In real estate, everyone gives advice to first-time home buyers like they are the only ones who need it.
Real estate agents, often partnered with lenders, even do seminars for people purchasing a home for the first time.
But do you ever hear about first-time home seller seminars? Rarely do you read columns offering advice to first-time home sellers. What’s up with that?
Well, I’m here to spread the love to first-time home sellers with six essential tips to make it through a successful first-time property selling experience.
1. First Impressions Matter Most. Every potential buyer who walks up to your front door and enters your house is looking for reasons to not select your property as their future home. This may seem counter-intuitive, but either consciously or subconsciously, they are looking for objections from the moment they step out of the car and onto your front porch. Enhance curb appeal to eliminate objections and the further you get them into your home without finding something they don’t like, the better your odds of selling.
2. Over Pricing Your Home Will Cost You. Every homeowner wants to sell their house for the highest possible price, but pricing your home above market value can actually cost you money. While it may seem smart to factor some “negotiating room” into your home’s asking price, listing it too high can result in lack of interest from your potential buyer. Statistics show that homes that have had at least one price reduction sell for significantly less than homes that are priced correctly at the start.
3. Open Houses Create Excitement. Agents love open houses because they are a great place to meet potential clients. But when promoted well, both locally and online, they are also a great way to create excitement around your listing.
4. You Are Negotiating Twice, and Sometimes Three Times. Congratulations! Your house is under contract for $2,000 over asking price! Unfortunately, that doesn’t necessarily mean that is the price your house is going to sell for. If your buyer is financing their purchase, the house will have to appraise for the sales price or else a second price negotiation may need to take place. And don’t forget about that pesky Due Diligence Period and home repair requests!
5. View The Transaction From The Buyer’s Lens. When you receive what you consider to be a low ball offer or a ridiculous repair request, don’t get angry. Instead, look at the offer or request from the buyer’s perspective. Perhaps they have a valid point, or maybe they are just trying to get the best deal they can get. Can you blame them for trying? You know your bottom line. Make the decision that is best for you, but don’t take the buyer’s actions personally.
6. Look Forward To Where You’re Going. At the end of the day, you are selling your home because it is time for you to move elsewhere. While it might be fun to reminisce on the good times you had in the house you are selling, try to focus on where you are going and the good times ahead!