Selling a home can be a very emotional experience. Even if your reason for selling is a happy event like buying a larger house or moving to better more lucrative job, there is a reason people say that home is where the heart is. Whether it is little Johnnies growth markings on a door frame or the stain in the carpet where college buddy spilled his wine the night you got engaged, homes are where memories are made. We can become very attached to them.When it is time to sell your home, the sad truth is, none of that matters. Selling a home is a financial transaction. Your home will most likely be the largest investment you have made in your life to date. Approaching its sell in a proper manner can be the difference between a smooth, profitable experience and one that drags out for a long period of time, draining both your finances and patients.
Here are six steps to help you achieve the most profitable and trouble-free sale of your home.
Find the Right Real Estate Agent
This could be the most important step in the entire selling process. Referrals can be useful but aren’t necessarily the best way to find an agent for your home.
Here are few key factors you should look for in a real-estate agent:
- Your chosen agent should be local and experienced selling homes in your neighborhood. This gives then the advantage of knowing the local market and what key selling points normally matter most in the area.
- Your agent needs to be a high volume, go-getter.
- Their average asking price to sell price ratio should be 95% or higher. This can fluctuate with the market but 95% is a good low bar area.
- Again, this can fluctuate with market but it is preferable that your chosen real-estate agent sell 60% or more of the homes they list. If it is higher than this, wonderful.
Staging Your Home for Buyers
Your goal here is to make prospective buyers feel at home as soon as the pull up in front of the house you have for sell. You should do all that you can to boost your home’s curb able and give it a welcoming feeling.
Though not always cheap, it can be a good idea to call in yard care, home cleaning and interior design services to make it really shine. It is import not to go overboard, though. You don’t want your home to feel like a museum. Shoot for a balance of lived in and carefully cared for.
Set the Right Asking Price for Selling a Home
This is another area where having the right agents help in selling your home can be invaluable. They should have a good feel for how the local market is trending and how your home stacks up against comparable homes (comps) in your area.
Then you can adjust your asking price by 3-5%, up or down from the average comp, depending on how fast you need to your home to sell.
Accepting an Offer
Once one or hopefully more buyers have decided they like your home, they will make you offers on the property. These should include all the details of the sale including timetables, whom will pay for what closing costs, repairs and required inspections and what items, such as drapes should be left in the home.
Pick the offer that best suits your situation and needs and either send a letter of acceptance pending any stipulations you might have or sign a contract for sale.
What Happens After You Accept an Offer
Once you have accepted a buyer’s offer your real-estate agent and the lawyers go to work. The seller will deposit earnest money into an escrow account. This is monies to show the buyers are, you guessed it, earnest in their intent to buy your home. It is held by a third party until the closing unless there are any issues that arise during the sale.
Any necessary inspection, surveys, repairs, etc. will be performed as well as title searches and other legal processes that are required at this point and the buyer will move forward with securing any needed financing.
What to Expect on Closing Day
On the day you close on your homes sell be prepared to sign your name repeatedly. There are literally dozens of legal forms that must be filed in order to completely free you from any encumbrances associated with your former home and transfer all rights and responsibilities for the property to the new owners.
Funds from the sale will be distributed, first clearing and outstanding tax liabilities you may have, then paying off any outstanding leans, such as a mortgage you might have on the home. Next, the lawyers and agents involved will receive their portion of the proceeds. Finally, your proceeds from the sale will be given to you.
Now it is time to get ready to move.
Your real estate agent is the best source of information about the local community and real estate topics. Give Pam Hoefert a call today at 605-366-7119 to learn more about local areas, discuss selling a house, or tour available homes for sale.