If you are in the home selling process and are lucky, you might just have sufficient time to prepare. The process is quite similar to the home purchasing process. There are several moving pieces and steps involved. Reverse-engineer the real estate buying process to get an idea of what it might look like for sellers.
Steps Involved in The Selling Process
- Get Your House Ready for Sale
Listing your home with a realtor and getting it ready for sale is the very first step in the property sale process. With ample knowledge about the suburbs and local neighborhoods, a professional agent is well-prepared to offer assistance from the very beginning to end. A prime component of success in property selling is having a strong agent to negotiate and work on your behalf.
- Stage Your House
Home staging helps you highlight the best features of the house by minimizing eyesores and reducing clutter. According to experts, buyers show greater interest in staged homes. They tend to overlook the drawbacks and imagine their lives in that space. After staging, your home is photographed to successfully highlight your home’s features online. Since buyers mostly search for homes on the net, it is important to put up beautiful pictures as a part of your home-selling marketing process.
- Select a Competitive Listing Price
Selling your home quickly is highly dependent on competitive pricing. There is a very thin line between pricing your property low enough to sell it versus pricing it just above its market value. The listing agent is accountable for conducting all necessary market analysis and quotes the best listing price to hasten the property sale process.
- Create a Marketing Plan
Your listing agent will offer a precise marketing strategy like open houses, targeted campaigns, and MLS listings. Nevertheless, sellers must be a part of the process by offering virtual tools, scanning their networks for interested buyers, and using professional photography.
- Feedback from Buyers and Realtors
Gathering feedback from realtors and buyers who have seen your property is an essential step justifying the relevance of your asking price and helps determine if there are major differentiating factors.
- Negotiate Buying Price
In this step of the home selling process, your agent will help you arrive at an agreeable price for you and the buyer. A formal written contract, signed by the buyer will be given to you to review and consider. As a seller, you must facilitate this offer and get into a final sales agreement. Your agent will negotiate the pricing on your behalf with multiple counteroffers. Compromise is the key to arriving at a fair price.
- Home Inspection
Once the negotiation is complete, it is time for a formal home inspection to detect problems and defects. One of the clauses in your sales contract mentions that the offer is liable only after a home inspection. The entire property will be assessed from the rooftop to its foundation which includes checking the function of electrical systems, air conditioning, plumbing, and heating appliances.
- The Closing
As the checklists are crossed both sellers and buyers breathe a sigh of relief and move towards the closing date. Prior to closing the buyers will take a final walk around your home to ensure that its condition is intact. All the papers are prepared by lawyers, legal, and title companies and verified by both sellers and buyers to make sure they are accurate. Once the paperwork is signed, your property is officially sold.