A home sale should generate value for you and your family. These simple steps can reduce the complexity of the home selling process.
Gauge your need to sell.
When deciding if it’s the right time to sell your home, set your goals for the next 5-10 years. Examine the pros and cons of selling and become aware of the current state of the local housing market. Contact your realtor to begin the research.
Calculate your selling expenses.
It is important to plan for expenses that may occur during the course of selling your home. To get top dollar, you may consider remodeling projects and green updates to increase your home’s value. Closing costs, real estate commissions, transfer taxes, and property taxes are a few other costs to consider. These expenses often range from 7 to 10 percent of the home’s sale price.
Plan your selling strategy.
Working alongside your real estate agent, establish a timeline for when you plan to sell, and determine how much money you intend to receive from the sale. Your realtor will list your home on the multiple listing service (MLS), and share with you marketing strategies.
Research, advertise and market the home.
Your realtor will provide a comparative market analysis report to help determine a fair market value for your home. Together you will discuss a specific marketing strategy to showcase your home.
Prepare and stage the home.
You will want your home to be presentable and look its best when it is time for showings. Removing clutter, depersonalizing, and decorating every room will help the buyer to imagine themselves living in the home. The use of neutral colors, updating light fixtures and window treatments, and improving your curb appeal can have a big impact. When preparing your home, keep in mind items that will convey with the property.
Plan for showings and open houses.
During the first week or so of putting your house on the market, prepare for an open house. Your real estate agent will set up appointments for potential buyers, so it will be necessary to have a flexible schedule to allow showings. Your home will need to be in show-ready condition at all times.
Review purchase offers with agent.
Discuss with your real estate agent how you will approach various offers. It is important to have a process in place in order to keep emotions in check as decisions may need to be made in a timely manner. Review each offer with your real estate agent, and decide which offer will work best for you. Ratify and deliver the contract with all signatures in place.
Seal the deal.
The buyer can request a home inspection. Following the inspection, you will want to create a formal plan for handling repairs and payments for them. The next step will be to move out of your home, so that the buyer can conduct a final walk-through inspection. At settlement you will sign the closing documents. Be sure to file your copies of all documents for reporting the sale on tax forms, and hand over the keys!
