Step 1: Prepare to Sell your House
Choosing the right and experienced realtor for selling a home is very crucial. There are several steps involved in selling a home the right way, and is very helpful to have someone to guide you. The first question you should ask yourself is if you are ready to do what it takes to sell a house. You need to make sure your house is “sell ready”, which means you must determine what needs to be cleaned, painted, repaired and tossed out. Another thing you want to make sure and do, is to improve your home’s value. This means you want to improve your home, but also make sure it fits in with the neighborhood it is located in. Improvements made on our house should make the property reflect the community’s preferences. Cosmetic and mechanical repairs should be made; this will help you get the top price you can possibly get for your home.
Step 2: Find a Relator
When choosing a realtor, you will want to make sure they are knowledgeable, friendly and local to the area. You want a realtor that knows the community and thus can sell your house to the prospects. You will want to go to a few realtors before making your final choice. Make sure to ask them all the questions you have, and then pick based off their answers. You want to make sure they can answer your questions to your criteria. This way you will feel comfortable that you are working with someone you can trust and will get the best deal for you.
Step 3: Set the List Price of your Home
When setting the price of your home, keep in mind that your home is only worth what the market will bear. If the price you set is too high, some potential buyers won’t even consider it, and others will not make an offer. Your realtor should ensure that the price you set is based on the best comparative market analysis. They should explain why the house should be set to this certain price and how it is more likely to sell your house quicker.
When choosing a price, make sure to look through the comparative market analysis. This should include sales prices for similar houses nearby that will be your competition as well as houses that were taken off the market because they did not sell. You and your realtor can estimate who may want to buy your house and what those buyers are looking for, this way you can set the best price that is most likely to get the most offers.
Step 4: Market your House for Maximum Exposure
When you list your house, it should be in prime condition. It is your job as the seller to ensure your house is pristine. It is up to you to make sure all clutter and personalization are removed, and all updates needed are done to the home. Buyers wants to be able to visualize themselves living in the house. If there is too much clutter, they are unable to do this. To them, it will seem as if the house is smaller than it actually is and you will loose a potential sale. While it is your job to do all of this, your realtor’s job is to identify potential buyers, take professional photographs of the house, list your house on multiple sources to ensure you have maximum exposure.
Step 5: Negotiate a Real Estate Offer
When negotiating a deal with a potential buyer, it is the realtor’s job to educate you on the terms of the offer and ensure you understand the housing market in your area. When an offer is made, you should first make sure the buyer can fulfill the contract with financing. This means you should check the pre-approval letter with your realtor. Next, you should evaluate the offer made to you. You should consider how close it is to your asking price, how many offers have come in, if any repair requests have been made by buyer, if buyer needs assistance with closing costs and what the largest earnest money deposit is. Next, you should either, accept, decline or make a counter offer. Make sure to discuss your best options with your realtor.
Step 6: The Art of Settling
Once an offer is made and a contract signed, this does not necessarily mean your work is over. Sometimes the buyer may request that your house has a termite inspection, radon gas inspection or other type of inspections. Before you go to settlement, you and your listing realtor should go over the contract and make sure all promises are being fulfilled. It is also very important to have a written agreement between seller and buyer to ensure that if something happens to the house in the transition period, you both know who is responsible for handling it. Next, the title of the property is transferred to the buyer and the buyer provides funds to your home.