Selling a house can be a complex and often times stressful process. There are a handful of steps involved, so it's important to be prepared and know what to expect. Don't get overwhelmed! We recommend breaking it down into 5 discreet chunks, so you attack your home sale via smaller milestones.
Here are a few steps for how to sell your house.
Get Your House Ready for Sale
The first step to sell your house is to make your property shine as best it can. This will not only benefit your home's asking price but also how quickly you can get through the selling process - all good things. This means cleaning and decluttering, making any necessary repairs, and staging your house to show it off in the best possible light.
You know you house better than anyone; if there's a problem you've been avoiding (that leaky water heater, crack in the floor, or pest issue), now is the time to fix it. If you don't address these unpleasantries now, they could blow up in your face during a home inspection and your could lose money!
In terms of making the most of your home's presentation, you might consider hiring a professional stager to help attract buyers. They'll know all the little tricks -- how to use natural light, where to hide family photos, what could use a fresh coat of paint -- this boost to your home's curb appeal may cost you a few hundred dollars up front but earn you more money in your home's sale price.
Set The Right Price
The asking price you set will play a big role in how quickly it sells and how much you ultimately get for it. It's important to do your research and to understand the local market conditions to understand what a competitive price is. But let's be honest -- this is probably above your proverbial pay grade.
While you may have needed a stager's help, you definitely need the help of a great real estate agent. A comparative market analysis requires extremely nuanced data and a long history of professional experience. You first need to have a full catalogue of recently sold properties in your local real estate market; which, unless you are a a real estate professional, you won't have at your disposal. You don't even have access to the MLS (multiple listing service).
So while setting the asking price might be the "simplest" task, it's not one you should attempt yourself without first soliciting the services of a listing agent.
Market Your House Effectively
Once your house is ready, and you've set a competitive list price, you need to get the word out to potential buyers. You'll need your house showcased in all the right places, such as on real estate websites (e.g. the MLS), in local newspapers, and on social media.
If you've taken the advice in step two (Set The Right Price) to heart, then you don't need to lift a finger now! A good real estate agent not only brings in a host of prospective buyers but helps helps home sellers get multiple offers. Out of their own budget, they'll run professional photos of your property online to make your property standout. This is where your real estate agent will earn their keep during the home-selling process -- ultimately making sure you get the best price.
Be Prepared for Showings and Open Houses
Once you start getting interest from potential buyers, you'll need to be prepared to show your house to them. This means keeping it clean and tidy, and being available to answer questions and provide information about your house (if you are present).
Your real estate agent will certainly take ownership over this process, but it's good to know you may need to be flexible about strangers coming to tour your house. A good seller's agent will also host open houses, where potential buyers can come and see your home in person. Usually the buyer's agent is also present; so it's good to be prepared for groups of people coming at a time, with snacks and bottles of water available as a common courtesy.
Negotiate The Sale
Once you receive an offer on your house, you'll need to decide whether to accept it, reject it, or make a counteroffer. It's important to remember that the first offer is not necessarily the final offer, and that you can negotiate to get the best possible deal.
Like marketing and tours, your listing agent will handle this final part of your home sale. There's an art to to negotiations and real estate agents are masters of this skill. They will not only sell your home but make sure they navigate your through all the little gotchas at the finish line. This means helping your keep closing costs down, structuring your deal to avoid paying capital gains tax, and other tasks that will aid your personal finance.
Conclusion
Selling a house can be a complex process, but with the right preparation and guidance -- and the right real estate agent -- it can be done successfully. First you must prepare your home, fixing any problems and deep cleaning every inch. Then you must work with a real estate agent to set a realistic price. Next is to step aside and let your agent market your home and host home showings. Finally, your real estate agents will lead negotiations through the final steps to help you get the most money and minimize the closing costs of your home sale.
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Looking for the best real estate agent to sell your house? See what the experts on TrueParity can do for your sale.
