Step 1: Plan & Prepare
Some 5 million existing homes are sold each year and, while each transaction is different, every owner wants the same thing – the best possible deal with the least amount of hassle and aggravation.
The home-selling process typically starts several months before a property is made available for sale. It’s necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out.
Ask yourself: If you were buying this home what would you want to see? The goal is to show a home which looks good, maximizes space and attracts as many buyers – and as much demand – as possible.
When should you sell?
Owners are encouraged to sell when the property is ready for sale, there is a need or desire to sell, and the services of your REALTOR® have been retained.
How do you improve your home’s value?
The general rule in real estate is that buyers seek the least expensive home in the best neighborhood they can afford. Cosmetic improvements – paint, wallpaper and landscaping – help a home “show” better and often are good investments. Mechanical repairs – to ensure that all systems and appliances are in good working condition – are required to get a top price.
Step 2: Set The Price
Every reasonable owner wants the best possible price and terms for his or her home. Several factors, including market conditions and interest rates, will determine how much you can get for your home.
What is your home worth?
All homes have a price, and sometimes more than one. There’s the price owners would like to get, the value buyers would like to offer and a point of agreement which can result in a sale.
Sale prices are a product of supply and demand. If you live in a community with an expanding job base, a growing population and a limited housing supply, it’s likely that prices will rise.
Who can help?
Experienced REALTORS® are active in the local marketplace and can provide assistance with pricing, marketing, negotiation and closing.
Step 3: Market Your Home
Homes are unique. Each is different, the marketplace is always in flux, interest rates constantly change and new buyers search for homes each day. With such fluidity, it requires a Realtor® to craft marketing plans specifically for individual homes and market conditions.
Selling can entail a variety of marketing strategies. Once listed, it’s likely that the home will be quickly entered into the local MLS (Multiple Listing Service). REALTORS® routinely market by mail with new-listing announcements and regular newsletters. Open houses, broker access to the home and networking with both local and out-of-town brokers are also common.
Step 4: Sell It
There is no question that selling a home is an important event. Because a home sale involves an array of both personal and business concerns, it’s important to get it done right.
What’s an acceptable offer?
The goal of every seller is to have buyers competing with higher and higher offers. A number of factors determine whether a buyer’s offer is acceptable, including proximity to asking price, buyer financing strength, and market conditions.
What is a counter-offer?
A counter-offer is nothing more than a new offer. Offers and counter-offers reflect the back-and-forth activity of the marketplace. The REALTOR® who lists your home can explain the local bargaining process and assist in the actual negotiations.
Step 5: Close
Once a sale agreement has been signed, some of the most complex aspects of a real estate transaction begin. A sale agreement sets not only a purchase price for the home, but also a series of terms and conditions.
In practice, most homes close 30 to 45 days after a sale agreement has been signed.
Step 6: Moving
Even the smallest home contains a lot of furniture, clothes, kitchen equipment, pictures and other items. For a short move, it may be worthwhile to transport small goods by yourself, but larger items will likely require a professional mover.
It’s ideally best to get rid of excess furniture and other goods by having a sale before you move. This will reduce the volume of goods to be moved and thus lower moving costs.
5 Things To Do Before You Sell
- Get estimates from a reliable repair person on items that need to be replaced soon.
- Have a termite inspection to prove to buyers that the property is not infested.
- Get a pre-sale home inspection so you’ll be able to make repairs before buyers become concerned.
- Gather together warranties and guarantees on the furnace, appliances, and other items that will remain with the house.
- Fill out a disclosure form provided by your sales associate.
10 Ways to Make Your Home Ready to Sell
- Get rid of clutter. Throw out or file stacks of newspapers and magazines.
- Wash your windows and screens to let more light into the interior.
- Keep everything extra clean. A clean house makes a better first impression.
- Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells.
- Put higher wattage bulbs in light sockets to make rooms seem brighter.
- Make minor repairs that can create a bad impression.
- Tidy your yard. Cut the grass, rake the leaves, trim the bushes.
- Patch holes in your driveway and reapply sealant.
- Clean your gutters.
- Polish your front doorknob and door numbers.
5 Ways to Speed Up Your Sale
- Price it right. Set a price at the lower end of your property’s realistic price range.
- Get your house market ready for at least two weeks before you begin showing it.
- Be flexible about showings.
- Be ready for the offers. Decide in advance what price and terms you’ll find acceptable.
- Don’t refuse to drop the price if your home has been on the market for more than 30 days.
Courtesy of National Association of REALTORS®