Home Selling Process
Home Selling Process
Selling a home can seem overwhelming. The home selling process begins with preparing a home to sell. When a home is ready to sell, the home sellers will need to price a home to be competitive in the current local housing market. Once home sellers determine the asking price of a home, considering how to market a home, how to advertise a home, and how to list home for sale is next. After a competitive real estate marketing plan is provided to home sellers by their listing agent, home sellers will need to be prepared for home showings and answer questions from home buyers. Finding qualified homebuyers is of course critical to getting the home sold for top dollar. Reviewing real estate purchase offers from pre-qualified home buyers is next. When home purchase offers are received, real estate negotiations can be back and forth with offers and counteroffers until the best home purchase offer is accepted. Once a purchase offer is accepted, a real estate contract will have terms with deadlines that need to be met throughout the home selling process. Find a real estate agent in the local real estate market that can help throughout the entire home selling process from start to finish, and even beyond the transition with additional real estate services if needed.
Prepare Home to Sell
Preparing a home to sell for top dollar requires making repairs, decluttering, interior and exterior cleaning, and staging the home for maximum curb appeal as well as for home showings. If advertising a home as move-in ready, the homebuyers will of course be expecting a move-in ready home with little to no repairs needed. Curb Appeal is how the home is viewed on the exterior, from the road perhaps. Questions to consider, does the home appear to be well maintained and clean. Because the presentation of a home’s exterior is important in attracting interested buyers, home sellers are wise to focus on the exterior appeal. Repairing windows, window screens, shutters, gutters, doors door hardware, lighting fixtures, porch railings, fencing, etc are all recommended. Little repairs add up collectively and have the ability to leave room for price negotiations downward, so it is suggested for home sellers to repair what they can. Once repairs have been made, the next step is cleaning, a good power washing of the home’s exterior, including doors, windows, siding, porches, entryways, etc are all recommended. While cleaning the exterior, home sellers are suggested to also clean and declutter the yard, the porch, and the outdoor areas. Mow and weed-eat the lawn and entryways. Move and store items to the back of the home out of the view of the home, including but not limited to trashcans, outdoor and lawn equipment, bulky porch items, children’s toys, pet items, extra vehicles, etc. The goal of curb appeal is to showcase the homes’ full potential from the outside to attract buyers. Many Real Estate Agents will be able to make recommendations regarding how to improve curb appeal, prior to the real estate photography before the home sellers list home
Selling a Home
Selling a home in a competitive housing market is different than selling in a market that is not competitive. Understanding what factors are impacting buying and selling decisions can greatly help home sellers in home sale negotiations. Being aware of the market assumption rate provides home sellers information about when the home could sell given no to little changes in competing inventory which of course affects the competition for buyers. Evaluating the housing market when listing a home to sell and throughout the home selling process helps provide oversight of changes in the market that could be more or less favorable to home sellers. Homes for Sale by Owner can also have an impact on competition for home buyers, however for sale by owner homes often have much less exposure and less foot traffic from buyers’ agents for home showings and open houses.
Find Real Estate Agent
A local real estate agent covering the area, will be familiar with the local real estate market and have knowledge of the current market status. Local agents will be able to provide home sellers with information about factors affecting the local housing market as well as comparable properties in the local market. If you need assistance locating a local agent outside of our coverage areas, we would be happy to connect you with a local agent in your area.
Price a Home
Pricing a home to sell is best achieved when the home is priced in the range of the current local market value. Additional factors such as the market assumption rate, changes in local market activity, local market trends, interest rates, ease of access to homebuyer lending, the condition of the home, the condition of competing homes and more can all impact home-buying decisions. Supply and Demand drive market prices and change sometimes rapidly sometimes not. Recent and Current Local Market Comparables Sold, Unsold, and Currently Listed affect appraisals which are performed by licensed home appraisers generally at the direction of the lender to ensure enough value for the home loans. Overpricing a home could knock out qualified buyers using loans when the home doesn’t appraise for the loan amount. This of course can place burdens on home buyers to come up with the funds of amount difference. Real Estate contracts that are contingent on appraisal can give home buyers an exit out of the contract when the home does not appraise for the value. Homes that fall out of real estate contracts and are listed again risk losing the initial interest of homebuyers as well as being affected by changes in the local real estate market
How to Sell a Home
- Prepare Home to Sell
- Repair all items that make financial sense to avoid price negotiations downward.
- Renovate if desired and or necessary but evaluate the cost of renovations against the ROI.
- Clean and Declutter thoroughly the Exterior and Interior of the Home along with Yards, Garages, Shops, and Outdoor Spaces.
- Facelift the home where you can with fresh paint, new window screens if needed, bright light bulbs, updated hardware, updated light fixtures, faucet fixtures, etc.
- Stage the home, yard, and outdoor spaces for the ultimate curb appeal, provide attractive imagery and maintain the home for open houses and home showings.
- Maintain the home, yard, and outdoor spaces throughout the home selling process for home buyers.
- Stage Home before real estate photography and home showings. Home staging allows home buyers to create an emotional response and envision the home as their own.
- Real Estate Agents will consult at the initial walkthrough with suggestions for preparing the home to sell. Find a real estate agent that can meet the needs best of the sellers’ situation whether the home is occupied, vacant, and or only available for showings at particular times.
- Price Home to Sell
- Comparative Market Analysis will provide accurate current market data of comparable homes for pricing considerations
- Evaluating Competitive Homes in the local market at listing and throughout the home selling process can provide valuable information for sellers for negotiating
- Following Local Market Activity, Trends, and Outside Factors can help sellers to evaluate price change considerations.
- Market and Advertise Home to Sell
- Evaluate Recent Homebuyer Activity and Trends
- Evaluate Factors Affecting Buying Decisions
- Implement Competitive Real Estate Marketing Plan to Position Home to Compete Strongly for Buyers
- Find a Real Estate Agent that delivers the services needed for the specific property situation whether vacant or occupied. Choose a real estate agent that offers a competitive real estate marketing plan to compete for homebuyers in the current local market. Evaluate real estate agent services offered to ensure the agency relationship is clearly understood and choose the best suited for the situation.
- List Home for Sale with a Local Market Licensed REALTOR
- Reach the Most Interested Targetted Pre-Qualified Buyers Possible through agent marketing, multiple listing services, real estate portals, home buyer lists, buyers agents, and more.
- If selling a home for sale by owner, evaluate advertising avenues available to gain exposure to targetted pre-qualified homebuyers. Consider being open to working with real estate buyers agents that request information and or showings for buyer clients. Homes for Sale by Owner can be shown by agents with owner permission that are working with buyers. Buyers Agents are often tasked to locate homes for sale with specific requirements to meet buyers’ needs. Real Estate Contracts are often part of the real estate agent services provided to buyers and or sellers. It is important to understand that buyers’ agents represent the buyers’ interests.
- Present and Show Home to Homebuyers –
- Present a Clean, Attractive, Inviting, and Well Maintained Home
- Create Attractive Real Estate Imagery capturing space with good lighting while highlighting the best features
- Stage and Maintain Home for Open Houses and Showings
- Negotiate Real Estate Purchase Offer
- Evaluate Local Housing Market Conditions
- Evaluate Offer Competitiveness
- Accept Offer or Counteroffer
- Negotiate Real Estate Contract
- Negotiate through the contract process and contract terms for deadlines for contract contingencies.
- Real Estate Agents offering sellers agent services can advise on real estate negotiations.
- Navigate through real estate contract terms and deadlines
- Meet deadlines for appointments for inspectors, appraisers, title companies, repair crews, etc.