One could argue that selling a house is even more stressful than buying one, particularly if they are in the process of doing so simultaneously.
It may take a lot of energy, preparation, documentation, and, yes, cash to close on a house sale. Although you may try to sell your house on your own, the vast majority of sellers end up working with a real estate agent.
The process of selling your house can be better understood with this handy guide.
1. Carry out necessary maintenance and improvements
Do a thorough walk-through of the inside and outside of your property once you’ve decided to sell, but before you put it on the market. Pay attention to and repair any minor issues that may arise as a result of normal wear and tear. This includes things like missing drawer pulls, dents in the walls, and loose siding.
For the big picture, make a note of how old your home’s heating, ventilation, and air conditioning system, roof, insulation, and water heater are. It may be wise to upgrade now to improve the quality of your offers if there is anything that could cause a red flag in a home inspection.
2. Contact a real estate agent or decide to do it yourself.
Showing your house, which may seem like a simple aspect of the selling process, can actually be rather uncomfortable if you don’t have an agent. This is especially true when it comes to receiving honest, and occasionally terrible, feedback about your home.
An expert listing agent who is familiar with the local market can often be well worth the investment. Having someone on your side can help smooth over any bumps in the road and protect your interests throughout the process.
Third, research the market and your competitors.
You can better control your expectations if you take a dispassionate look at the real estate market in your area. You should anticipate numerous offers that surpass your initial listing price in a seller’s market. However, if you’re selling in a buyer’s market, you might need to lower your price.
4. Determine a fair price.
After looking at the comparable properties, your real estate agent will assist you in determining a price to list your house at. Even if you don’t reside in a seller’s market, it’s a good idea to have some wiggle room in case the price drops. A word of caution, though: don’t overpay for your home. The general rule is that the longer your home remains on the market, the lower the offer price will be.
Don’t forget to factor in all of your costs, such as the commission (a % of the sale price).
(5) Put your house on display.
Prioritize increasing your home’s marketability during the staging process. Consider the buyer’s perspective when working with your selling agent. Creating an impression of a vacant space will assist potential buyers in envisioning themselves in your home. Stuffing pictures of loved ones into boxes, touching up walls as needed, and hiding that worn-out couch are all part of decluttering.
Nearly half of the real estate agents surveyed for the 2023 National Association of Realtors Profile of Home Staging reported that their clients’ offers on their’properties were higher after staging. According to the poll, 20% of people thought it raised the promised dollar value by 1-5%, while 19% claimed it was between 6% and 15%.
Sixth, advertise the property by posting the listing.
The listing agent you’re working with can provide access to your local multiple listing service (MLS).
Those real estate listings on the internet with the eye-catching headlines, vivid photos, and detailed descriptions of the property for sale are probably not new to you. If you need assistance crafting a listing description, feel free to consult an expert copywriter or your real estate agent.
You can’t put a price on quality professional photography. Investing in professional images is something that 73% of agents suggest to sellers, according to the National Association of Realtors’ data. Professional real estate photography should emphasize the positive aspects of your house. Photos that are both realistic and attractive are the result of using natural light and positioning yourself at eye level.
Seven, be prepared to bargain.
Good real estate agents earn their money through the tedious and sometimes frustrating process of negotiating with potential purchasers.
Take into account factors apart from price when you receive various offers. If you are buying and selling simultaneously, the timing of the buyer is an important consideration. To choose the best offer, your agent can assist you in comparing the many financing options, terms, and contingencies.
As the seller, you have the option to negotiate a commission that covers the costs incurred by the buyer’s agent. You can increase the sale price to pay the buyer’s agent’s commission, which is 3% in this case. The increase is one way to counter their offer.
Initiating a “rent-back” agreement with the incoming homeowners is a good idea in case your house sells before you locate a suitable replacement. This way, you can still finish buying your new house and get ready to move in after your existing one sells.
8. Get ready to close.
You should be prepared to have your house inspected and appraised, regardless of whether you’re working with a real estate agent or not. Any surprises during the house inspection can cause a rebuttal and possibly necessitate more repairs if the offer is conditional on it.
You should also be prepared to pay for a portion of the closing expenses. Buyer-seller agreements and applicable state and municipal legislation can influence the specific expenses that the seller bears. Before you do anything, be sure you’ve read the purchase deal thoroughly.
9. Make preparations.
Packing and moving after selling your house is the most hectic time.
However, the payoff is good news in the end. In most cases, you can claim a gain of up to $250,000 after selling your house tax-free. Do double that, up to $500,000, if you’re married and submitting jointly.
