Selling Your Home
Selling a home can be a very emotional journey. It is not just about putting a sign in the front yard and holding an open house. It is important to understand the steps a seller will encounter along the way. As a realtor, it is my job to understand the circumstances and then outline and set expectations of what’s to come.
The Keys to Selling
What is a acceptable outcome?
What is driving you to sell? Is this a need or a want? Have events in your life driven you to this decision. Are you looking for a quick sale or the most profit. The answers to the questions should be shared with your realtor so the include these when putting together the strategy to sell.
How should you price your property?
This tends to be the most important aspect of listing your home. When you set the price correctly, it will increase the interest and the offers. If you set it to high, you may still see interest, but may not see the showing requests or offers. A realtor can help you determine a good price by looking at the market and comparable homes in the area that have sold. A home appraisal by a professional appraiser may be the way to go if the struggle on determining the price is too great.
Should you update your home before you sell?
Getting your home ready to list is a key criterion in how quickly it will sell. De-cluttering, organizing, and throwing out items that are no longer needed will make your home more appealing to potential buyers. This is also a good time to determine if fixes/updates need to be done. Fresh coat of paint updated light fixtures, deep cleaning the carpet will all impact the impressions to buyers.
How and where should you list your home?
Being able to advertise your property on multiple media platforms expands the buyer base past just the local area. I am a member of two different MLS’ that cover 21 counties and 2 states. Plus, I have an extensive social media network that includes realtors from New York to Florida. Taking advantage of all aspects of marketing increase your homes visibility.
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What do I do when I get an offer?
The moment you have been waiting for, reviewing offers for your home. This can be thrilling but also disappointing. Many offers come with too low a value, certain stipulations, optional incentive payments like Due Diligence or Earnest money and important dates. It is very important to understand the full offer package and not just look at the price being offered. How the buyers can purchase this house is often overlooked. For example, is a cash offer of full price with a close in 3 weeks more valuable then a buyer with a loan offering $10K over asking but closing in 45 days? Taking the time to walk through each offer and point out the variables to determine the best decision for my sellers, is just another part of what I do.
What do I need to close on my house?
No matter how smooth things have gone, getting to closing is always a major relief to all parties. From acceptance of offer to close, there are several things that you may have had to endure. Buyers get the right to have inspectors or all kinds, surveyors, and appraisers evaluating your home, why you are busy packing and cleaning the. At closing it is imperative to have a good closing attorney, one who is communicative throughout the process. A good attorney will research the property and make sure clean title can be conveyed and fully explain closing documents.
A Step-by-Step First Time Seller’s Guide
Putting your home on the market can be a stressful process, especially when you don’t know what to expect. Fortunately, with the help of an experienced agent and this easy to follow guide, you can smoothly complete the process. Following these steps will help you prepare so you can get organized and sell your home for the best price possible.
Step 1:
Find an Experienced Realtor
This is a crucial first step! Enlisting the help of an experienced agent who understands your needs to guide you through the process will save you time and a lot of headache – and will of course get your home sold more quickly and for more money than trying to list your home on your own.
Step 2:
Consider Repairs and Improvements
Your real estate agent will do a thorough walkthrough of your home and will likely make recommendations on both minor and major repairs or improvements you should consider. Additionally, be proactive about any known maintenance issues to your home, as these will surface during an inspection.
Step 3:
Set the Price Right
Another crucial step to ensuring the highest return on your valuable investment in the shortest amount of time is finding a competitive price. You will want to consider the price of nearby homes that have recently sold, the prices of nearby homes currently on the market, and the condition and location of your specific home.
Step 4:
Prep Your Home
Hopefully, you have already started decluttering some of the bigger collections of unused furniture and other items stored in your attic, basement, or closets. Continue to work through your home, removing clutter, junk, and even personal decor. Start deep cleaning your home, really targeting the forgotten nooks and crannies.
Then, work with your agent to stage your home so that it is neat, welcoming, and depersonalized (allowing your buyers to picture their own personal touches in their potential new home).
Lastly, take professional photographs that will highlight your home’s best features and give buyers a great impression of your home – right from their computer, tablet, or phone.
Step 5:
Market Your Home
The key to selling a home is in finding the right buyers, and that requires a lot of marketing and advertising. This is where working with a skilled agent can really pay off. Skilled listing agents are skilled marketers. They know where to find the best buyers for your home, and they have access to a wealth of resources, including online listing services, print advertising distribution, large social media followings, even local agent networks.
Step 6:
Show Your Home
In addition to scheduled open houses, your home can be shown at any time, so be prepared. Keep it neat, clean, organized, and staged. Don’t leave dirty dishes or laundry lying around, be sure to dust and vacuum regularly, and promptly address any potential clutter buildups. Additionally, you should be ready to clear out of the house during showings to avoid making buyers uncomfortable.
Step 7:
Negotiate and Accept an Offer
If a buyer wants to buy your home, they will make you a written offer, which usually states how much they’ll pay, their mortgage amount, closing and occupancy dates, and any contingencies. You can either accept the offer or negotiate for different terms.
Negotiations can include your own contingencies, such as a first right of refusal if your buyer’s offer is contingent on selling their home, making the offer contingent on you buying another home, or adding contingencies for closing and occupancy dates or buyer financing.
Step 8:
Sign a Purchase and Sale Agreement
Once you and the buyer have agreed upon an offer, you will both sign a legal contract called a Purchase and Sale Agreement. This outlines the specific terms, conditions, and contingencies of the home sale.
Step 9:
Cooperate with Inspections
Next, the buyer will hire an inspector to ensure that no major repairs will be needed after they buy the house. The inspector will go through every inch of the house, paying particular attention to the roof, basement, heating and cooling systems, structure, plumbing, and electrical. If the inspector finds any needed repairs, the buyer can negotiate for the costs of the repairs.
Step 10:
Enter Escrow
Next, you will enter escrow, which is a sort of limbo period between selling your home and receiving the money. You may remember this step from buying your home, though rather than putting money down, your role is now to hold up your end of the agreement. During this time, you and your agent will work with an escrow company to complete paperwork and ensure that all parts of the contract are complete.
Final Step:
Sign, Pay, and Close!
On a predetermined closing date, you and your buyer will sit down with your agents to sign all the paperwork and pay all your fees. You will relinquish your keys and your property title, and you will receive a check for the remaining balance after the remainder of your mortgage is paid to your bank. Congrats – you have sold your home!