Selling a home can be just as daunting as buying a home. Going into the home selling process without a bit of knowledge can cost you time and money. Check out these six steps before you begin.
🧐 How to Find Agents for Selling Houses
Sellers are inclined to hire an agent based on two factors- the commission and the agent’s ability to sell the property at a high price. This is natural because property owners want to garner the best price for their property. However, there are other factors to consider.
You want your real estate agent to communicate at the highest level, listen to your needs, and work with your best interests in mind. Choose a real estate agent who understands the market in your area and is skilled in negotiations.
🏡 How to Stage Your Home for Sale
Research shows buyers form an opinion within the first 7-10 seconds of visiting a property. You’ll want to highlight the strengths of your home to capture their attention. Well-staged homes are likely to sell 17% more compared to a home that has not been staged.
Staging a home is more than cleaning or tidying up kitchen counters. You may need to re-stain the floor, redecorate the walls with more appealing colors, de-clutter and reposition your furniture. Your real estate agent can help you pinpoint areas that need special attention.
💲 How to Price your Home for Sale
The demand and supply of similar properties impacts the price of a home to a large extent. Overpricing turns off prospective buyers, and a low price could cost you money.
Your agent will help you set the best price based on factors such as location, the price of other similar properties sold or on sale in the last three months, upgrades, and local amenities. The price should also allow a reasonable range for negotiation. Keep in mind first-time buyers may have applied for a mortgage to buy the property. As such, a slight adjustment helps them qualify for the loan or raise the amount required for down payment.
💰 What Happens When You Receive an Offer
Sellers receive multiple offers from buyers; some are less than the asking price while others match the price. Talk with your real estate agent about the offers and be reasonable by sending counter-offers.
💵 What Happens After You Accept an Offer
You can accept, reject, or make a counter-offer. The buyer may accept the counter offer or make another offer to counter the previous one. An all-cash offer that is above or at the asking price is more appealing compared to one that requires a loan.
The offer is only binding when both parties agree and sign the contract. The contract should have details of the purchase price, the initial deposit, the down payment, warranties and fees and the financing terms. It should also include a clause that allows buyers to inspect and have an appraisal completed.
📝 What to Expect at Closing of the House
The closing process involves the simultaneous exchange of the necessary documents and funds to close the sale. The buyer signs the legal documents related to the transfer of the property, pays closing fees, and handles the escrow payment for the insurance and property taxes.
Important documents included in the closing include a truth in lending statement, the title deed, and the closing disclosure. Your real estate agent will make sure you understand each part of the process.
Adequate preparation and research make the sale of a property hassle-free. Keep in mind, your real estate agent is your greatest asset hence the need for constant communication throughout the process.
Your real estate agent is the best source of information about the local community and real estate topics. Give K Tompkins Real Estate Group a call today at 770-843-8184 to learn more about local areas, discuss selling a house, or tour available homes for sale.