You may have your reasons why you’re selling your house: you landed a job in another state, your family is growing, or you want to downsize, among many others. But regardless of the circumstances, you will definitely want to sell your home for the best price possible in the shortest amount of time.
To help you achieve both goals, we prepared this comprehensive home sellers’ guide for you:
Find an agent
Between trying to sell your current home and finding a new one, you’ll have a lot on your plate. That’s why smart sellers hire a real estate agent to help them through the selling process. To find a great one, be sure to:
- Check their credentials. The best realtors are often associated with prominent real estate firms such as RE/MAX.
- Ask about their track record. How many homes have they sold in the past three months? What’s their average list-to-sell ratio? What’s their strategy on how to sell a house fast?
Set your price
Deciding on your home’s listing price requires a delicate balancing act—price it too high and no one bites; price it too low and you can’t maximize profits. Luckily, there are a few things you can do to arrive at a “sweet spot” price:
- Get an online home value estimate. RE/MAX has an excellent free online home value calculator. Just type in your address to get a ballpark figure for your home.
- Work with your agent. Your real estate agent can prepare a report that looks at recently sold homes that are comparable to yours. The comparative market analysis report relies on these “comps” to provide an accurate baseline for pricing your property.
- Factor in sales costs. One of the most crucial home selling tips is to add the costs of selling your house into the listing price. These include repairs, agent fees, closing costs, and the like.
Prepare your home
If you fail to prepare your home for selling, you’ll fail to find buyers quickly. Help your house put its best foot forward by following these steps:
- Declutter and deep clean. Don’t just dust off – clean thoroughly and disinfect. As for the remainder of your decluttering task, you can donate, sell, or dispose of. Your home will look more spacious and inviting afterward.
- Do necessary repairs. Every broken item a buyer spots lowers their chances of saying “yes” to your home. If you’ve got missing bathroom tiles, leaky faucets, or a temperamental heater, fix these ASAP.
- Stage your home. No two properties are staged the same way, but it often involves repainting the walls, adding minor upgrades, and upping the curb appeal.
Market your property
As the number of consumer touchpoints grows, your real estate agent will have to keep up with these marketing developments. That way, you can reach as many potential buyers as possible. Here are some popular strategies:
- Digital. Social media ads allow you to target people who fit your ideal buyer profile by factoring in data points like their location, interests, age, etc.
- Traditional. These include everything from classified ads, to property flyers, to the “for sale” sign in front of your house.
- Open houses. Given the current pandemic, your open houses might have to be done virtually these days. Remote showings are also helpful if you’re dealing with out-of-state buyers.
Select a buyer
If you’ve hired the right agent, you’ll soon be receiving offers for your home. But how do you select the best buyer from the lot?
- Check the buyer’s financing. Entertain only buyers who have mortgage preapproval. Many a deal have fallen through because the buyer couldn’t secure a loan during the home stretch.
- Review buyer contingencies. Some buyers have contingencies that put you at a disadvantage, such as proceeding with the purchase if and only if they can sell their current home first.
- Negotiate, negotiate, negotiate. Don’t be afraid to negotiate both the price and terms of the sale. You won’t scare off the buyer—they fully expect you to give a counteroffer.
Enter into escrow
You enter the escrow phase once you select a buyer and accept their offer. Both you and the buyer must perform due diligence to make sure you hold your end of the bargain. As a seller, you must:
- Prepare your home for inspection by the buyer;
- Conduct the buyer’s requested repairs (based on the inspection);
- Allow the buyer’s mortgage lender to appraise your home; and
- Pay off pending obligations such as HOA fees, utility bills, etc.
At this point, you officially transfer ownership of your home to the buyer. Here’s when you finally hand over the keys to the new owner of your former home.
Looking to put your property on the market? RE/MAX Direct has the skill and expertise to help our clients no matter what their needs are. From giving home staging tips for sellers to explaining the steps in selling a commercial property, we’ve got you covered. Call us today at 610.430.8100 or email us at remaxdirectwc(at)gmail(dotted)com.