If you are looking for some helpful tips and considerations when selling your home, you have come to the right place! Below are 9 distinct steps that you should review in this process, with my own special recommendations highlighted in red. If you have any questions, please don't hesitate to contact me.
What is your motivation for selling your home? Explore the reasons you have for wanting to sell and determine what you want to accomplish. Are you moving because you are expanding your family? Or have all your children moved out, and you are looking to downsize? If you are not 100% committed to the process, you may be disappointed in the end.
Interview at least three real estate agents who specialize in listing homes in your area. Discuss their plans on how they will market your home, and get you the best price attainable. Determine how they differentiate themselves from other agents. Lastly, stick with the agent you are able to trust and get along with best.
Once you have interviewed a few agents, determine which one will help you attain the goals that you have set for yourself. Ask your agent to prepare a Comparative Market Analysis of your home. They will look at what comparable homes are selling for in your neighborhood, as well as how long those homes are on the market. Try to have an unbiased opinion for what your home is worth. Your Realtor will be able to determine what the fair market value is, and price your home accordingly. Remember that overpricing your home can cause it to remain on the market a lot longer than if you price it right the first time. If your home is on the market for a long period of time, buyers may start to believe that something is wrong with it. Many times, when this occurs, sellers have to drop their price below market value to compete with new listings.
Finally, ask your real estate agent for advice on how to prepare your home for sale. They will be able to provide you with ideas on how to set up your home and prepare it to be sold.
Buyers are looking for a home to live in, not just for a house. Owners who fail to make repairs, such as sprucing up the house, touching up the paint and keeping it clean can scare away buyers. If you were selling a car, you would wash it, or may be even detail it to get the highest price possible. Your property is no different. A helpful tip is to put yourself in the shoes of a potential buyer. This will help get you in the right mind set for preparing your home to sell. It’s important to view your house through the eyes of someone looking at it for the first time. Don’t forget to ask a friend or neighbor to come over and take a look at your home and envision it for sale. They will be able to suggest improvements that you may have overlooked.
First impressions are everlasting. A property’s “curb appeal” refers to how it looks to someone driving up to it for the first time. It is important to have the landscaping and outside in good condition. If a buyer’s first impression is favorable, they will want to see more. If their first impression if not so favorable, this will influence how they view everything else.
Remember to de-personalize and de-clutter. You want buyers to see themselves in the home. Removing family photos, personal artwork on the fridge, and – can leave buyers imaging what their life would be like in the home. A good rule of thumb is to remove about 50% of personal items from closets and storage spaces. If you haven’t used it in a year, you probably won’t need it while your home is on the market. Temporarily renting a storage unit may help in clearing up clutter, and providing more space if you chose to remove furniture.
Once your home has been prepared to place on the market, your real estate agent will start to market your home. They will take pictures of the interior of your home to place on the Multiple Listing Service (MLS), a variety of internet sites, and print media. A sign will be placed in your front yard to show buyers that your home is listed. Your agent may hold an Agent Tour, Open Houses, or other events to attract qualified buyers to your home. Be sure to call me to learn about various ways I can promote your home that other agents may not use.
Once an offer has been submitted on your home, your real estate agent will determine if the buyer has been qualified for loan. If the buyer is in fact approved, then you will discuss the details that have been written in the contract. The Purchase Agreement will contain the following:
Once you have reviewed all the asking terms, you have three options: accept the purchase agreement as it, make adjustments and counteroffer, or reject the offer.
If you chose to not accept the contract terms offered, you may submit a counteroffer. At this point, negotiations begin to settle on a win-win situation for both the buyer and seller. Most often, you will negotiate on price, closing costs, warranties attached, repairs that must be done to the home, and closing date. Once an agreement has been made by both parties, the contract becomes final. There is an old rule of thumb- the first offer on a home is usually the best offer. While your first offer may not be what you were hoping for, it is a good idea to negotiate the best terms. It may be tempting to hold out for a higher price, but the longer you hold out, the longer your home may remain on the market.
After the buyer and seller have come to an agreement on the terms of the contract, and have signed the Purchase Agreement, work gets under way to prepare for closing. Typically, within 10 business days, a home inspection takes place. A certified inspector will come to your home to conduct an evaluation of both the structure and mechanical systems. Once all parties agree to any repairs that need to be made, a survey, termite inspection, and appraisal from the buyer’s lender will be done. If all of these processes are acceptable, then the sale can continue. The lender will begin work on closing documents which you will be required to sign. Finally, the day before closing, a buyer may request a final walk through of the home to ensure that no damage has been done to the home.
Review the Settlement Statement before closing to ensure that all the information is listed correctly. Your real estate agent is familiar with the document, and can determine if the debts and credits are recorded properly.
At closing, title of the property will be transferred from the sellers to the buyers. You will no longer hold legal title to the property. There will be a settlement statement that accounts for all of the funds received and expected at closing. It will outline the credits and debts to both the seller and buyer involved in the transaction.