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The Home Selling Process

If you are in a position where you want to sell your home, you may have already been through the buying process and you have been surprised by it's complexity. Selling your home will allow you to view the process from a different perspective. It’s still important to have an understanding of all the process requires. Knowing the steps will increase your potential of maximizing your profit. There are many things you’ll need to consider, and to help you through it, here’s a general overview on what to expect and prepare.

Meet With A Real Estate Agent

When you work with a real estate agent, you will benefit from their expertise and experience and it's important to partner with a Real Estate Agent you feel completely comfortable with. Don’t fall for the trap of partnering with the first Real Estate Agent who suggests the highest asking price. Shop around. A good Real Estate Agent can help you price your home to sell, answer questions like “When is a good time to sell?” and has in-depth knowledge of the market.

Start your search for a reputable Real Estate Agent, by checking if family and friends have a preferred Real Estate Agent they enjoyed working with in the past.

Find Out How Much The Home Is Worth

One of the biggest mistakes sellers make is asking too much for your home. It’s important to set a reasonable price. This is an area where having an agent helps. They can provide you with a Comparative Market Analysis report. This report provides the price range of homes similar to yours and in the same local market Your agent can help ensure you set a strategic price for your home so it will be more likely to sell for the best possible price.

Prepare Your Home

There is a lot that goes into preparing your home and making it presentable for buyers. Again, your real estate agent can help you in this area. They can walk through your house and provide suggestions on things that need to be replaced, repaired, or cleaned up. These are just suggestions; you don’t have to replace or repair every single thing suggested. Use some common sense when choosing projects that will help you sell your house. This doesn’t mean totally remodeling the kitchen and bathroom. It does include making the house presentable and addressing anything that could detract someone from seeing its true value. Some things you will want to address include:

Apply fresh paint where needed.
Repair doors, windows, or things that stand out.
Repair cabinets or cabinet doors.
Replace the carpet if needed.
Make sure all light fixtures and switches work properly.

Staging Your Home

Part of preparing your home to show is a process called staging. This includes professional staging as well as decluttering and removing items. Remove personal items from the rooms like family photos and memorabilia. Each room needs to have an uncluttered appearance. Think of it like a model home. You want to allow a potential buyer to envision what the house will look like with their things in it. Here are a few tips for staging your home:

Clean every part of the house. That includes the floors, the ceilings, and everything in between.
Declutter all areas of the home. Cluttered areas make it seem like there is less space. It also detracts buyers from the home’s features.
Remove personal items like photos and keepsakes.
Get rid of pet odors.
Define each room so potential buyers can quickly determine its purpose.
Clean or replace carpet.
Open curtains and blinds to take advantage of natural light.

List Your Home For Sale

Setting a strategic price will attract more potential buyers, and give your home more exposure resulting in optimal value. Your Real Estate Agent should be able to explain to you the multitude of factors influencing pricing, including: competitive pricing, current market stats, and of course the estimated value of your home, as well as the potential impact of different pricing strategies.

The next step will be to sign a Listing Agreement, which gives your REALTOR® permission to post your property on MLS (Multiple Listing Service). They’ll then begin marketing your home through a variety of mediums — digital and traditional — and inform other REALTORS® (representing buyers) that your property is on the market.

Your real estate agent should hire a professional photographer for photos of your house and compile all the pertinent information needed for a listing. Your agent will handle all of the marketing and listing your house for sale.

Showing Your Home

When you work with an agent showings will be co-ordinated by the listing brokerage. Try to be flexible if you are making appointments for a home showing. Buyers will be juggling their own schedules and may need to see the home after work at night or on weekends. It’s a good idea to provide a lockbox or keypad for entry so agents can accommodate potential buyer’s schedules.

Receive Offers And Negotiate

When your home is priced right, you should receive numerous offers. All offers are worth negotiating even if someone sends in a very low offer. You can always negotiate by providing a counteroffer. If your price is competitive and based on comparable sales, don’t be afraid to provide a full-price counteroffer. You always have the option of declining an offer.

Handling The Home Inspection And Appraisal

The offer you accept may include a condition on the property being inspected by a home inspector who will check for damages or non-functional components. This allows the buyer to make a well-informed decision. If the inspector finds any problems, you may be asked to make repairs or replacements before the sale is finalized. It is also possible for the buyer to propose renegotiating a price to allow for any repairs that may be needed. During this time, the buyer can back out without penalty if they deem there are too many things that need to be repaired or replaced. They may also back out of the purchase if there are serious problems. This is why it is important to make any repairs or replacements before showing the house.

The purchaser's lender may also schedule a visit for an in person property appraisal. This is usually required by lenders to make sure they are loaning the proper amount to the buyer. Appraisers protect both lenders and buyers and make sure they are getting a fair price. The appraisal can influence the purchase. As the seller, you hope the appraiser will value the home for at least your contract price. If they value it more, that’s good too. An appraisal lower than the lending price can cost you the deal. If you get a low appraisal, discuss your options with your agent.

Finalizing The Sale

Once all the paperwork has been completed and the lender grants the buyer the mortgage, the sale can be finalized. Finally, your lawyer and Real Estate Agent will walk you through the paperwork and next steps needed to close, depending on the contract details.

Congratulations! With the sale of your home complete, you can now begin looking for a new place!