Sometimes we have the luxury of planning to sell a home and other times we must sell a home. Regardless of the reason, the following steps need to be considered. Whether it is quickly or leisurely, let’s begin the process. I suggest selecting an agent first as a professional in the industry should have a list of contractors, financial institutions and support contacts that will help expedite the preparation and closing process.
Assessing Your Personal Situation
The first step when considering the sale of your home is to contact your current loan servicer to discuss your remaining mortgage balance. It is important to know how much equity you will have when you sell. Knowing this figure can help you budget for improvements or any necessary work that you will need to make before listing or help you plan for your future home purchase. Also, speaking with your
Financial Advisor and Tax Professional will help in developing a clear road map throughout the selling and potential purchase of a new home. Make a list of non-negotiable items: Jot down your must-haves and deal breakers. What’s your time frame to move? What’s your budget for pre-listing home improvements? What’s the minimum sale price you will accept? These might change over time, but it will add clarity throughout the process.
Understanding the state of your local real estate market — including whether you’re in a buyers or seller’s market — can help you identify the best time to sell. If you have flexibility in your timing, you might consider waiting for a seller’s market, which occurs when there are more buyers searching for homes than there are homes available. It gives sellers the negotiation power and can drive up prices. The Silicon Valley is unique as we have sustained a seller’s market for almost 10 years.
Commit to a Real Estate Professional Early in the Process
The best thing you can do is to speak with a qualified REALTOR® early. I always tell my sellers that I do this every day, all day, so it would make sense that I should have a team of experts from painters and landscapers to financial advisors and moving companies to help with the process.
Rely on a real estate professional to help things run smoothly.
Complete Home Improvements
Preparing to sell your home typically takes some work, whether it is your own sweat equity or some professional improvements. I call it, putting your best house forward Putting Your Best House Forward | Susan Ward (susanwardre.com). Remember back to when you purchased your home, now it is time to make is sing again so someone else will love it. Spend some time getting your home move-in ready, in a way that will
Spend the money and opt for a pre-inspection: While it’s likely that your buyer will do an inspection as part of the purchase process, sellers often opt to do their own pre- inspection. A pre-inspection can help you avoid surprises down the road and gives you a chance to fix the items that an inspector would flag for a buyer. It also eliminates room for negotiation if a significant defect is found after an offer.
First impressions count so do not forget curb appeal: To make that all-important first impression, spend some time on your front yard. Power wash driveways and sidewalks, add some seasonal plants to pots and garden beds, cut back overgrown plants and rake leaves.
Pricing is Everything
Sometimes it is not easy to assess the value of home due to unique circumstances or lack of data to substantiate price, but it is one of the most important factors in a successful home sale. Homes that are accurately priced are more likely to sell in a timely manner. Statistics prove that a home that is priced incorrectly, eventually will sell 10% less than the correct price if it sits on the market. We all believe are homes
are special, but this is where a qualified agent can be your biggest asset. Your real estate agent should be an expert in home values in your area, so they are a great resource for finding the right listing price. Plus, they can provide guidance on a pricing strategy that will spark the most interest and maybe even inspire a bidding war.
Stage, Stage, Stage
It is proven that staging a home helps sell the home more quickly and in many cases for more money. Staging can make an average home look amazing. The goal is to make the home appealing to the largest number of buyers.
Creating a neutral, clean, inviting and livable environment is the goal. Memorable would be even better!
Marketing Your Home
In today’s environment once your home is ready for sale, the next step is getting your listing in front of as many buyers as possible. This is what I enjoy the most and believe is Compass’ strong suit. It is important to advertise across multiple
channels and to targeted audiences. Also, investing in professional marketing photos and videos is a must: With the majority of buyers (and their agents) searching online, your home’s MLS listing is the first impression buyers will see. Make sure the photos are realistic and high quality.
Evaluating Offers and Negotiating the Sale
Evaluating offers and negotiating the contract is the most exciting part of selling your home. This is where your agent needs to shine. Relationships, negotiation skills, knowledge of the contract and a good business acumen will deliver a successful
It’s Not Over Till It’s Over
Now it is time to prepare to move, enlist the necessary trades and contractors to get you on your way, Close Escrow and hand over the keys. Your agent, once again, should be instrumental in making this part of the journey as smooth
as possible. This can be an incredibly stressful time and a knowledgeable agent will add great value here.