home and give tips on decluttering, depersonalizing and refreshing your space. Keep in mind that curb appeal can increase your sale price so maintain your lawn and landscaping. In addition, always keep pets and valuables out of sight while showing your property.
Figure out a fair asking price.
Some people try to sell their home themselves, trying to save money on the agent's commission. This can backfire and cost more money if the house isn't priced correctly or marketed well to buyers. Your Realtor® can help you set realistic expectations about your home's value based on current market conditions. They'll show you comparable properties called "comps" in your neighborhood. They’ll also discuss county home value assessments and how they might impact your sale price. An agent can market your house, not just list it, ensuring you will get top value for your home.
Decide whether to buy or sell first.
Most importantly, if you're planning to sell and purchase, decide which will come first. Selling first holds less financial risk because it will allow you to know how much money you have for the next purchase. However, you'll need to make sure you have temporary housing and temporary storage while you secure your next home. Some buyers make offers "contingent on the sale of their old home," but that can make it hard to get your offer accepted in a hot seller's market. Purchasing your next home first, allows for more flexibility when moving because you can move into your next home before selling your last one. However, this may require you to pay two mortgages at once until you’re able to sell, so make sure you know what you can afford.
Video Duration: 2 minutes 49 seconds
Reasons to create a checklist: Elapsed time 0 seconds [0:00]
There are so many reasons to sell your house. Maybe you need more room, or you're looking to downsize. Maybe you need to relocate, or maybe you're going to pack it all up and travel the world. Whatever your reason, having a plan in place can make this decision easier. Here's a simple checklist for first time home sellers.
Determine your sell timeline.
In order to plan a proper budget for your transition, it's important to know how fast you need to sell. If you're planning to both sell and purchase, your timeline and budget can be impacted by the decision to make these transactions contingent upon one another. You should also factor in moving expenses, temporary housing and a new down payment. Always make sure you have an excess cash reserve, so you don't put your finances in a bind.
Ways a real estate agent can help guide you: Elapsed time 50 seconds [0:50]
Hire a great real estate agent.
Finding a trustworthy and reputable real estate agent can help guide you through this process. They can advise on which items need to be fixed or updated before listing, to align your home to market expectations in your area. Agents can also help stage your home and give tips on decluttering, depersonalizing and refreshing your space. Keep in mind that curb appeal can increase your sale price so maintain your lawn and landscaping. In addition, always keep pets and valuables out of sight while showing your property.
Pricing your home fairly and at top market value: Elapsed time 1 minute, 23 seconds [1:23]
Figure out a fair asking price.
Some people try to sell their home themselves, trying to save money on the agent's commission. This can backfire and cost more money if the house isn't priced correctly or marketed well to buyers. Your Realtor® can help you set realistic expectations about your home's value based on current market conditions. They'll show you comparable properties called "comps" in your neighborhood and county home value assessments and how they might impact your sale price. An agent can market your house, not just list it, ensuring you will get top value for your home.
Deciding on whether you will sell or buy first: Elapsed time 1 minute, 58 seconds [1:58]
Most importantly, if you're planning to sell and purchase, decide which will come first.
Selling first holds less financial risk because it will allow you to know how much money you have for the next purchase. However, you'll need to make sure you have temporary housing and temporary storage while you secure your next home. Some buyers make offers "contingent on the sale of their old home," but that can make it hard to get your offer accepted in a hot seller's market. Purchasing your next home first, allows for more flexibility when moving because you can move into your next home before selling your last one. However, this may require you to pay two mortgages at once until you are able to sell, so make sure you know what you can afford.
End: Elapsed time 2 minutes, 49 seconds [2:49]
Summary
- Decide on a timeline for selling your house. It allows you to create a more accurate budget for moving expenses, a new down payment and, if needed, temporary housing.
- Hire a great real estate agent to help you through the process. They'll be able to give tips on repairs and staging, and help you get the best deal.
- Work with your agent to set a fair asking price based on comparable homes and county property value assessments.
- If you're both selling and buying, decide which to do first. Selling first can have less financial risk, but it also has drawbacks.
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