Thinking of selling? Read on!
- Be clear on why you’re selling Make sure you’re ready to sell NOW. A house that’s on and off the market, or a house listed by a seller who is fully committed to the sale won’t ever bring in the same kind of sales price as one that’s backed by a motivated seller.
- Do your research. Find out what homes like yours are selling for in your area. Find out what kinds of ammenities or upgrades they offer that you may not, and what your home offers that’s unique and appealing to home buyers. This is where a good Realtor can make all the difference, even before you offer the home for sale. They can provide you with accurate comparable sales information and help you understand the market.
- Get it fixed. Now that you’re committed to selling your house and you have a good idea about what’s about there, it’s time to get your house ready to sell. Make the upgrades or improvements you’ve decided are needed and get needed repairs done. If there are repairs or improvements you know should be done, but cannot for budget or time reasons, price them out and decide what kind of incentives you could offer a buyer who would beed to do them. Again, your real estate agent is your best resource for this information.
- Set the price. This step could come before or after the repairs. But setting the price once everything is done gives you and your Realtor a better picture of how your home compares to the other houses for sale. And that can make the price you set more realistic.
- Clean it out. Clutter isn’t anyone’s friend, but when it comes to selling your home, especially in a competitive market, a cluttered home can be disasterous. Clutter distracts buyers from your home’s good points, and makes it hard for them to see the home as their own. As far as possible, pack up the extra toys and games, box up the personal items like family photos, sports trophies and collections. Rent a storage POD, a storage unit or borrow space in a friend’s garage. If you’re not sure what de-cluttered means, visit some model homes. That’s the welcoming but impersonal look your home needs for a faster sale and a higher sales price.
- Spread the word. Work with your Realtor and their team to design a marketing plan that works for your home. Gone are the days when a listing in the paper and a few flyers would sell a house. Make sure you have a Realtor how uses the best the Internet has to offer, because that’s where over 80% of home buyers start their search.
- Understand the offer process. If someone is interested in buying your home, their Realtor or real estate attorney will present a written offer. Typically offers are below the asking price, but even if someone offers full price, you are not obligated to accept their offer if there are other issues like their financing, the time frame in which they want to buy, or conditions they request. Your real estate agent will walk you through the elements of each offer, but if you have any questions, make sure they are answered before you sign. Once both parties have signed the offer, it becomes legally binding.
- Participate in negotiation. This step is one of the most important reasons to have a good real estate agent who’s experienced in negotiation. Once the offer is received from a qualified potential buyer, you and your agent will review it for any changes that need to be made, such as closing date, money towards buyer’s closing costs, and of course, price. In many real estate deals, this process takes two or three rounds until all parties are satisfied with the terms, and willing to sign a final contract . An inspection of your home by a professional property inspector will probably also be a part of this process, and most contracts offer an “Option” to allow the buyers to revoke their offer during a set period due to inspection issues.
- Get set for the closing and moving out. Most sellers are living in their homes at the time of the sale, so one of the first things they need to do is make arrangements for moving their furniture and household effects to a new home. Even if you’ve already moved, odds are utilities are still in your name, so you’ll need to contact utility companies to let them know when services are to be transferred. In the meantime, your Realtor will be busy processing documents and making sure things like apparaisals, financing, and other legal steps are on target. He or she will also set up a time and date for your formal closing, when documents are signed and checks are exchanged.
- Attend the closing. The closing is the final step in the home sale process. If you’re still in town, or have returned for the closing, make sure you bring all keys to the closing meeting. Warranty books and such for items remaining in the home can be left at the property or brought to the closing to present to the new owners. If you are no longer in the same town as your old home, your Realtor can arrange for documents to be processed remotely.
