Most home sellers picture a simple, stress-free transaction in which they list their property, quickly locate a qualified buyer, get payment, and then hand over the keys. If if life were that simple! There are actually a lot of moving parts involved in selling a property, some of which you can influence and others of which are out of your hands.
The length of time your house is up for sale or the highest price you may charge may be impacted by geographic considerations. Places with high competition and little inventory will likely see faster sales and better prices. However, you will likely have to work harder to locate the ideal buyer in locations where property sales have declined.
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There have been significant changes in the real estate market since the epidemic’s spectacular climax. These days, the combination of high borrowing rates and high prices is creating significant affordability issues: The typical price of a home is more over $400,000, while mortgage rates hit a 22-year high in 2023. It makes logical that many buyers feel compelled to hold off on making a purchase until rates, prices, or both decrease.
As a result, it makes sense for a seller to prepare ahead of time and take charge of the factors under their control. Simple actions like choosing a top real estate agent and improving your home’s online appeal can lead to a simpler sale and more money in the bank. This is a nine-step process for listing and selling your house successfully.
1. Establish a timeline for the sale of your home.
Selling a house is a big job that might take many months to finish, depending on the health of the local market. It makes sense to be organized and plan ahead as a result.
A pre-sale house inspection should be performed at least two or three months prior to the desire to list. It’s not necessary, but it may be a good idea to do so, especially in an older home. For several hundred dollars, you may have a thorough inspection report that identifies any serious problems. This alerts you in advance to issues that buyers will most likely bring up during their own inspection. If you plan ahead, you might be able to speed up the selling process by completing critical repairs at the same time as other property preparation work. After that, your house has to be ready for a quick, hassle-free selling when it is put up for sale.
About a month before you list, start deep cleaning your house to get it ready for listing photos. Try to minimize clutter and consider storing extra items in a storage unit to present your home in the best possible light.
2. Assist a knowledgeable agent in the market
You can choose the greatest real estate agent to work with by just looking up their background online. Look through agents’ web profiles to learn about their experience level, number of finished transactions, and any professional credentials they may have earned. Take note of the places and methods in which they advertise their ads, as well as the quality of the photos therein.
The CEO and president of Real Estate Sales Force in Florida, Jorge Guerra, argues that having any credential under one’s belt indicates that one has done study on a certain field.
To avoid paying a fee, some homeowners can be persuaded to sell their home without the assistance of an agent. This is known as “For sale by owner,” or FSBO. This fee can save sellers a significant sum of money; often, it is between 2.5 and 3 percent of the sale price. For example, $12,000 is equal to 3% of the $400,000 house’s sale price.
However, a listing agent must put in a lot of effort to support their commission. For example, they might advertise your house to as many people as possible and bargain to get the best offers. If you want to go it alone, in addition to overseeing the marketing, buyer assessment, and house preparation personally, you will be in charge of handling all negotiations and closing processes.
It’s crucial to keep in mind that while working with an agent, real estate commissions are usually negotiable. As a result, you might be able to bargain for a higher offer when it comes to closing. However, depending on the details of the contract, you could still be obligated to pay the buyer’s agent fee.
3. Decide what should and shouldn’t be updated.
Before you engage in costly improvements, make sure the changes you make will yield a good return on investment. For instance, it makes no sense to install new granite countertops if the only thing they will do is increase or decrease your financial situation. Moreover, it’s possible that these modifications are unnecessary, particularly if inventory levels are low where you are (as they typically are these days). Knowing the expectations of local purchasers, a knowledgeable real estate agent can help you decide what needs to be done and what can wait.
Often, the areas with the highest returns on investment are the kitchens and bathrooms. However, inexpensive do-it-yourself projects may also be quite helpful. For example, updating landscaping and painting a room a neutral color can provide a nice first impression at a modest expense.
4. Select a reasonable cost.
Pricing needs to be done right since customers prefer not to spend more than is necessary, especially in highly competitive markets. Underestimating a home’s value might lead to financial loss, while overestimating it can backfire. Consult your neighborhood real estate comps to ascertain the best beginning price for your home. Using the data on recently sold homes in your neighborhood, which gives you a sense of what surrounding comparable properties are selling for, you may decide how much you can realistically ask for.
“A common mistake sellers make is pricing a home too high and then lowering it periodically,” says Grant Lopez, a Texas Realtor with Keller Williams Heritage and a former chairman of the San Antonio Board of Realtors. This strategy, according to certain sellers, will yield the highest profit. But the opposite is also true: Homes that are too costly may turn off potential buyers, who might not even bother to take a look at the property.
Moreover, a property that has had many price reductions may raise suspicions among potential purchasers. Therefore, in order to prevent having to provide numerous reductions, it’s critical to price your home to appeal to the biggest variety of buyers from the outset.
5. Make use of excellent listing photos
Typically, this stage involves hiring a photographer to take marketing photos of your home and submitting the property with the neighborhood multiple listing service (MLS). The following advice will help you get your home ready for the market:
Take professional photos: You need high-quality photos because most people these days buy houses online. A talented photographer may make an image appear bigger, brighter, and more attractive. This also holds true for the home’s exterior and outside areas.
Keep an eye on online appeal: While curb appeal is probably something you’ve heard of, experts assert that online appeal is now even more important. Since all purchasers, according to the National Association of Realtors, seek for properties online, online listings are crucial. “The first showing of your home is online,” says Guerra. “The quality of your website presentation determines whether a potential customer chooses to click on the next listing or contacts you to set up an appointment.”
Keep it tidy and staged: When staging a home, excess furniture, sentimental items, and unsightly objects must be removed, and the rooms must be arranged for maximum flow and functionality. It might help to hire a professional stager, particularly if you’re selling a high-end home or in a slow market. Professional home staging generally costs $1,808 a year in the United States, according to HomeAdvisor; however, actual expenditures may range from $792 to $2,840.
Make yourself scarce and move out of the way for the showings when potential buyers show up to inspect your house. Let them see themselves there, free to imagine. Lopez asserts that if buyers think the current homeowner is skulking, they could be afraid to bring up their issues. “It might deter them from giving your house serious consideration.” Usually, when a buyer visits your home, they bring their real estate agent with. You can also ask to have your own agent present during showings.