Selling Your Home for the First Time? Here’s What You Should Know

There’s a lot of advice available for first-time homebuyers. But, what if you’re getting ready to sell a home for the first time?

While every home selling process is different, making it impossible to predict every scenario that could pop up, there are certain things every home seller can expect. Here are four things to know when you get ready to list your home:

1. Take your agent’s advice and don’t overprice your home. Even in a seller’s market, most buyers recognize a home that’s obviously overpriced, delaying a sale. If you do list high and get an offer at or near your list price, you will likely run into problems with the appraisal. Save yourself a headache and price your home right from the start. Your agent can show you market data and suggest a price that will have your home sold quickly without leaving money on the table.
2. Brace yourself for criticism.It’s nearly impossible not to let emotions play a role when you consider the value of your home. But not every potential buyer will see it in the same light. You are likely to hear some criticism when your agent shares feedback from showings. Instead of feeling hurt or angry, consider each criticism as objectively as possible. Use the feedback to learn ways you can make your home more appealing to buyers.
3. Selling costs money. While a lot is written about buyers needing enough money to buy a home, that doesn’t mean sellers won’t incur costs. You will pay the listing brokerage a commission that will be split between the listing and selling brokerages. You may also need to make repairs following the buyer’s home inspection. Depending on the market, buyers may ask you to pay a portion of their closing costs. Keep in mind, too, that any home-related costs—from insurance to maintenance—are your responsibility until you close.
4. You could be asked to do repairs.Once you’re under contract, you may think any challenges are behind you. But that’s not always the case. Once the home inspection is complete, the buyers may request a laundry list of repairs. Your agent can review the list and negotiate with the buyers to agree on a reasonable list of items.