How to Sell Your House

There are few endeavors that top the whirlwind of emotions that come with buying a house, but selling your home is definitely on the list. In a perfect world, it would be a seamless process of listing the property and waiting for the offers to roll in. However, the reality of selling a house involves a number of steps, careful preparation, and plenty of patience.

In this article, we will detail how to sell your house, including the important steps and key actions for a smooth sale. That way, you will know what to expect and have some valuable tips for selling your home.

Steps to selling a house

Though you cannot control the market temperature or buyer attitudes, there are many aspects of the selling process that you can prepare for. It is important to be ready for a few obstacles along the way, however, the steps to selling a house below will provide insight into what the process will involve.

1. Establish your desired selling timeline

50 to 70 days is the average amount of time that it takes to sell a home, but the exact timeline will depend on factors like the overall market temperature and the property’s current condition. That is why it is important to take your time planning out your home sale to ensure you stay organized throughout the process.

While there is no way to guarantee your selling timeline will remain perfectly on schedule, it can be helpful to establish goals and when you wish to meet them. For example, if you live in an older home, you may have to account for time needed to make repairs before it is ready to list. Whether you hope to sell within the next year, or even six months from now, you will need a plan in order to make it happen. That way, you will be better able to avoid last minute preparations for open houses or end up leaving money on the table due to lack of strategizing for negotiations with buyers.

2. Research the market in your area

This next step goes along with determining your selling timeline. Researching the local housing market will give you valuable insight as to when will be the best time to list the house, what the current market temperature is, and what your asking price should be based on comparable listings. For instance, if you are currently in a buyer’s market, you may want to hold off on listing and focus on increasing your home’s value instead. Otherwise, it may be necessary to lower your asking price significantly to attract buyers.

In a seller’s market, you are more likely to be at an advantage and receive multiple offers. So, if you are buying and selling at the same time, you will want to carefully plan when you list the home or include certain contingencies in the sale contract to avoid being between houses for a time.

3. Hire a reliable real estate agent

Once you have a better understanding of your timeline goals and the local market conditions, hiring an agent is often the best way to sell a house quickly and efficiently. It may be tempting to save some money by selling it yourself, but unless you have experience in the industry, it can leave you open to missed opportunities on top of consuming most, if not all, of your free time.

A real estate agent will be able to advocate with your best interests in mind, guide you through unexpected complications, and provide insight into the local market you may not have access to. Without their inside knowledge, you also risk over or underpricing your home. They may even be able to recommend which upgrades or renovations will increase value versus those that are not worth the investment. While you can do your own research to find a real estate agent, be sure to ask your lender if they have any recommendations. Some lenders partner with agents and may even offer deals if you choose to work with a real estate agent in their network.

4. Invest in needed repairs and value-adding upgrades

Before you list, it is important to understand how to get your house ready to sell. Do not start upgrading just yet—make sure the return justifies the investment. For example, it may be more worthwhile to focus on increasing your home’s curb appeal with a fresh coat of paint and landscaping rather than installing high-end cabinets and countertops.

Discuss what potential upgrades will give you the highest return on investment with your real estate agent. And consider starting with lower-cost projects, such as neutral wall paint. You may be surprised by the difference it makes.

5. Set the listing price

It is important to be strategic when it comes to determining your initial asking price. You should research your home’s estimated value and look into the asking prices of similar homes on the market. Be sure to check out recent closing prices in your neighborhood, too. Once you know your home’s value, you can confidently implement a strategy based on your selling goals.

6. Prepare your home for walk-throughs and listing photos

First impressions are everything, so it is important to be detail orientated when it comes to preparing your home for tours and staging photos. It will be hard for buyers to picture their own lives within the walls of a home cluttered by your family’s photos and personal belongings.

Get staging tips and ideas from your real estate agent or consider hiring a photographer to capture photos for when your listing goes public. Curb appeal is important, but do not underestimate the power of presenting an attractive first impression online. If you are working with an agent, they will be able to list your home on the internet for you and work with buyer’s agents to find serious offers.

7. Be ready for negotiations

Once you receive a worthwhile offer from a potential buyer, it is time to start negotiating. Remember that the market temperature will be a big influence on how much negotiation power you hold. In a buyer’s market, the sales process may be slow, and it is likely you may have to be open to accepting terms and contingencies that favor the buyer. However, in a seller’s market, buyers are more inclined to make their offers as attractive as possible in order to stand out against the competition.

If you do receive more than one offer on your home, it may be tempting to choose the higher bid. There are other factors you need to consider, though, including:

• Suggested closing dates

• Types of financing and form of payment (for example, are they paying all cash?)

• Down payment

• Contingencies

Regardless of the amount of offers you get, at some point you will have the option to accept one outright, reject them, or come back with a counteroffer and start negotiations. Just be sure to provide a designated timeframe in which the buyer has to provide their response. Keep in mind that offers will likely be contingent on the appraisal and home inspection findings. Depending on the type of mortgage a buyer intends to use, the issues that are found may have to be addressed and repaired before the sale is allowed to go through.

8. Plan your next move

As negotiations end and you feel confident in accepting an offer, it is time to plan for your next move. The exact amount of time you have before closing day may vary, so it is important to begin preparations for moving out throughout the selling process. From renting a moving truck to leasing storage space for larger items, beginning the moving process sooner rather than later may lessen your stress and help get you mentally ready to hand over the keys to the new owners on closing day.

Get ready for closing

After all of the researching, staging, and negotiating is said and done, closing day will approach faster than you think. When that day comes, you will want to be ready and have your documents organized to ensure that it goes smoothly. Here is a quick list of paperwork you will likely need to provide:

• The purchase contract

• Appraisal and home inspection reports

• Mortgage documents

• Tax records

• Seller’s disclosure statement

• Certificate of occupancy

Do not forget to bring the keys, too! After you have signed everything, it will be time to hand them to the new owners.