9 Steps to selling a home
1) Know why you want to sell
Perhaps you are living in an empty nest that is all too much house now that your kids have spread their wings and ventured out or maybe the nest you currently live in is all too small for your growing family. Maybe you just want to join the circus. Whatever the reason, get the clarity you need to decide when moving is right for you.
2) Select a REALTOR
Why do this so early in the process? Our advice is free! Realtors have a wealth of experience in every stage of the process and preparing for a sale can take a lot of time and energy. Save some time, money, and energy by using our experience, connections, and insight.
3) Select the price
Any real estate expert will tell you, the most important factor in the sale of your home is selecting the right price. It’s important to avoid the common mistakes and select a price that attracts buyers. This is best accomplished with a Comparative Market Analysis. Remember, the average home buyer views nearly a dozen homes before making an offer. A buyer will only make an offer if they see your home as the best option.
4) Estimating the cost
Did you know: In each real estate transaction there is anywhere from 15-40 people involved! Selling home isn’t cheap. For a quick and dirty estimate in Washington State, figure on it costing 10% of the sales price. In all likelihood 10% is an overestimation but this will cover escrow fees, taxes, commissions and all other expenses. Now take a second look at Step #1, make sure moving is right for you.
5) Repairs and renovations:
Play it smart, this is one area you want to have a consultation with an agent before you start making repairs & renovations. It’s a good idea to spend $1000 to increase your home’s value by 5,000. Conversely, you don’t want to spend time and energy on the items that won’t increase your home’s value. It’s important to do a walk-through with an agent to discuss the recommended repairs and renovations. Studies show it’s five times less expensive to repair a problem before the buyer makes and negotiates the offer an inspection.
6) Staging your home:
It doesn’t cost you to stage, it pays you to stage! Studies show that staged homes sell for 7 to 10% more than not staged homes, and sell in 1/3 of the time! As a Realtor, this is where I see most sellers leave money on the table. Buyers make decisions based on emotions and just buy them with reason. To get the most for your home, make sure it’s presented in a fashion that elicits the right emotions from a buyer.
For me more staging tips, click here.
7) Market your home:
The internet is king! More than 90% of home buyers starting their searches online but print media (i.e. newspaper ads & flyers) is still very useful, while Open Houses and Broker’s Tours can still attract buyers.
Homes listed with HomesOnAcreage.com receive deluxe marketing treatment. Every home is listed on every prominent website (realtor.com, Zillow.com, trulia.com, etc.) advertised in local papers, real estate magazines, and much, much more. Speak to an agent to see how your home will be featured prominently today.
8) Negotiate Offers
Every negotiation is different but there are always steps you can take to stack the odds in your favor. Perhaps most importantly, let your agent do the negotiating and don’t give the buyer, or their agent, information they can use against you. It’s more common than you might think that one party will casually mention they “Need to move by the end of next month” or “I’ll be happy with ‘X’ dollars, if I can get….”
Once the price and terms of the contract have been mutually accepted by the buyer and seller, it’s time to open escrow. The Escrow party (closing agent/company) is a neutral 3rd party responsible for ensuring the transaction can legally & financially take place. The terms of the contract and difficulty of the move will determine the packing and moving schedule, but once the once the papers and funds are collected and verified, it’s time to sign the dotted line.