Everyone in the real estate industry talks about and focuses heavily on first time home buyers. There are entire brokerages that specialize in this area. But it is very rare to hear anyone talk about first time home sellers and this is an important group to consider.
That’s where we step in to help. As GTA Real Estate Pros, we know just how daunting your first sale can seem. We’re here to reassure you, that selling your first house doesn’t have to be a stressful experience. With the right helping hand, your first home sale can go as smoothly as if you’ve been flipping homes for years!
Sellers need the attention the first time home buyers get as well! Because selling your first home can feel very overwhelming too. You’re not sure of the first steps, what’s involved, who to contact, costs, whether or not to spend money on renovations or staging, and so on. And to tell you the truth, there isn’t a lot of great advice out there in one solid place to help you through the process. You’ll hear a ton of opinions on home selling in general, but many of these features assume that you are already an expert in the process and don’t really take the time to go through everything with you.
Let’s get to the important question. Where to start?
1. First, ask yourself “How do I want to approach this?”
The world is getting smaller by the day and as a result, real estate has a completely different dimension and meaning than it did a few decades, even years ago.
For instance, today there are so many ways you can sell your home. One of those ways is For Sale By Owner (FSBO), a method of selling where the seller doesn’t use a professional Realtor. Although this is a viable option for many, there are so many things to keep in mind that the whole process can become really confusing and overwhelming, especially as first-time sellers.
It is exactly here where we see the importance of all the guidance and expertise of an experienced Realtor (especially a home sales specialist!). They can not only make the whole process go smoothly and save you a lot of headaches, but they will also make sure you’re getting the most value for your home, something you can’t guarantee for yourself.
If you want to touch more on the subject, check out our article about FSBO vs Realtors.
2. To invest or not to invest?
The eternal dubiousness of whether it’s worth it to invest in a property you will sell soon. Is it a smart move? Will it bring you the value for money you’re after or will you just waste your time and assets?
Again, the answers to these questions depend on your housing situation and can be given by a professional, experienced Realtor. A good Realtor will advise you on whether or not it will be worthwhile to put some money in fast home renovations to up the value of your home if the returns justify it.
Although as we mentioned, the situation is unique for every property, some things to consider are how quickly you are looking to sell and if it is worth your time to invest. If you’re looking for a fast and easy sale, it’s better to leave things as they are and try to find a buyer as quickly as you can. However, if you want to sell your house for more than its current worth, you will need to put in some effort and money into bringing the house in a state where it will be capable of bringing you that extra profit you’re after.
Regardless of where you identify in these situations, when it comes to sales, we’re here to help. The main thing to remember is that your Realtor will need to do a thorough inspection of your home so they can highlight any areas that may or may not stand out to potential buyers and advise you on further steps to correct or remove them if needed.
When it comes to marketing, you don’t need to worry about it at all. Your Realtor will provide all of the marketing (and then some) that your property needs to reach as many potential buyers as possible. This is one area where realtors really earn their worth.
With all of the technology and marketing options available today, it has never been more important to go about doing your selling marketing properly. There are so many platforms and media out there that a novice in property marketing can become completely lost in everything. That’s why it’s crucial to have someone who understands property marketing in and out, what works and what doesn’t.
With the right Realtor who was the expertise and knowledge required, your home will not only be broadcasted to as many people as possible, but it will also be broadcasted to the right target audience where it will gain the largest number of real potential buyers as possible. This is an area that our Realtors know and specialize in as well, so you can rest assured that your property will be in the best hands when it comes to promotions and getting the maximum sales value.
4. Open House
Open Houses are the showcase of your house – the piece that turns potential buyers into actual buyers. Following the right marketing strategy, an open house will allow buyers to view and imagine themselves moving in.
You’ve made sure to get your house in tip-top shape before showing it to the world, did all the maintenance as we suggested and now all that’s left is to present your house and sell its best features. We previously touched on some home showing tips, but if you have a Realtor by your side, they will make sure your home is staged right to appeal to the most people and will let you know what to expect from an open house.
5. Closing Costs
Remember to always take into consideration the closing costs. These can include a variety of costs and fees: lawyer fees, moving costs, land transfer taxes for your new property, realtor costs, and so on.
Although you can’t predict them fully since they depend on the price, the house, and other underlying factors, it’s important that you understand these costs upfront so they don’t come as a surprise. When you do, you can properly plan your budget around them. But regardless of how much thought and planning you’ve put into budgeting, make sure to add a few extra dollars in case some unpredicted costs arise.
Some Other Important things to Consider
Chances are, if you are selling your home, you have another home picked out to move into. The sale on your current home may be conditional upon getting the financing from your existing home, plus any built-up equity and money made from the sale. Considering closing costs and costs associated with your new home is important before finalizing a sale or even choosing your new property. We have a chartered accountant on hand who can help you with all of these financial questions and ensure you plan for your move properly, and with the most benefit to you!
From all of the above, you can see that selling doesn’t have to be so complicated. Or at least it becomes a lot less of it if you have the right Realtor on hand to help you through the whole process. There are a number of things to consider, but we’ll make sure you have all the information you need, and that you feel comfortable asking any question at any time.