Selling a home can be a daunting, complicated task! Here is information to help you understand, prepare and smoothly negotiate the process with as few issues as possible.
Your home (or investment property) is probably the largest investment you've made in your life. When so much money is on the table, it’s crucial to know what your goals are. It's important for you to have a clear sense of what you want to get out of the selling process. You should have a meaningful discussion with everyone involved.
Suggestions: Why are you selling? What are you hoping to achieve? What is your timeline? Need a smaller or larger home? Want upgraded features? School district change? Lifestyle change? Job transfer?
When you consider all of the details that must come together - choosing a team of experts to help you, preparations to maximize the value of the home, determining the correct price so the home sells quickly while maximizing your net proceeds, marketing the home for optimal exposure, juggling prospective buyer tours, dealing with the buyer's Brokers, negotiating the purchase price and terms, scheduling the buyer's inspectors, re-negotiating with the buyer for repairs or corresponding price concessions, the buyer's mortgage company, appraisers, title/escrow services, plus a myriad of other aspects - the process can be overwhelming. To get started, click this link for a general overview of The Home Selling Process.
Selling your home is likely the biggest financial (and emotional) decision of your entire life! Now that it’s time to put it on the market, you’re likely experiencing some confusion, plus plenty of anxiety. If you’re a little overwhelmed, we don’t blame you. But there’s also good news: You don’t have to go it alone. Selling a home can be a very complex transaction, dealing with a multitude of entities and issues, requiring a broad spectrum of knowledge and expertise. In order to avoid the inevitable pitfalls and mistakes, you need trusted experts and a support network to help you make critical decisions along the way. It makes sense to have an expert that is looking after your best interest! If you want to do it right, you need a Realtor® when it comes to the details, strategy and financials, like setting a listing price, marketing, staging, identifying needed repairs to your house, working through the paperwork and legalities to guide you smoothly all the way to closing. The most important first step in the process is choosing an experienced, knowledgable Listing Broker / Realtor®! It’s important to find an expert who is right for you and your specific situation, and who can help you accomplish what you want. 93% of all homes sold in 2018 were listed and sold through a local Multiple Listing Service (MLS). Click this link for valuable information about How to Choose Your Listing Broker / Realtor®.
The Ultimate "Let's Sell This Home" Worksheet
Prepare the home, Setting the price https://www.houselogic.com/sell/how-to-sell-step-by-step/how-to-stage-a-house/?cid=eo_em_mkt_newsletter https://www.realtor.com/advice/sell/worst-home-pricing-advice/ https://www.realtor.com/advice/sell/is-it-worth-it-to-stage-your-home-when-you-put-it-on-the-market/
Marketing and Showings
Analyze Offers, Negotiations
Under Contract, Contingencies, Negotiate Repairs, Deadlines https://www.houselogic.com/sell/how-to-sell-step-by-step/home-inspection-tips/
Sold! Closing, Recording
The Home Seller's Checklist
1. Declutter the Home
When selling a home, you always want to make it look as spacious as possible. Just the slightest bit of clutter can completely derail these efforts however. Nothing is more frustrating than arriving at a listing to show potential buyers and finding that the house has miraculously been dusted in clutter once again.
To keep this from happening, it's important to talk to your sellers about the need to keep the house show-ready while it is on the market.
2. Complete All Improvements and Renovations
In the initial stage of readying the home for sale, you made your preliminary assessment and suggested improvements for getting the highest possible price. It's amazing how far a can of paint can go! Take a moment to go back through your list and be sure all of your suggested improvements have been completed.
3. Create a Welcoming Atmosphere
Naturally you want to entice potential buyers to live in the house and achieving this can be as easy as baking cookies, adding plants or even lighting a great-smelling candle. Make sure plenty of light is filtering through the windows and that the home is welcoming and staged correctly to make the buyers simply want to move in that day!
4. Discuss the Importance of Getting the Seller Out During Showings
When a home is on the market, it's stressful for the sellers. They need to be able to leave the house on a moments notice in order to show the property. Make sure that your sellers expectations are set ahead of time. Remind them that the house must always be kept clean and ready and that they must have a plan for leaving during showings.
5. Boost Curb Appeal
The first impression for potential buyers is formed the moment they pull up to the house. Check that nothing is left out in the yard, the garage door is closed and that the landscaping is neat and tidy.
6. Snap High Resolution Listing Images
Once the listing is in tip-top shape, snap high quality photos to promote it on your website, social media, email, and other mediums. Since these listing images are most likely the first time a lead views the listing, it's important that they're well lit, comprehensive, and crystal clear. You can take these listing images yourself if you have a high quality DSLR camera. If you don't have a high quality camera, it's recommended that you hire a professional photographer.
7. Determine and Set a Price
Determining and setting the correct price for a listing will ensure that it gets off the market sooner rather than later. A home that's overpriced will stay on the market much longer than one that is priced correctly. Additionally, an under priced home may lead to multiple offers but a loss in revenue. When setting the price for a listing, check your Comparative Market Analysis tool. You can also browse homes in your area for current active listings and recently sold listings for similar homes.
For Sale By Owner (FSBO) Statistics
- FSBOs accounted for 7% of home sales in 2017.
- FSBO methods used to market home:
- Yard sign: 22%
- Friends, relatives, or neighbors: 18%
- Online classified advertisements: 6%
- Open house: 10%
- For-sale-by-owner websites: 5%
- Social networking websites (e.g. Facebook, Twitter, etc.): 12%
- Multiple Listing Service (MLS) website: 4%
- Print newspaper advertisement: 2%
- Direct mail (flyers, postcards, etc.): 2%
- Video: 1%
- None: Did not actively market home: 49%
- Most difficult tasks for FSBO sellers:
- Getting the right price: 17%
- Understanding and performing paperwork: 12%
- Selling within the planned length of time: 5%
- Preparing/fixing up home for sale: 8%
- Having enough time to devote to all aspects of the sale: 3%
The listing agent will:
- Work with you to price your home
- Market your home (we’re talking pretty pictures, social media promo, cute staging — the works)
- Negotiate with home buyers
- Usher the home sale through inspection and closing
Now, let’s break all of that down . . .