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Navigating everything involved with selling your home can seem intimidating. Breaking the process down step by step will keep you organized and ready to work towards a successful home sale.
1. Choose an agent
A lot goes into choosing the right agent. If you’re unsure where to start, get referrals from trusted friends, family, and neighbors. Although the ultimate goal is the sale, think about your compatibility outside of the transaction. Their ability to connect with you on a human level through the ups and downs of a home sale is just as important as their expertise and knowledge of the market.
2. Set a timeline
Depending on your local housing market conditions, your timeline for selling your home may vary. However, a timeline is valuable in that it will keep you organized throughout the selling process and allows you to adjust if circumstances change. Your agent will work with you to build the ideal timeline.
3. What is your home worth?
The key to selling quickly is correctly pricing your home from the first day it hits the market. In particular, overpricing can lead to serious complications in the selling process. Your agent can provide you with a Comparative Market Analysis (CMA) to better determine the best price of your home. CMAs provide information on comparable home sales in your area, both pending and sold, within the past six months.
4. Repair & upgrade
Now it’s time to get to work on the house! This is the perfect time to tackle any and all outstanding projects or repairs. Create a list separating which repairs can be done yourself and which need professional attention. This is the time to consider a pre-sale home inspection to identify structural and mechanical problems before your home is on the market.
5. Make the best first impression
Making an impactful first impression goes a long way in the minds of buyers, so roll up your sleeves and prepare to check off that to-do-list. Start by cleaning up the garden and lawn, clearing out gutters, and adding color to your flower beds. Apply a fresh coat of paint anywhere you spot peeling or cracked paint. A great way to make an impact is by staging your home, with the goal of making each room feel as spacious and welcoming as possible.
6. Show your home
Your local pandemic-era regulations will dictate the ability for agents to conduct in-person showings and open houses. Discuss virtual home tour options with your agent and other ways to generate maximum buyer interest. For in-person showings, it’s best that you leave the premises so the buyer can freely ask their agent questions and visualize the home as their own.
7. Offers & negotiation
If you are in a seller’s market—defined by low inventory and high buyer competition—it is likely that you will receive offers at – or above – asking price. You can respond to an offer by a) accepting the offer, b) making a counteroffer, or c) rejecting the offer. Counteroffers should always be made in writing and provide a short window of time for the potential buyer to respond. If you are selling in a buyer’s market, you may have to be more open to negotiation. Discuss negotiation strategies with your agent to work toward a satisfying final price.
8. Prepare for closing costs
There are costs throughout the selling process, and as the close date approaches, that remains true. Be sure to budget for your real estate agent’s commission, and other common seller’s costs like title insurance, recording fees, and government transfer tax, among others.
9. Home inspection
Buyer offers are usually contingent upon a professional home inspection. Ask your agent for a home inspection checklist, so you know what the inspector is looking for ahead of time. They typically inspect the home’s foundation, structure, roof, plumbing and electrical systems, floors, windows, doors, and more for signs of damage and weathering.
10. Closing time
Congratulations! Your home is sold, but there are still some final steps before the deal is done. This is the time to ask the buyer to release any contingencies, sign the title, and close escrow before handing over the keys. Consult your real estate agent for any questions about legal documentation and settlement costs.
Posted on October 8, 2020 at 8:03 pm Carlene Sandstrom