Eight Steps to Selling Your Home

Eight Steps to Selling Your Home

  1. Define your requirements. Write down all the factors for selling your house. Ask yourself, “Why am I listing and what do I anticipate to achieve with the sale?” For instance, a growing household might prompt your need for a bigger home, or a job opportunity in another city may necessitate relocation. For your objectives, jot down if you’d like to sell your home within a certain time period or make a specific profit margin. Work with your Realtor® to draw up the best plan of action to achieve your goals and set a sensible timespan for the sale.

  2. Name your price. Your next objective ought to be to figure out the very best possible selling price for your house. Setting a fair asking price from the outset will create the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what equivalent homes in your community are selling for, and state of the total market in your location. It can be difficult to remain unbiased when putting a price on your house, so your agent’s knowledge is vital at this step. Your Realtor® will know what similar homes are selling for in your area and the typical time those houses are sitting on the market. If you’re looking for a genuinely unbiased viewpoint about the cost of your home, you could have an appraisal done. This usually costs a few hundred dollars – and is typically recommended after you’ve received an offer. Remember: You’re always better off setting a reasonable market value rate than setting your rate too high. Studies reveal that houses priced higher than 3% of their market value take longer to sell. If your house sits on the marketplace for too long, potential buyers might believe there is something wrong with the home. Frequently, when this happens, the seller has to drop the price below market price to compete with more recent, fairly priced listings.

  3. Prepare your house. Most of us do not keep our homes in “display room” condition. We have the tendency to ignore stacks of boxes in the garage, broken deck lights, and doors or windows that stick. It’s time to break out of that owner’s frame of mind and get your home in tip-top shape. The condition of your house will affect how rapidly it sells and the cost the buyer is willing to offer. First impressions are the most crucial. Your Realtor® can help you take a fresh look at your house and recommend methods to stage it and make it more appealing to buyers. A house with too much “character” is more difficult to offer. Eliminating family photos, keepsakes and personalized decor will allow buyers to imagine the house as theirs. Make small repairs and replace small and inexpensive items. Little defects, such as a dripping faucet, a torn screen or a worn doormat, can ruin the buyer’s impression. Clutter is a big no-no when showing your home to potential purchasers. Make certain you’ve removed all knick-knacks from your racks and cleared all your restroom and kitchen counters to make every area seem as roomy as possible.

  4. Get the word out. Now that you’re prepared to list your home, your Realtor® will establish a marketing strategy specifically for your home. There are many methods to get the word out, including:
    • The Internet
    • Yard signs
    • Open houses
    • Media advertising
    • Agent-to-agent recommendations
    • Direct mail marketing campaigns
  5. In addition to noting your home on the MLS, your agent will utilize a mix of these methods to bring the most qualified buyers to your home. Your representative ought to structure the marketing plan so that the first 3 to 6 weeks are the busiest.

  6. Receive an offer. When you receive a written deal from a prospective buyer, your Realtor® will find out if the individual is prequalified or preapproved to purchase your house. If so, then you and your agent will examine the proposed contract, making sure to understand exactly what is required of both the buyer and seller to carry out the deal. The contract, though not restricted to this list, should consist of the following:
    • Legal description of the home
    • Offer price
    • Down payment
    • Financing plans
    • List of costs and who will pay them
    • Deposit amount
    • Inspection rights and possible repair allowances
    • Method of communicating the title and who will manage the closing
    • Appliances and home furnishings that will stay with the home
    • Settlement date
    • Contingencies
    At this point, you have three options: accept the contract as is, accept it with modifications (a counteroffer), or reject it.

    Keep in mind:
    Once both parties have signed a contract, the document ends up being lawfully binding. If you have any concerns or issues, be sure to address them with your Realtor® right away.

  7. Negotiate to sell. The majority of deals to acquire your home will need some working out to come to a win-win arrangement. Your Realtor® is well versed on the complexities of the agreements used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract stipulation suggests, what you will net from the sale and exactly what locations are simplest to work out. Some flexible items:
    • Price
    • Financing
    • Closing expenses
    • Repairs
    • Appliances and fixtures
    • Landscaping
    • Painting
    • Move-in date
  8. Once both parties have actually settled on the details of the sale, your agent will prepare a contract.

  9. Prepare to close. When you accept an offer on your house, you will need to make a list of all the things you and the buyer must do before closing. The property will need to be formally appraised, surveyed, inspected or repaired. Your Realtor® can spearhead the effort and act as your supporter when handling the buyer’s agent and mortgage provider. Depending upon the written contract, you may pay for all, some or none of these items. If each item returns appropriate outcomes as specified by the agreement, then the sale will continue. If there are issues with the house, the terms stated in the contract will determine your next step. You or the buyer might choose to leave, open a new round of settlements or continue to closing. Important suggestion: A few days prior to the closing, you will want to get in touch with the entity that is closing the transaction and ensure the essential files will be ready to sign on the agreed-upon date. Likewise, start to make arrangements for your upcoming move if you have not done so.
  10. Close the deal. “Closing” describes the meeting where ownership of the property is legally transferred to the buyer. Your agent will be there throughout the closing to direct you through the procedure and make sure everything goes according to plan. By being present during the closing, she or he can moderate any last-minute concerns that may develop. After the closing, you need to make a “to do” list for turning the property over to the new owners. Here is a sample list:
    • Cancel electrical power, gas, yard care, cable and other regular services.
    • If the new owner is retaining any of the services, change the name on the account.
    • Gather owner’s manuals and service warranties for all remaining appliances.