Selling a home can be complicated; there’s a lot to consider throughout the process. Selling your house can be time-consuming and you need all the help you can get. If you choose a lower price for your home, you could face a loss; price it too high and you’ll find it difficult to get a buyer. Besides that, if you make any mistakes, you could also face legal complications.
To save you time and help the process move along smoothly, here’s a step-by-step guide to help you understand how to sell your home:
1. Hire a Real Estate Agent
Some sellers might not have any idea how to make the first step to sell their property. While you might have a beautiful home, keeping it on the market for too long also affects its value and the price you can get for it. Selling a home requires a lot of negotiation and large amounts of money, and an agent can help you understand the process and make the best choices.
Real estate agents have a list of potential buyers, know how to list properties, and are experienced in selling homes. They understand the needs of the buyer and can get you the best possible price for selling your property. It might be difficult for you to do certain things on your own, but with their experience and contacts, you can expect your home to be sold in no time. They also charge a specific commission after the house is sold.
2. Know When to Sell Your Home
When a property is listed, the seller should ideally sell it as quickly as possible. Selling a property at a definite time is beneficial and leaves a good market impression.
For example, if a property is listed in the market in February, it would take around 60 days for sale. The more drawn out the process, the longer it sits on the market and looses value.
3. Set a Price for Your Home
Setting a price for your home can be tricky because you can either get a good profit or you could also face a loss. Here are some things to consider when pricing your house for sale:
- Examine your Home’s Location: Take a closer look at the area where your house is situated. Location plays a significant role in pricing your house because the environment and accessibility to schools, malls, and offices are ideal when buyers are house-hunting.
- Compare Homes in the Same Area: Ask your agent to help you review a Comparative Market Analysis, which shows data about recently sold homes in your area. You can see asking price vs. sales price to determine what buyers are paying and you can also see how long the houses were on the market, as well as how many times the price was reduced before sale.
- Think Smart and Not Fast: For a faster selling process, you can set a lower price for the house. However, it won’t be profitable, so think before you rush.
4. Marketing and Showing your Home
Effective marketing is crucial when trying to sell your home because it gets your house in front of more potential buyers. Here are some things to consider to effectively market your property:
- Staging: Make your home presentable. Your agent will tour your home with you and advise you on how to clean, depersonalize, declutter, and decorate your house, inside and out, to increase the perceived value.
- A Good Listing Description: Advertise and market your home with a good listing description. Ask your agent to write a description or write an engaging piece yourself.
- Hold Open Houses: Open houses are a great way to draw in buyers and show off your home. Make sure that your home is clean and well-maintained.
5. Appeal to Offers
After holding an open house, you might receive offers for your home. During the process, you can expect negotiation because the buyer may offer a lower bid in contrast to your pitching price. Here are some ways to handle negotiations and not lose potential buyers:
- Stick to your Listing Price: If your house meets an excellent standard of living, don’t lessen the price instantly. Agree for a lesser price only if it is mutual from your end and doesn’t lead to loss.
- Create a sense of urgency: Set a 24-hour deadline where buyers can respond with an answer to your terms.
A buyer might also ask you to cover the closing costs and it’s your choice if you want to cover or split the closing costs with the buyer.
6. Appraisals, Inspections, and Closing
Your real estate agent can help you get through the closing process and help you understand every step required. Here are a couple of things that you will need to go through when closing a home:
- A Home Inspection: This is mandatory by law and will be conducted by qualified professionals that will check for damage and repair issues in the house, as well as other structural problems. In Florida, a home inspection takes around 14 days or less to complete.
- An Appraisal: After the home inspection, the buyer’s lender orders an appraisal. An appraisal is done to make sure the house is worth the price you’re paying.
- Ending the Closing Process: After all legal formalities are completed, you will need to meet with your agent and the buyer to review closing costs and insurance paperwork before signing legal documents. After both parties have signed, you will hand over the keys to the buyer and will no longer be the owner of your home!
Follow the Steps Correctly
With the steps mentioned above, you should be on your way to breeze through the selling process. Make sure to do your research and ask for help from your real estate agent whenever necessary.
Have Questions? Ask Arial!
Give Arial Harrington a call today to learn more about local areas, discuss selling a house, or tour available homes for sale.