Selling a home can be a stressful ordeal, but it doesn’t have to be. Knowing what to expect and hiring a REALTOR will make your home selling experience pleasant.
1. Selling a Home : Choose a REALTOR to List your Home
Just like no two houses or lots of real property are the same, no two REALTORS are the same. It is important to choose the best REALTOR to meet your individual needs.
There is no shortage of Listing Agents claiming to be the best choice, so how do you know which REALTOR is the best fit for you? To choose your REALTOR, you should know what it takes when selling a home.
2. The Listing Appointment
There is an abundance of REALTORS ready and willing to list your home. Schedule 3-5 listing appointments with the most eligible candidates to list your home.
Know your expectations before your interviews. A REALTOR should come equipped with a suggested sales price based on Current Market Value, a list of comparable listings that are active or recently sold, staging suggestions, and a marketing plan. Expect your prospective listing agent to request personal financial information and want a tour of your home.
Pricing your home appropriately is the single most important factor when selling a home. It is important that your REALTOR prices your home according to the current housing market in your area. If your home is priced too high, you will have no interest from prospective buyers. If your home is priced too low, you will find buyers quickly, but you will lose money.
A REALTOR knows how to price your home according to current market value, which is a comparative analysis of properties that are currently listed for sale the most recent sales in a particular market, or geographic location. Although features and upgrades are very important to the valuation of your home, the location is the most important.
4. Make Your Home Stand Out
Now that you have priced your home appropriately for your market, it is time to consider which incentives to offer potential buyers.
Your REALTOR may write certain incentives for the buyer or buyer’s REALTOR into the listing agreement to be are delivered once the home is purchased. Some common incentives offered by sellers include closing cost assistance, a bonus for the buyer’s agent, or a home warranty.
Updated and remodeled homes are very desirable. Another way to attract buyers is to make your home more attractive. If you have the spare capital, renovating your bathrooms, kitchens, and floors will increase your home’s value and speed traffic to your open houses. There are also small improvements, such as new paint, new fixtures, and landscaping, to update your listing’s look.
All your preparation is complete, and your home is ready to hit the market. Your marketing plan should reach as many potential buyers as possible through print marketing, online marketing, and your REALTOR’s network of Real Estate professionals.
Print marketing comes in the form of mailers customized to your target market or newspaper or magazines advertisements. Online marketing, the most effective advertising platform, includes online listing databases, emails customized to your target audience, and social media postings. Your REALTOR’s network of real estate professionals may provide a REALTOR whose client wants to buy your home.
6. Negotiating and Accepting an Offer
Thanks to all that marketing, a buyer or his/her REALTOR has found your listing and want to make an offer! Don’t be surprised if the offer you receive from the buyer’s REALTOR isn’t exactly what you were expecting.
Your REALTOR may present you with an offer that reflects exactly what you are asking for, but chances are some negotiating may be necessary. Price, closing cost assistance, commission, updates/repairs, and other negotiating points may become obstacles to overcome before you and the buyer reach an agreement. Once an offer is presented, you may choose to reject, accept, or submit a counteroffer.
Once you and the buyer have come to an agreement in writing, you have a ratified contract.
7. Moving from Ratification to the Closing Table
Congratulations, now that your contract is ratified, you are well on your way to the closing table. This is when the clock starts ticking, and you must remove contingencies according to the timeline established in your contract.
Before your home is officially sold, you must remove the contingencies from the respective contract. Individual contingencies will vary; however, common contingencies include a Home Inspection, a Termite/Moisture Inspection, and Contingencies set forth by your lender. You and your REALTOR will work together to make arrangements to satisfy each contingency.
Once you have removed all the necessary contingencies, the next and final step is the closing. You and your REALTOR meet with the title company to finalize the sale. Congratulations, you made it to the finish line and your home is sold!
What’s Your Home Worth?
Find out with a free Home Valuation Report from one of our Listing Agents: