Selling a Home: Simplified
Selling a home can be a stressful endeavor, but it doesn’t have to be. Here are 8 steps in the selling process, simplified, to give you an idea of what to expect when selling your home.
Call a Realtor
According to NAR, or National Association of Realtors, in 2013 9% of homes sold were For Sale by Owner. Among those, the average sales price was 40-50K less than what they could have sold for with a Realtor, and they spent more time on the market. When surveyed the Sellers all mentioned that understanding paperwork, getting the right price, and preparing/fixing up the home for sale were among the most difficult parts of the process. All of these tasks can be made easier by using a Real Estate Professional who does them on a daily basis.
Determine Your Equity
Before trying to sell your home, you need to determine what you can get out of it. This is how much you’ll need to sell your home for, and if it is a sensible move for you and your family. The Realtor you choose can help to determine the true market value of your home and your mortgage company can tell you exactly what you have left to pay on your home loan.
Pricing Your Home Competitively
Competitive doesn’t necessarily mean cheaper than everyone else, it just mean’s smart. You want to price your home where people are willing pay and you’re still able to make a great profit. Your Realtor will help you determine what homes are realistically being sold for in your neighborhood to help you price it right the first time. That means less time on the market and more money in your pocket.
Preparing Your Home to List
Buyers are a picky bunch, and you’ll never be able to please everyone who walks in. However, if you know the bubblegum pink walls in your daughter’s bedroom may be an eyesore, to someone who has only boys, then you should probably paint it. Think neutral. Staging can also be helpful, as it helps buyers who have a hard time envisioning themselves in a space, feel more at home.
A good Real Estate Agent already has a marketing plan they have gone over with you at your listing appointment. They will be able to show you where your home is sitting on the market and be able to share your listing with their vast network of Real Estate Professionals. Their main focus will be to have as strong of a web presence as possible. According to Realtor.org, 43% of Buyers begin looking on the internet for their next home, having your home online has never been more important than right now.
Negotiating an Offer
Stay calm when reviewing incoming offers. Try your hardest to keep emotions out of it by remembering that everything can be negotiated. Always be fair, at the end of the day this is a business deal, you have to determine what you are willing and not willing to accept, to get to an executed contract.
Inspections & Repairs
Once you have an executed contract, which means you’ve come to an agreement with the Buyer and the contract is signed, you will enter the Inspections & Repairs phase. This is where the Buyer will hire an Inspector to look at the home and confirm that it isn't falling apart. Remember, that it's typical for an Inspector to find a few minor items here and there that you will be asked to address. Keep a positive attitude and consult with your Realtor to avoid being taken advantage of.
Closing & Move-In
Once inspections are done, the repairs are complete, and the Buyer is fully approved through their Lender, you will attend closing. Reaching the closing table is pretty much the end of the road when selling your home. It’s safe to assume that it’s smooth sailing from there. I won't say it doesn't happen, but it's rather rare that something goes wrong at this point.
The home selling process can be a stressful one but as long as you stay calm and remember to keep your emotions in check, it can and will be very rewarding. The Leslie Sullivan Team is made up of not just 1, but 3 licensed real estate agents that are ready and willing to take care of you. Give us a call or send us an email. We look forward to helping you achieve your real estate goals!