The home selling process can be confusing with all of its steps. This guide breaks down each part to help make selling your home less complicated!
Hire a real estate agent
While selling your home on your own is an option, hiring a Realtor to list your property has many benefits. If you don’t already have an agent, ask friends and family for recommendations. This is a great time to take advantage of the social media “hive mind.” Check out ratings and reviews on sites such as Google, Zillow, and Realtor.com. Once you’ve got some agents in mind, it’s a good idea to interview several. You want your real estate agent to be your advocate. Some agents also prefer to work in certain areas or with certain price points, so it’s important to ask those questions. You also want to ask questions about how your Realtor will market and photograph your home.
Decide on a listing price
A Realtor can help determine a competitive asking price by examining the market, neighborhood, comps, and condition of your home. While you can do this on your own, you risk over- or undervaluing your home. A price too high will scare some buyers away, which can cause your house to sit on the market for an extended time. A price too low can be intriguing for buyers, but it also keeps you from getting the full market value (which can be used towards your next home).
Get your home in its best shape
It’s time to get your home photo and show ready! Your real estate agent may recommend some repairs or maintenance prior to listing your home. Some repairs can be put off for the new owner, but others may need to be completed ahead of time. Many times a simple repair can help your return on investment. (See the graphic below.)
You also want to spruce up the exterior of your home to boost the curb appeal. The first photo of your house many prospective buyers see is the exterior, so make a great first impression! It goes without saying that your house should be cleaned prior to photographs. If you are able, hiring someone to professionally stage your home can really make your home stand out.
List your house
After the previous steps, your home is ready to go on the market! Your Realtor will list your home on MLS (multiple listing service), which will make it accessible to other Realtors. This will also post your home on third-party sites, such as Zillow and Realtor.com. Your agent will assist in scheduling showings of your home. They may also schedule an open house.
Wait…
Sometimes it’s a seller’s market, and you might receive multiple offers above asking price within a day or two. However, you shouldn’t count on a fast sale. Your Realtor should update you on a regular basis about the status of your house and the market. A good real estate agent will give you an honest assessment of how long they expect your house to be on the market. If your home is overpriced, needs repair, is outdated, or the market changes, it may stay on the market longer.
Close on the sale
Once your house receives an offer, your agent will help negotiate a price (if necessary). The buyer may also ask for certain things, such as certain furnishings being left, repairs made prior to buying, or closing costs. Your Realtor will go through these items with you and advise you on the best course of action. The buyer and you will also decide on a closing date, which is when you will sign the final paperwork.
The prospective buyer will more than likely schedule an inspection and an appraisal. The buyer does have the ability to back out of the sale if the results of either are unfavorable. During this stage, your home will be listed as “contingent.” After meeting any contingencies, you will move on to the “pending” stage.
On the day of closing, you will either sign paperwork at an attorney’s office, or a mobile notary will come to you. After you’ve signed the closing papers, the home selling process has come to a close! (See what I did there?)