The home selling process is the same whether it’s for sale by owner or you’re hiring a listing agent. Certain details can vary a little from state to state, but this checklist can serve as a general guide. Just be sure to confer with a local professional for details on specific requirements in your state.
The Selling Process
#1 Listing your home with a Real Estate Agency is the first step on the path to a successful closing. Possessing a wealth of knowledge about our local neighbourhoods and suburbs, your agent is well prepared to assist you from beginning to end, helping you feel at ease throughout the selling process.
At the beginning, your agent will suggest specific improvements and modifications to enhance your home’s saleability, create a customized marketing plan that best highlights your property’s features in the current market and present you with a Competitive Market Analysis (CMA), which helps determine the best listing price and probable sales price.
#2 Your Customized Marketing Plan
Real Estate agent will work behind-the-scenes to ensure that your home is visible to potential buyers in a variety of ways. Upon listing your home, it will be entered into the local Multiple Listing Service (MLS), placed on the company website and on several local and national websites. A unique marketing plan will help set apart your home from the others in your market, drawing in potential buyers.
#3 Pricing Your Home to Sell
Establishing the list price that will attract the most buyers at the best price is the first step in developing a marketing plan. You want your home at a listing price that is not too low or too high, but just right, based on numbers and facts. Real Estate agent will prepare a Comparative Market Analysis by analyzing the prices of homes that have recently sold and that are similar to yours in size, features and location. A review of homes that are currently listed for sale will help your agent to assess the competition. Your agent’s knowledge of current trends in the market is the final determinant of your home’s listing price. Make sure to ask your agent about any issues or situations unique to your home that could help it sell.
#4 Preparing Your Home for the Market
The next step is to prepare it for showing. First impressions count. You want to allow potential buyers the opportunity to envision themselves living in your home.
Talk to your Real Estate agent about specifics pertaining to your home. Some general guidelines do exist.
#5 Showings
You may love your home and have many happy memories associated with it. Perhaps you have lived there for several years and raised your family in it. Sellers most often have emotional attachments to their homes. Though you may feel that you are the most qualified to show a buyer your home, your real estate agent will advise you to leave the home while it is being showed. To ensure the best showing possible, make your home inviting and welcoming by creating mood lighting, adjusting the temperature and adding decorative touches.
#6 Negotiating the Purchase Price
Real Estate agent will guide you toward arriving at a price that both you and your buyer agree upon. A formal contract—written by the buyer’s agent and signed by the buyer—will be submitted to you for review and consideration.
As the seller, you can help facilitate moving the offer to a final sales agreement. Remove any emotion on your side from the negotiating table. If you are truly motivated to sell, allow your agent to negotiate on your behalf and move things in the right direction—often that means one or more counteroffers.
#7 The Home Inspection
Once you and the buyer have agreed upon price, you are ready for a formal inspection of your home to detect defects or problems. A home inspection typically takes between 2-4 hours depending upon the size of the home and the number of rooms, features and amenities. Your home will be evaluated from the foundation to the rooftop and will include, where appropriate, the functionality of the heating and air conditioning systems, electrical, plumbing and all appliances. The inspector will look at the home’s structure including the foundation, basement, roof, chimney, walls, doors and windows.
A thorough home inspection can also be an excellent pre-sale tool, giving you the opportunity to resolve issues prior to listing your home. If you do not know of a qualified inspection company, ask your Real Estate professional for a referral. The inspector should be able to provide you with a sample report to show that they follow industry standards. Note that the job of the inspector is to simply inspect, not to repair or to refer clients to repair companies, which could result in a conflict of interest.
#8 Closing Day
The day has arrived for the final step in selling your home—the closing. The closing, also known as the settlement or escrow, in simplest terms is when money is taken in from the buyer and paid out to the seller. The closing can take place in person or by mail and is handled by the real estate company or a title company.In addition the paperwork enables all parties to verify their interests in the transaction.
#9 The Move
You will begin to prepare for moving day prior to the closing. The date of possession will be in your sales contract. Make sure to coordinate the date and time of your move with the buyer if the move falls on the same day. No matter how many times you have done it, moving is never easy. However, you can take certain organizational measures to ensure that your move is as smooth as possible.
Prior to moving, create a simple record-keeping system with a checklist and a schedule. The more prepared you are, the fewer surprises await you on moving day, so stay on schedule. A short to-do list might include:
You can always count on your Real Estate agent to assist you with any questions or recommendations of reliable professionals. We’re here to help you every step of the way!