Selling a New Home

Selling a new home versus an older home has it own set of challenges. Typically with older homes a lot of effort is needed in making minor to moderate improvements just to get the home on the market. Occasionally, there are major repairs that need to be taken care of before the home is put on the market or it needs to be addressed in the price. With new homes this is rare. Things are usually still in good condition; the carpet is not worn, paint is new, and things aren’t falling apart. When selling a new home there are other areas where your efforts will need to be focused.

Determine Minimum Selling Price

If you are selling a new home then chances are something unexpected has happened. Most families stay in a home for several years before selling in order to build equity and pay down the mortgage. Over time as the home appreciates then selling becomes a financial decision based on return on investment. However if the home is new then it is likely that there is not much equity built up and the balance on the mortgage is still quite high. No one wants to take a loss on the deal so it is critical to determine what your minimum selling price can be. Take into account realtor commission, closing costs, mortgage payoff, and any other fees that are associated with selling. Depending on the real estate market you may not make a bundle on the deal but at least you won’t lose your shirt. Knowing the bottom line can help you plan when selling your home so there are fewer surprises at the end.

Preparing Your Home

Since you won’t have to spend much time preparing your home for sale you should focus your efforts on the little things. Thoroughly clean the inside of your home and remove as much clutter as possible. Do this on the exterior as well, mow and trim the lawn and cut back any over grown shrubs and bushes. Make your property look as good as possible, inside and out. Since you may not have the flexibility in negotiating price you are going to have to do everything you can to get the most out of it. The price, condition, and amenities are going to be the focus of selling your home.

What Are Your Homes Strengths

Given that your home is in good condition you’ll need to emphasize additional positive attributes. Hardwood floors, granite counter tops, new furnace, new roof, and so on. Make a list of all the strengths you feel your home has; take pictures and include the information on a flyer. When selling a new home you can expect to get more money because it is in good condition but if your profit/loss margin is narrow you need to really sell the strengths your home has to offer. Go beyond the home itself and look at the neighborhood and schools. Anything that can be a selling point should be considered and find creative ways to present this information to potential buyers.

Develop a Marketing Plan

Chances are you will be using a real estate agent that will take care of the marketing but there is a small chance that you may not be able to afford the commission; forcing you to market the home yourself. Remember, selling your home will cost money and a good portion is going to be tied up in marketing your home. Place a “for sale” sign in your yard along with a color flyer with pictures and high points of your home. Contact the local newspaper and take out an ad. Post your listing on real estate sites on the internet and lastly, tell as many people as you know that your home is up for sale.

Hold an open house as often as you can or let your real estate agent do this for you. Remember that buyers will have representation so be prepared to work with at least one agent. Stage your home so it takes on a warm cozy feel and make your home appear to be a good place to raise a family.

Yes, there are hurdles to overcome when selling a new home but it is not by any means impossible. Know what to expect and plan accordingly and you will be able to get through this and get the best price possible for your home.

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