First Time Seller
People often talk about being a “first time home buyer”. Rarely does anyone say, “I am a “first time seller”. The process for buying a home can be unnerving and selling a home can be intimidating and even scary. There are many questions that need answers. “How much is my home worth”, “where am I going to move”, and “how much is this going to cost” are some questions that you need to ask yourself.
Before you put your home on the market for sale you need to get answers to those important questions so you make a plan. A good real estate agent can help you answer those questions. The agent will prepare a comparative market analysis (CMA) on your home to determine the likely selling price of your home. There are many factors that go into determining the likely selling price. Location, condition, curb appeal, and the real estate agent’s marketing plan all have a major impact on price. Be careful if you interview a couple agents because if you tell the real estate agents that they are competing, then one agent might inflate their value to obtain the listing and then after signing the listing agreement the agent will continually try to obtain price reduction after price reduction and then you will be chasing the market resulting in an overall lower sales price.
Many people struggle with the uncertainty of where they are going to live. Problems arise when you put the home on the market with a good agent and the home sells quickly. Once the home goes under contract there are severe time constraints of sometimes as little as 30 days. If you are purchasing a home you should contact a lender who can determine how much home your can afford. Lending standards have changed. Study your options ahead of time. Search for your home on websites like Zillow or scottkompa.com and then you will also gain an insight of home values and have homes that you wish to see when you get the offer to purchase your home. If you are moving away from the area instead of picking an agent that you know little about have your real estate agent put you in contact with a top agent in the area you are moving to and save yourself some headaches.
Your plan of action cannot be complete with out costs. Your real estate agent and lender team can provide you an estimate of your closing costs on the sale and purchase of your home. In addition to these closing costs another cost would be the expense of moving, storage, or possibly renting. Your real estate agent is on your team and are there to help you design and then complete your plan. Hiring a great real estate agent can turn the entire process into a joyful experience.