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by Joe Houghton
FORBES REAL ESTATE COUNCIL
When I bought my first home, I had not been in the real estate business for long. It was just before I married my wife, and as a surprise for her, I arranged to have the whole house renovated while we were on our honeymoon. Kate was over the moon, and so was I. That was the beginning of our story. We made a lot of memories in that first home: first babies, first steps, first words, first birthdays and the list goes on.
When we knew it was time to sell, we were excited about our next home, and yet it was a bittersweet experience for Kate and me. Our growing family needed more space, but the house we were leaving behind was so much a part of us it was like saying goodbye to an old friend.
The feeling of loss is not surprising when you consider the importance we humans place on many of the first events in our lives. Who can ever forget their first date, first kiss or first love? We celebrate our first job and first apartments. And while firsts usually spark joy, they can spark a bit of stress at the same time. Selling your first home will almost surely fall into this category.
As both a real estate professional and someone who has gone through the experience of being a first-time home seller not so long ago, here are my best nuggets of advice for first-time home sellers.
Set Emotions Aside
Dealing with emotions is first on my list for a reason. The fact is that if you are not able to approach the sale of your home from the practical point of view, it will adversely affect all the advice that follows. Let me be the first to tell you this is not easy if your first home was as important to you as mine was to me. But since I was in the business, I knew that it was imperative to look at the sale of my home as a business transaction to achieve the best outcome. Putting your emotions under wraps will lead to better decision-making throughout the process.
Research The Home-Selling Process
There are mountains of information on the internet about what you can expect when you sell your home. Use it to acquaint yourself with the process. For example, get tips on removing your clutter and cleaning. Find advice on preparing for an open house. Explore ideas to boost your curb appeal. Learn what to expect and how to handle an offer.
Engage A Real Estate Agent To List Your Home
Bringing an agent on board early in the process can make everything that follows less stressful. Research potential agents online, focusing on those who are local and familiar with your community. Check out their websites. Read online reviews. Schedule an interview and determine a suggested list price and agent compensation. Ask about marketing plans, listing presentation and a specific program to promote your home.
Have A Contingency Exit Plan
If you are not able to buy your future home before you sell the roof over your head, have a plan for interim housing. You may negotiate with your buyers to stay in your home for a predetermined time as a renter. But if not, make arrangements for a temporary rental or to crash with relatives or friends.
Remember That It’s Business
During certain times, you must view selling your home as a business:
1) Base your asking price on an analysis, not emotions. Your real estate agent will suggest a value based on past sales and comparable properties currently on the market.
2) Be flexible in showing times. Buyers will expect you to be accommodating. The more difficult it is to tour your home, the longer it will take to sell.
3) Don’t be offended by low-ball offers. Keep a level head and counter.
4) Don’t hang around during showings. Hovering over buyers will make it impossible for them to make a personal connection with your home.
5) Be reasonable when evaluating repair requests that follow the home inspection.
The first time you do something is always the most significant. Letting go of your first home may be emotional, but realize you are only selling the wood, bricks and mortar — all the memories move with you. Trust me, I’ve been there.
