Getting the Most Out of Selling Your Home
Selling your house is a complex transaction that can be a time-consuming and emotional experience. Many home owners become emotionally attached to their properties and are hesitant to sell them, even when they must due to moving from the area, changes in financial circumstances or other factors. Although selling your home may never be an easy thing to do, by working with a competent, experienced, and knowledgeable REALTOR, the process can be made much easier.
Hiring the Right Agent
The first thing you should do in preparing to sell your home is retain the services of a professional, qualified, and experienced REALTOR to represent you in the deal. It is important to note, however, that just like doctors, attorneys and other professionals, not all REALTORS are created equal. Real estate professionals come in all shapes and sizes, with different personalities, styles and experiences.
Before hiring a REALTOR, be sure to shop around and meet with several candidates in order to find one that is a good fit for you. Make sure you can work with and get along with your REALTOR, as the two of you will be working closely through some emotional, and possibly stressful, times. It is imperative that the two of you can get along for the sale of your home to go smoothly.
The REALTOR you select should be experienced in listing and buying homes in the neighborhood where your home is located. A REALTOR who is from out of your area or not experienced in your community is less likely to know how to price your home or have connections in the area that can help sell your home quickly for the price you want.
Setting the Price
Perhaps the most important decision you and your REALTOR will make concerning the sale of your home is setting the asking price. An asking price that is set too high will discourage buyers, while an asking price that is too low could cost you thousands of dollars in potential profits.
The key to setting the asking price is your REALTOR knowing the housing market in your area. By analyzing the sales and listings of comparable properties in your area and considering other important factors, your REALTOR will be able to list your home for a price that will attract buyers while protecting your financial interests.
It is important that throughout the sales process, you keep realistic expectations for the transaction. This is particularly true when it comes time to set the sales price. Most sellers think their home is worth more than it really is, probably because they live there and love the property as their home. However, your REALTOR will look at several factors, including other homes in your neighborhood, improvements made to your home and the current housing market in deciding how much your home is worth for sale.
Getting the Word Out
Your REALTOR will play a large role in advertising your home for sale. By listing your home for sale on the Multiple Listing Service (MLS), which can only be accessed by REALTORS, your agent will put your home in a position to be viewed by thousands of prospective buyers. The MLS is a powerful vehicle for advertising your home for sale.
There are, however, many other effective ways to advertise your home for sale. A “For Sale” sign placed by your REALTOR in a prominent, visible location in front of your home will capture the attention of passersby and prospective buyers who drive around neighborhoods looking for homes for sale. Make sure that either you or your REALTOR keeps the holder on the sign stocked with informational fliers on your home for prospective buyers to take with them. The fliers should contain a photograph of the property and the essential details, such as your REALTOR’s contact information, the asking price, the number of bedrooms and bathrooms and square footage in the home.
Many buyers place classified or display advertisements in local newspapers or on television programs that showcase homes for sale. The internet is, of course, a fast emerging option for advertising everything for sale, including homes. Your REALTOR should be current on all the advertising options.
No matter how you get the word out, the most important thing is to let as many people as possible know that your home is for sale. You never know where a serious buyer may hear about your home.
Fixing it Up
Before your REALTOR can host an “Open House” to give prospective buyers a chance to walk through and view your home, the property must be made presentable. Your REALTOR will be able to inspect your home and advise you on what improvements should be made to the property before it is opened up to prospective buyers.
Some homes are ready to be shown, while others require some work. Some REALTORS will advise their clients to remove excess furniture and items from the home—clutter can make even a large home feel smaller and cramped. In some cases, your REALTOR may recommend that you “stage” your home for showing, meaning your furniture is removed and more attractive furniture is brought in to make the home more attractive to buyers.
However, getting your home ready to be sold doesn’t have to be an expensive, time-consuming or stressful process. Something as simple and as inexpensive as mowing the lawn, pulling weeds and trimming bushes can go a long way towards making your home more attractive. The home should be clean and welcoming to prospective buyers, who will be more likely to become emotionally attached to your home if they feel comfortable and at home there.
Receiving Offers
Ideally, once prospective buyers have had a chance to view your home, the offers will start pouring in. However, it is still important for you to maintain realistic expectations for the process. It may take weeks, months or even longer for offers to be made on your home. Some homes never receive an offer from a buyer, despite the best efforts of the seller and REALTOR.
If a buyer makes an offer on your home, your REALTOR will let you know that one has been received and will review the terms of the offer with you. The buyer may be offering your asking price or may be offering less. If the offer is for less than your asking price, then the ball is in your court. You can accept the offer, reject it, or make a counter-offer for another amount closer to your asking price. How you and your REALTOR react to the offer is entirely up to you.
Some sellers are anxious to sell their homes and are willing to accept an offer that is less than the asking price. However, some sellers are willing to wait until a full-price offer comes along.
Negotiating the Sale
Once an offer has been accepted, you and the buyer begin a phase of the sales transaction called “escrow.” During escrow, the buyer finalizes the financing arrangement to purchase the home. Also, the final terms of the sale will be set, including what improvements and repairs, if any, the seller agrees to perform before the property changes hands, the exact date for the buyer to take possession of the home and other details.
It is also during this escrow period, which typically lasts about 30 days, that the buyer can ask to conduct a detailed inspection of your home before the sale is finalized. This inspection is intended to identify any defects, damage, or problems with the home before the property changes hands. The buyer’s inspection most often focuses on plumbing, electrical, roofing and structural aspects of the home. Smaller details, such as carpeting, paint and other cosmetic aspects, typically are not a sticking point for the parties, since they can be replaced or repaired relatively easily.
If defects are found during the buyer’s inspection, it is then up to the buyer and seller to decide whether the defects will be fixed, and by whom, before the sale is completed.
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