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Start by defining 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 your goals, write
down if you'd like to sell your house within a certain time frame or make a
particular profit margin. Work with your real estate agent to map out the best
path to achieve your objectives and set a realistic time frame for the
sale.
Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from 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 state of the overall market in your area. It's 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 your home, you could have an appraisal
done. This typically costs a few hundred dollars. However, remember, you're
always better off setting a fair market value price than setting your price too
high. Studies show that homes priced higher than 3 percent of their market value
take longer to sell. If your home sits on the market for 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 market value to compete with
newer, reasonably priced listings.
Prepare your home. Most of us don't keep our homes in
"showroom" condition.
We tend to overlook piles of boxes in the garage,
broken 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 estate agent can help
you take a fresh look at your home and suggest ways to stage it and make it more
appealing to buyers.
Believe it or not a home with too much "personality" is
sometimes hard to sell also.
Removing family photos, mementos and
personalized décor 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 ruin 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 make every area seem as spacious as possible.
Get the word out.
Now that you're ready to sell, your
real estate agent will set up a marketing strategy specifically for your home.
There are many ways to get the word out, including, the Internet, yard signs,
open houses, media advertising, agent to agent referrals, direct mail marketing
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.
When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not 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 both parties to execute the transaction.
The contract, though not limited to this list, should include the following, legal description of the property, offer price, down payment, financing arrangements, list of fees and who will pay them, deposit amount, inspection rights and possible repair allowances. Also, the method of conveying the title and who will handle the closing, appliances and furnishings that will stay with the home, settlement date, contingencies. At this point, you have three options, accept the contract as is, accept it with changes or a counteroffer, or reject it.
Remember, once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.