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Catherine Delahaye/Getty Images; Illustration by Hunter Newton/Bankrate November 04, 2022 Rae Hartley Beck is a writer and editor with over eight years of experience in personal finance. Her work has most recently appeared in Bankrate, MoneyWise and Investopedia. Rae specializes in credit card rewards, investing, real estate, home improvement, lending and financial advice for millennials, Gen Z, Gen Alpha and their parents. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. When you list your home for sale, scoring top dollar can be a tricky balancing act. There are so many factors to consider, from local comps to national market trends. If you’re ready to upgrade from your starter home — or just ready to to move on — here are all the steps you need to take to for the first time. 1 Work with a local real estate agent
This is probably the most important thing you can do as a first-time home seller. An expert local agent will understand all the ins and outs of your area’s market. Good agents know the best time, price point and method to list a home to sell it as quickly as possible, for the highest amount possible. To , get referrals from friends and family and research the names on signs in your area. Be sure to interview several agents before deciding on one. Shaival Shah, co-founder and CEO of Ribbon, a tech-enabled home-buying company based in New York City, recommends asking questions like “What price point would you advise us to list at based on current trends?” and “What additional tools and resources have you used as an agent to close more deals quickly?” 2 Set a timeline
Some times of the year are better for home sales than others. If you’re not in a particular rush, ask your agent about the in your area. If you do have time constraints — you need to move by a specific date for work reasons, for example — work back from your deadline. Your agent can help you gauge approximately how long everything will take, all in all. 3 Price your home competitively
To come up with the perfect , your agent will likely create a of recent home sales in your area. There are multiple strategies for getting the best price possible — listing too high may dissuade buyers, and listing too low can hurt your bottom line. Your agent will help you determine the best pricing strategy for your home and local market. 4 Prepare your home for sale
Preparing your home for sale is one of the most essential steps of the home-selling process. “Buyers want to imagine what their home will look like when they move in,” says Shah. “Get your home ready to look its best. Remove clutter, organize areas and stage it to increase your chances of a faster sale.” Clean thoroughly and complete basic repairs. Increase your home’s by freshening up the landscaping, pressure washing the driveway or even just repainting the front door. Hiring a as well, depending on your home’s condition, so ask your agent what they recommend. 5 Get professional photos
According to 2022 , 95 percent of all homebuyers use the internet in their search. Good photos ensure that your home makes a good first impression online. “Sellers need to have their home listed on prominent realty websites with as high-quality photos as possible,” says Shah. Part of your agent-interviewing process should include looking at their active listings to see how good the photos are. 6 List and market your home
Your Realtor will list your home on your area’s local , or MLS. This ensures that it gets seen by other agents with clients looking to buy, as well as included on listing sites like Zillow. Their marketing plan will likely include hosting as well, so you’ll want to make sure it’s in pristine condition before any prospective buyers show up in person — particularly if you’re still . 7 Hire a real estate attorney
to assist with at least some part of the transaction is legally required in many states. But even if you live in an area where a lawyer isn’t required, you should still consider hiring one to guide you through your first sale. Real estate contracts are complex, and a home sale is one of the most significant transactions of your life, with a lot of money at stake. Professional legal advice is well worth it to make sure all your interests are covered. 8 Review and negotiate offers
Once you start receiving offers, let your agent lead the way. It’s not necessarily all about money — the highest offer you receive may not be the best one. Offers can include things like that could delay closing or cause a sale to fall through. Agents know what to look out for and how to navigate this potentially tricky territory. 9 Understand your closing costs
Buyers and sellers both typically pay at least some , but many come out of the proceeds from your sale. For example, the seller pays for any on the transaction, both for your own agent and the buyer’s. Sellers may also be required to cover transfer taxes, escrow fees and other costs. Your agent should be able to create a for you to estimate what you’ll get from the sale after all deductions. And with your official you’ll get the exact dollar amount of your proceeds at closing. Bottom line
Selling a home for the first time doesn’t have to be hard. Focus on the things you can control — for example, you can’t control how hot the real estate market is, but you can make your home as desirable as possible by keeping it clean for showings and making it look stunning in high-quality listing photos. Work with a real estate agent to guide you through the process. SHARE: Rae Hartley Beck is a writer and editor with over eight years of experience in personal finance. Her work has most recently appeared in Bankrate, MoneyWise and Investopedia. Rae specializes in credit card rewards, investing, real estate, home improvement, lending and financial advice for millennials, Gen Z, Gen Alpha and their parents. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles