Marcio Vasconcelos
Once you’ve decided to sell your house, you will find yourself in a new aspect of real estate. In the process of selling a house there are two things you most want to avoid: your house staying too long in the listing and losing money. So to avoid these possibilities and make a successful transition there are a few steps you can follow.
Step one: Decide how you are going to sell
There are two ways of selling your house nowadays: With a real estate agent or doing it yourself (for sale by owner).
With a real estate agent
A trusted real estate agent can advocate on your behalf to get the best deal for you. They will charge you a fee ranging from 2.5% to 6% of the home’s sale price, but the work they do makes this fee worth it.
Their service includes helping you price your property, negotiating for the best offers possible, preparing the paperwork, organizing an open house, and being the mediator between you and the buyer’s agent. It’s not shocking that 80% of the homeowners in the US choose to work with a real estate professional to have a safe source of information on pricing and local market expectations.
For sale by owner
If you choose FSBO (for sale by owner) transactions, you don’t have a listing agent's commission to pay. You will ask the price and can stick to it, but as the seller, you’ll still need to pay your buyer’s agent’s commission. However, you can try to negotiate with the buyer's agent.
If you feel confident with your sales and negotiation skills, and are comfortable with the real estate market processes, sale by owner might be a good choice for you. You also need to have time to handle tasks like listing the property online, taking high-quality photos, writing listing details, and scheduling showings.
This will take time and if you want it to be sold fast, a real estate agent will do just that, negotiate for the highest price as well. You might save money, if no mistake occurs, but you might lose time, and if your time is better spent on other details it is better to hire a professional.
Inspect your house
Besides not being mandatory, a pre-sale home inspection can be useful in identifying any problem areas, especially if significant problems are suspected.
Allow enough time to schedule the repairs that are needed. Many buyers look for ready to move homes, and having a nice looking house that is in good condition will raise your chances of selling fast and for a good deal.
Take care of the house’s appearance
Clean up everything! Clean every room from floor to ceiling. Don’t forget to clean inside cabinets and closets. Don’t leave any traces of pets, be it an odor or damage on the wall or door.
You can also opt to paint the walls with neutral colors. Pay attention to the yard as well. Buyers get turned off when seeing a front and back yard that seems abandoned.
Decide the necessity of upgrades
You need to think this part through carefully because you don’t want to spend money and have a low return on the investment. By doing just the necessary repairs and upgrades you will avoid losing investment money.
Usually the kitchen and bathroom upgrades are the most profitable ones and a professional home inspector can locate the major repairs you need to do. By doing that you will be steps ahead on the process..
Depersonalize and stage your home
Take out family pictures, remove memorabilia. Don’t leave political or religious items or kids artwork visible. Leave everything as neutral as possible. The goal of staging your home is basically to make it a blank slate so a buyer can see themselves living there. By placing furniture and letting natural light in, you can make your house look cozy and spacious.
Don’t forget about smells. Cigarettes, pets, mold or any other odor might make the buyer think twice before closing the deal. Prepare your house to be looking and smelling clean.
Hire a professional photographer and list your house online
Now that the house is all set, consider hiring a professional to take pictures of the house to list it online. A professional will know how to highlight the best of your house and make it appealing. Nowadays, a great majority of buyers start looking for a new home online, so good quality pictures are crucial.
You've likely seen online listings with a little extra oomph, such as bold and bright photography and engaging descriptions of the property for sale. You can write your own listing description or ask your agent or a professional copywriter for assistance.
Analyze your market and comparables
To set a realistic price to your house, check the prices of recently sold properties near to your neighborhood and with features similar to your house. If you hire a real estate agent, he or she can help with that.
It might be tempting to put a higher price to leave room for negotiation. Higher prices turn off buyers to the point that they may not even consider visiting the property. You want to avoid pricing too high because if you have to lower it over time, buyers might think that there is something wrong with the property, leaving your property on the market for longer.
Negotiating offers
Once you receive an offer, there are three options: accept it as is, make a counter-offer, or dismiss it. A counteroffer is a reply to an offer in which terms and/or price are negotiated. You can offer a credit for an upgrade, but insist on keeping your original asking price. Counters need to be made in writing and specify a short timeframe (ideally 72 hours or less) for the buyer to respond.
Finally, while it might sound like the right thing to accept the higher bid, there are a few things to consider such as form of payment, type of financing, down payment amount, contingencies, proposed closing date, etc.
Gather paperwork and close the deal
Lots of paperwork will be required. Here are a few likely necessary documents: the original purchase contract, property survey, certificate of occupancy and certificates of compliance with local codes, mortgage documents, tax records, appraisal from your home purchase, homeowners insurance and home inspection report. So trying to keep them in one place might help you to be organized.
At last, deliver all of the paperwork to the closing, along with any fees and the keys to give to the new owners. Your house is sold once everything is signed and handed over!
People also ask
What should I do first when selling my house?
The selling process often spans several months, so it's crucial to establish a timeline as soon as you decide to sell. Ask yourself: When is your ideal moving date? By when would you like to have the sale finalized? Ensure you allocate ample time to ready your property for viewings and to select a real estate agent that suits your needs prior to officially listing your house.
If time is of the essence, bypassing a conventional sale with an agent and opting to sell to a company that buys homes for cash might be an option. These entities can finalize sales extremely swiftly — sometimes in just a few weeks — though this route might mean compromising on the final sale price.
Listing your house for sale is a significant undertaking, and as with many important life choices, it's advisable to be well-prepared before starting.
Do I need a lawyer to sell my house?
Some states require a real estate attorney to manage any sale transaction, some don’t. So, it will depend on the state you live in. Even though it isn't required by law, think about hiring one anyway — contracts for real estate can be extremely complex, with a lot of documents and capital at stake. It is well worth the investment to have legal counsel on your team looking out for your best interests.
What is the fastest way to sell your house?
Usually selling to iBuyers or cash buyers is the quickest way of selling a house. Also, setting a competitive price from the beginning, staging your home effectively, and making sure it's in good condition can all help you attract buyers quickly.
It is critical to use strong marketing strategies, such as professional photography and online listings. Working with an experienced real estate agent can speed up the process because they are knowledgeable about pricing, staging, and negotiation.
Offering incentives such as covering closing costs or including appliances can sometimes help to expedite the sale. Finally, the best method is determined by your specific circumstances, such as your timeline, local market conditions, and the condition of your property.
