Tips for First-Time Home SellersPosted on Jul 15, 2020
Inventory is low and it’s a sellers’ market right now. Are you considering what it might actually take to sell your home? There’s no need to be anxious about the experience, as we’ve compiled this list of tips to help sell your home fast, and for top dollar.
1. Price it right
Some sellers could be tempted to let their emotions dictate their pricing instead of relying on their agent's expert opinion and market data --which could end up costing them.
Nearly 60% of homes nationwide sell at or above listing price when they accept an offer in the first week. However, that number drops seven percent by the second week, and continues that downward trend as the weeks drag on.
Your agent is an expert in home values in your area and can help research comparable sales, or "comps." It's important that the comps you use are a similar size, age, architectural style, location, and condition as your property.
2. Time it well
Sellers usually net the highest prices (an average of 6%, or $17,000, more on average, in fact,) and sell their homes faster when they list in Spring. Homes listed in early April logged an average of 14 more views and have 5 percent less competition from other sellers, according to Realtor.com.
However, if you’ve missed that window and still need to list, it won’t be impossible.. Many parts of the country see homebuyers out in full force in the spring, but some markets have later peak listing times. And with the additional unique market conditions created by COVID-19 showing restrictions, that’s definitely the trend we’re seeing this year. Here at Team Lassen, stay-at-home orders haven’t done much to slow our sellers down. In fact, even during the height of COVID-19 closures, we had close to a dozen new listings from Johnstown to Castle Pines go under contract in less than a week!.
3. Stage to sell
Staging your home boosts its selling power. This is another area where your agent is key. Most real estate professionals can offer great advice on preparing your home for sale.
Most homes show better with roughly half of the furniture removed. You want a potential buyer to immediately understand your home’s layout and envision potential uses for the space. If they walk in and wonder if anyone lives there, you might have missed the mark.
Try to find the balance between cluttered vs. stark and empty. The staging sweet spot you’re shooting for is “tidily lived-in.”
4. Must-do repairs
If you know you have a water heater that's on its last leg, a running toilet, leaky faucet, or other issues that are likely to be flagged by a home inspector -- fix them before you list.
Overzealous buyers might ask sellers to repair "everything" in a home inspector's report. While you have an obligation to make certain fixes, like those required by law or involving health or safety hazards, you’re not obligated to address every repair. Cosmetic fixes in particular might be a "no,” as every item you fix eats into your potential profit.
The bottom line:
Selling can be both emotional and stressful, especially for a first-time home seller. Whether it’s because you need additional space, you’re looking to downsize, or any number of reasons- we want you to know that here at Team Lassen, we have the knowledge and experience to walk you through every step of the process!
We hope that with these five tips, (and our help!) you can distance yourself from the competition and move your property quickly for top-dollar! If you need help finding your next dream home, you know who to call!