The time has come when another major life event happens: the sale of your home. This time can bring a lot of uncertainty and stress. Fortunately, there are experts in the industry that can help to calm the waters and to smooth out the rough edges that can accompany the home selling experience. Our team has invested a lot of time in identifying what needs to be done to eliminate a lot of the uncertainty, and actually make the home selling process more comfortable. Below we have listed our Eight Steps to help you through this process:
Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move.
For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.
Your objective here should be to determine the best possible selling price for your house. Setting a fair asking price at the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, for what price are comparable homes in your neighborhood selling, and the state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so your real estate agent’s expertise is invaluable in this step. Your agent will know for how much comparable homes are selling in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars.
Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
Let’s face it! Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that “owner’s mindset” and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer.
First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it, and make it look more appealing to buyers. Here are just a few thoughts to consider:
Now that you’re ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including:
In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should construct a marketing plan so that the first three to six weeks are the busiest.
When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the prospect is pre- qualified or pre-approved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following:
At this point, you have three options:
Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away, before signing anything!
Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items:
Once both parties have agreed on the terms of the sale, your agent will prepare a contract.
Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing.
Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so. Keep your real estate agent aware of anything that comes up that might need to be addressed with the other party.
“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present.
After the closing, you should make a “To-Do” list for turning the property over to the new owners. Here is a checklist to get you started:
These eight points will help you quite a bit in accomplishing the goal of selling your home. Keep in mind that every experience is unique, so be sure to communicate often with your real estate agent, so that your experience runs as smoothly as possible!
We hope you have found this guide helpful. If you’re ready to take the next step, contact us now via our user friendly form, or call us at (512) 864-4734. We’re ready to help you sell your greatest asset – your home!
