8 Steps to selling your home
1. Define your needs
Write down all the reasons for selling your home. Ask yourself, "Why do I want to sell and what do I expect to accomplish with the sale?" For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For you your goal, write down if you would like to sell your hose within a certain time frame or make a particular profit margin,. Work with our real estate agent o map out to best path to achieve your objectives and set a realisic time fame for the sale.
2. Name your price
Your next objective should be to determine the best possible selling\price for your house. Setting a fair asking price form the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and the state of the overall market in your area. It is often difficult to remain unbiased when putting a price on your home, so your real estate agent's expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of you r home, you could have an appraisal done. This typically costs $400-$500. Remember: You are always better off setting a fair market value price than setting your price too high. Studies who that homes priced higher than 3% of their market value take longer to sell. If your hoe sits on the market fr too long potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below marek value to compete with newer, reasonably priced listings.
3. Prepare your home
Most of us do not keep our homes in "showroom" condition. We tend to overlook piles of boxes in the garage, borken porch lights and doors or windows that stick. It's time to break out of that owner's mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real state agent can help you take a fresh look at your home and suggest ways to stage and make it more appealing to buyers. A home wit too much personality is harder to sell. Removing family photos, mementos, and personalized decor will help buyers visualize the home as theirs. Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat can ruing the buyer's first impression. Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to mean every area seem as spacious as possible.
4. Get the word out
Now that you are ready to sell, your real estate agent will wet up a marketing strategy specifically for your home. There are many ways to get the word out-the internet, yard signs, open houses, media advertising, agent-to-agent referrals, direct mail campaigns-in addition to listing your home on the MLS. Your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.
5. Receive an offer
When you receive a written offer from a potential buyer, your real estate agent will first find out whether the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of bogie parties to execute the transition. The contract should include, but may not be limited to, Legal description of the property, offer price, down payment, financing arrangements, liftoff fees and who will pay them, deposit amount, inspection rights and possible repair allowances, method of conveying the title and who will handle the closing, appliances and furnishing that will stay with the home, settlement date, contingencies. At this point, you have three options: accept the contract act is, accept the contract with changes (a counter offer), or reject the offer. Remember: Oncer Bothe Paris have signed a written offer, the comment becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent prior to signing the contract.
6. Negotiate to sell Most offers to purchase your home will require some negotiationg to come to a win-win agreement. Your real estate agent is well versed the intricacies of the contracts used in your area and will protect your bestinterst throughout the bargaining process. Your agent also knows what each contract clause means, what you will net from the sale and what areas are the easiest to negotiate. Some negotiable items include: Price, financing, closing costs, repairs, appliances, fixtures, landscaping, painting, move-in date. Once both parties have agreed on the terms of your sale your agent will prepare the contract.
7. Prepare to close
Once you accept and offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer's agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Make a "to-do" list for your your move-transferring/cancelling service-phone, cable, internet, electric, propane, trash, lawncare*pack, pack, pack*rent a moving van/company*gather owners manuals and warranties for all conveying appliances. Important reminder: a few days before the closing you will want to contact the entity the is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date.
8. Close the deal
Closing refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate an y lat=minute issues that may arise. In some states, an attorney is required and you may wish to have one present. Make a "to do" list for turning the property over to the new owners.