How to Prepare to Sell Your Home

There are many reasons you may have decided it is time to sell your home. You may be looking for more room for a growing family, need to downsize, or your job is relocating. Regardless of the why, the home sale process begins with months of serious consideration and planning.

If you are ready to begin crunching the numbers and listing your priorities, read on to discover how you can best prepare to sell your home so you are confident in making your next big move.

How fast can you sell a house?

On average, it typically takes 50 to 70 days to sell a home. However, this timeline depends on the overall market temperature and the property’s current condition. For example, you may have to put off listing your home in order to invest in repairs and upkeep. In some cases, homes may be sold relatively quickly. Though it is unlikely that you will sell your home overnight, as the process involves a number of steps, there are circumstances that can help speed up the timeline.

For instance, in a hot housing market, a house can be sold within a few weeks as buyers are eager to get the keys in hand and there is less listing competition. This is also known as a seller’s market. However, in a buyer’s market, it can take longer to secure an offer as homebuyers have more options to choose from and better standing in negotiations.

Preparing to sell your home

There is a saying that goes, “A goal without a plan is just a wish.” When it comes to selling your home, whether it is within the next year or even six months, you need a plan to make it happen. That way, you can avoid running against the clock getting it ready for open houses or leaving money on the table due to lack of preparation for negotiations with buyers. The real estate market is constantly changing, so it is important to allow yourself enough time to plan ahead, advertise effectively, and launch your listing on your terms rather than having it suddenly thrust into the market.

In addition, it gives you and your agent the time you need to study the comparable properties in your area and see what is working and what is not. You can better gauge pricing, needed repairs, and buyer preferences so that when your listing hits the market, it is optimized for current demand.

What are your home selling goals?

Now is the time to begin thinking about your goals for the months ahead and for the home sale itself. Some possible goals may include the following:

• Getting the maximum sale price

• Closing within a specific timeline

• Selling as-is or with minimal improvements

• Selling at the same time that you are purchasing

• Selling with complicated circumstances such as shared ownership, inherited property, or short sale

Understanding your goals will be key to the strategy you develop for your home sale. You will want to think not only about the sale process, but also the moves you will make following closing.

Creating your home sale to-do list

Once you have determined your overall goals, you will want to do the following:

• Pre-inspection to identify needed repairs

• Consultation regarding updates and upgrades that add value

• Financial planning regarding the tax implications of your sale and financing needs for your subsequent purchase

• Pre-pack and declutter to ensure your home looks its best

• Explore relocation options for a streamlined moving process

With your goals and to-do list outlined in advance, you gain the luxury of time and a variety of options for your home sale to make decisions instead of being driven by the pressure of time constraints. It also means that you have choices at every stage of the process so that you can do what is best for you and your family.

The getting your home ready to sell checklist

Understanding your goals is an important component of your home sale strategy, but it is also important to ensure you are taking the right steps as you get ready to sell. Here is your checklist of what you will need to accomplish to set yourself up for home selling success.

Step One: Talk with a trusted real estate professional

One of the first things you will need to do is talk with a real estate professional. They can help you better understand current market conditions and project how trends will affect a home sale six months to a year down the road.

Here are some of the things you need to discuss with your agent:

1. How much do you need to clear from the sale of your home once closing costs and commissions have been paid?

2. How much work are you willing to do to get the home ready for sale? Do you have money available for professional staging, renovation, or other upgrades to enhance your home’s value?

3. What do you need to do to your home to optimize it for the market? Do you need to declutter? Will you need to board pets during showings?

4. Will you be relocating to a new city or state? Will you need a referral to a real estate agent in that market?

5. What is the timeline like for your sale and subsequent purchase? Will you need to include a home sale contingency in your purchase offer, or would you like to explore other options like a bridge loan so that you can sell and buy simultaneously?

Step Two: Start adding value to your home 

If you want to maximize the value of your listing, this is a great time to make needed repairs and improvements. Talk to your contractor and ensure that any changes will be completed well ahead of your planned schedule so that they can be included in your photos and property description.

Step Three: Create a strategy for your subsequent home purchase

While you are planning your home selling timeline, you need to think about your plan for after the sale. Will you be moving to a new city or state? If so, ask your real estate agent if they can provide a referral for an agent there.

If you are upsizing to a larger or more luxurious home, you are probably putting the proceeds from your sale toward that property and securing additional financing. If you are downsizing, however, you may have funds left over that you want to invest. 

If the property you are selling is from an inheritance or is an investment property, there may be significant tax implications that go along with the sale and the use of those funds. Work with your real estate agent and financial advisor to determine a strategy that makes sense for you.

Step Four: Prepare for the logistical demands of your home sale

Finally, talk to your family about the requirements of a home sale. It is important that you are all prepared for the day-to-day realities of selling a home. You will have people coming in and out of your home. Plus, it will need to be kept clean, neat, and ready to show at a moment’s notice.

Your kids will need to keep their rooms picked up throughout the process. You may need to declutter and put away family photos and other personal belongings for a month or two. It is also possible you will have to board your pets during open houses or showings. There will no doubt be emotional ties to the home. Begin talking to your family about the process ahead of time so it is easier for everyone.

Selling your home is no simple endeavor, and emotions and stress can be expected. But it is also an exciting time as you prepare to make your next big move. Having a plan in place and the right professionals by your side will go a long way in helping you achieve home selling success.