Selling a home can be highly profitable if you do it the right way and at the right time. Here’s a step-by-step guide to help you prepare for the process.
Deciding to Sell
- Decide on the timing
Timing plays an important role on the success of your home selling venture. The most favorable season to sell is during the spring and early summer. However, you can also take advantage of unique opportunities when you sell in the winter.
- Find a Realtor to work with
If you want to sell your home fast and at the highest price, work with a real estate agent who can help you market your home effectively. Your Realtor will guide you through every step of the buying process – from pricing your home correctly and preparing it for the sale to negotiating with buyers and closing the sale.To find the right Realtor, ask for your referrals from friends and relatives who may have recently sold a home in your area. You can also check with other professionals who often deal in real estate matters, such as lawyers or contractors.
Preparing your home
- Together with your Realtor, go over your home and identify the areas the need repairs and improvement.
- Choose your improvement projects carefully. Certain home improvements have excellent ROI and can significantly improve your home’s value. Your Realtor can recommend the most effective and profitable improvements that you can make.
- Give your home a deep clean. Hire professional cleaners if needed.
- Improve your curb appeal by sprucing up your landscaping and your home’s exterior
- Stage your home. Home staging has been found in various studies to help homes sell faster and at a higher price
Pricing your home
It’s important to set the right price for your home from the start. Overpricing can cause the property to sit longer on the market than necessary, while underpricing can lead to lost opportunities.
Your Realtor can help you price your home correctly by doing a Comparative Market Analysis. This involves reviewing the prices of similar homes that recently sold in your area. Other market conditions, such as demand and supply, the number of days it takes for a home to sell, and others, will also be considered in the analysis.
Marketing your home
Marketing your home today involves more than just listing the property in the MLS and putting a “For Sale” sign on your yard. Your Realtor will help you develop a strategic marketing plan that will target the right buyers.
Some of the strategies that may be adopted include sending out flyers, email marketing, sending professionally made brochures to targeted buyers, advertising on select publications, and others. Your Realtor can also use their network to spread word about your home.
In creating your listing, use only high quality photographs. With 90% of home searches starting on the internet, professional photos can help catch the attention of buyers and make your listing stand out. Videos, virtual tools, and aerial photography are also effective in giving buyers a comprehensive and enjoyable home shopping experience.
Your Realtor will help you qualify buyers and review the offers you receive. Keep in mind that the highest bid may not always be the best one. You also need to look into the terms that come with an offer, including any earnest money, contingencies, and payment terms. Some buyers, especially investors, may offer to pay in cash and this could be a more attractive option for you.
Escrow, inspections, and appraisals
Once you and a buyer agree on the selling price and other purchase terms, you both sign a Purchase Agreement containing the details of the sale. The process then goes to escrow.
The buyer deposits their earnest money and down payment into the escrow, and works to finalize the financing for the home and remove all contingencies. The contingencies will likely include a home inspection. The buyer’s lender will also conduct an independent appraisal of the home. If the inspector finds serious problems with the property, or if the lender appraises the home lower than the agreed selling price, you may have to go back to the negotiating table with the buyer.
If you included any contingency of your own in the sales contract, the escrow period is also the time to work on removing them as well.
Closing the deal
If everything is in order, the process goes to closing. The buyer’s lender releases the funds to you, you and the buyer sign on the paperwork, and escrow is closed.
Choose a real estate agent with the right experience and knowledge of the local market. In Cobb County and North Fulton, GA, call the Page Morgan Real Estate Group. We’re a leading real estate firm in the area with over 25 years of experience. We know how to close the best deal for you. Get in touch with us at 770.579.5650 or email info(at)pagemorgan(dotted)com.
Homeowners shouldn’t think of putting their residence on the market without fixing it up first. If you want to impress potential homebuyers enough to receive offers, you should make home staging one of your top priorities. This tried-and-tested technique can breathe new life to your home and make it attractive to a wide range of buyers.
In this article, we go over some of the best tips and tricks to stage your home. These include the best ways to boost curb appeal, simple home repairs you can do yourself, and the right colors to use for each room in your home.