8 Tips for First-Time Sellers
If you’re selling a home for the first time, it’s quite a different ballgame from what you experienced as a first-time buyer.
Ultimately, working together allows us to stay in control of the process. We will work together all the way through the process so that we are calling the shots on prepping your home for sale, deciding on a listing price, accepting (or rejecting) offers, and a host of other factors.
But you might want to heed the following tips:
1. Hire a real estate agent that you comfortable with that offers you the best options.
A real estate transaction is filled with complexities and nuances that a professional, skilled agent can help you navigate. Please feel free to contact me for recommendations.
2. Detach yourself from the process and look at the home from the outside in.
You’ve made memories to last a lifetime in your first home, and saying goodbye is hard. But be careful not to let your emotional attachment get in the way of making sound decisions, particularly when it comes to staging and pricing your home. Try to see your home as a potential buyer would. Pretend you’re a potential buyer and walk through your home. Make a list of what you like about each room – and the things you’d change.
3. Don’t overprice let’s make the best decision we can from of current data.
Some sellers might think that in today’s low-inventory market they can overprice their home and get top dollar. In reality, if you price it competitively, you’ll create a flurry of activity and (possibly) get in a situation where multiple offers are rolling in. Overpricing at the start hurts your chances of getting a quick sale, especially if numerous price reductions are needed.
4. Declutter and stage for a quick sale
Buyers who tour your home will have a hard time picturing themselves living in it if they only see paint colors or decor that fits your own unique style. Repaint the walls with neutral, earth-tone colors, and remove excess decorations from walls. Consider renting a storage unit to store large furniture that overpowers your main living areas; rooms should appear as spacious as possible.
5. Make the necessary repairs/upgrades
Ensure that all systems and appliances are functioning properly, as these items will come up in a home inspection that might cost you more money and, possibly, the whole sale down the road. The rule of thumb is to make improvements to your home that will help the property show well, but don’t put a ton of money into capital investments such as a basement refinish or high-end flooring, particularly if such upgrades aren’t consistent for your neighborhood. You likely won’t get that money back in the sale.
6. Give your the best chance with home curb appeal
Your home’s front exterior is the first thing potential buyers will see when they drive by, and it’s likely the first photo that will appear in an online search. Give your front door a fresh coat of paint, add some bright flowers to your entryway, and make sure that any cracks or major cement damage is fixed. Consider renting a pressure washer to get rid of the grime and buildup on the outside of your house, and definitely keep the yard mowed and tidy. A little elbow grease goes a long way to making a positive first impression on buyers.
7. Keep an open mind we can help with negotiations
What’s more important to you: Walking away with your asking price (or more)? A quick closing time? Putting out as little up front cash in closing costs as possible? All of these are considerations you’ll need to make as you evaluate offers. Also, keep in mind that you have the ability to negotiate with counter-offers. Sometimes, you can sweeten the deal by offering to pay a buyer’s closing costs (if feasible), or leaving some appliances behind. A few concessions can go a long way in the negotiation process, and I can work with you to carefully evaluate and respond to each offer.
8. Get ready for closing we will make it happen to the best of our ability…
Once you’ve accepted an offer and signed a sales agreement, you’ll start prepping for a closing. Also called “escrow” or “settlement,” closing is the final meeting between the buyer, seller, their agents and a loan officer. The closing agent will calculate what monies are due to the owner and what credits need to be applied to the transaction, such as taxes, title fees and other closing costs.
Ready to sell? Contact Steven Anderson 909-261-6783 today who can help you navigate all these steps.
First-time Homebuyers: You’re Closer to a Down Payment Than You Think
For many first-time buyers, saving for a down payment is the most difficult step in the home-buying process. However, it’s a common misconception that you always need 20 percent down to buy a home.
Here’s the lowdown on the most popular low-down alternative payment options:
FHA Loan – Traditionally the mortgage of choice for first-time buyers, the Federal Housing Administration (FHA) offers government-insured loans with as little as 3.5 percent down. The most popular FHA loan option, the 203(b), is widely available from lenders across the country. You may qualify with a credit score of just 500, although there may be limitations on some condo purchases.
Home Possible from Freddie Mac – This program allows you to put between 3 and 5 percent down, as long as you intend to use the home as your primary residence, and don’t currently own or share ownership of another house. You’ll also need to complete a required homeownership education program online.
Conventional 97 from Fannie Mae – Just 3 percent down is enough to help you qualify for a Conventional 97, as long as you’re applying for a fixed-rate mortgage on a single-family home that’s less than $417,000. You’ll also need to participate in a homeownership education program, and at least one of the purchasers applying for the loan must be a first-time buyer.
HomeReady from Fannie Mae – Another option that requires as little as 3 percent down, HomeReady can also offer below-market interest rates. Additionally, this program allows non-occupant borrowers to apply. For example, parents can secure this type of loan for a young adult who’s just starting to establish credit.
Please call Steven Anderson 909-261-6783 to discuss the best option for you and to get a head start on your home search, here www.findahomeinlandempire.com today!
Please note that information can and will change without notice, please contact me with the most recent options available.