1. Define your needs
Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.
2. Name your price
Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the onset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area.
It can be challenging to remain unbiased when determining the price of your home, which is why the expertise of your Bale Real Estate Group agent is invaluable at this step. We will provide you with data on what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market.
If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
3. Prepare your home
Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your Bale Real Estate Group agent can assist you in taking a fresh look at your home, offering suggestions on staging and ways to make it more appealing to potential buyers.
* A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs.
* Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression.
* Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.
4. Get the word out
Now that you’re ready to sell, your Bale Real Estate Group agent will establish a tailored marketing strategy specifically for your home. There are many ways to get the word out, including:
* The Internet
* Yard signs
* Open houses
* Social media advertising
* Agent-to-agent referrals
* Direct mail marketing campaigns
In addition to listing your home on the MLS, we, at Bale Real Estate Group, will utilize a combination of these tactics to attract the most qualified buyers to your property. We will structure the marketing plan so that the first one to four weeks are the busiest, during which we expect to secure an executed contract for your home.
5. Receive an offer
When you receive a written offer from a potential buyer, your Bale Real Estate Group agent will first determine whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, ensuring a clear understanding of what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following:
* Legal description of the property
* Offer price
* Down payment
* Financing arrangements
* List of fees and who will pay them
* Deposit amount
* Inspection rights and possible repair allowances
* Method of conveying the title and who will handle the closing
* Appliances and furnishings that will stay with the home
* Settlement date
* Contingencies
At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your Bale Real Estate Group agent right away.
6. Negotiate to sell
Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your Bale Real Estate Group agent is well versed in the intricacies of the contracts used in your area and will protect your best interests throughout the bargaining process. Your agent also understands the significance of each contract clause, what you will net from the sale, and which areas are easiest to negotiate.
Some negotiable items are:
* Price
* Financing
* Closing costs
* Repairs
* Appliances and fixtures
* Landscaping
* Painting
* Move-in date
Once both parties have agreed on the terms of the sale, your agent will prepare a contract.
7. Prepare to close
Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected, or repaired. Your Bale Real Estate Group agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some, or none of these items.
If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing.
Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
8. Close the deal
Close the deal “Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your Bale Real Estate Group agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise.
Prior to the closing, you should make a “to do” list for turning the property over to the new owners. Here is a checklist to get you started:
* Cancel electricity, gas, lawn care, cable and other routine services.
* If the new owner is retaining any of the services, change the name on the account.
* Gather owner’s manuals and warranties for all conveying appliances.
* Include all keys, garage door openers, and home security information.
