How to Sell a House
How to sell a house is complicated—ask any real estate agent!—but there are a few basics everyone can handle. As an advocate and guide for sellers, I have some tips to make the process easier. Because the last thing you want is unnecessary complications when you sell your home.
Hire an Agent Who Knows the Market
An experienced real estate agent with an intimate knowledge of your home’s market is worth their weight in gold. Not only does a good agent expose your home to the biggest audience available, but they can also negotiate the best offers.
Senseless Upgrades Aren’t How to Sell a House
While certain upgrades can provide a good return on investment, others waste valuable money and time. Without question, a real estate agent with roots in the community understands what buyers want. A worthy improvement can be as simple (and inexpensive) as a coat of neutral paint, a fresh carpet, and trim landscape.
Generally, updates to the bathrooms and kitchen do provide the highest return on investment. If you live in a market that favors buyers, such upgrades usually are worthwhile.
How to Sell a House: Set a Timeline
When many people learn how to sell a house, they are surprised at the time involved. But, of course, it depends on the local market conditions and the available inventory level. By and large, it takes between two and four months to sell a home.
Therefore, to ensure that your house sells as soon as possible, it helps to deep clean and stage your home. Declutter as much as possible—you can always put excess items into a storage unit. Schedule repair work. Then, take professional photos that show your home to its best advantage.
Focus on Your Home’s Online Appeal
When you learn how to sell a house, it is important to consider how to showcase your home online. Therefore, you should take professional photos of your home.
Before the photographer arrives, give careful thought to their time of arrival. Photos that show beautiful sunlight streaming in the windows or an attractively lit garden add enormous appeal. Additionally, it helps to deep clean and stage your home before it is photographed; these steps magnify its online presence.
Price Determines How to Sell a House
Unquestionably, it’s important to set a realistic price when you list your house. However, even the most competitive markets require a common-sense approach. After all, you are far more likely to get several good offers from serious buyers when the price is reasonable.
From time to time, sellers list their homes at artificially inflated prices. Then, when they don’t get the offers they want, they lower the cost. As a seasoned real estate agent, I recommend against this practice. Homes with multiple price productions act as red flags to prospective buyers. In my professional opinion, that’s not how to sell a house.
Review Offers and Be Ready to Negotiate
Obviously, if your home is in a competitive market, you can get several offers at or above the listed price. When this happens, you have a choice:
• Accept the offer
• Make a counteroffer
• Reject the offer
Accepting an Offer
You may choose the highest bid if you get several offers on your home. However, before you accept, consider the following aspects of the offer:
- The down payment amount
- What form of payment will be made—cash vs. financing?
The type of financing proposed - Contingencies
- Requests for personal property or credits
- Proposed closing date
All these considerations have a financial impact on you, the seller. As a result, it helps to discuss these details with a professional real estate agent before you accept a bid.
Making a Counteroffer
A counteroffer is a response to an offer, where you negotiate on the terms and price of the sale. Generally, counteroffers should always be made in writing and have a short deadline (48 hours or less) for the buyers to respond. For instance, you can counteroffer to leave behind certain appliances to keep your original list price, or give a credit for new paint and carpets.
Anticipate Seller Closing Costs
When it comes to real estate, both the homebuyer and seller incur closing costs. In general, the homebuyer pays the real estate agent’s commission. Conversely, the seller covers the following costs:
• Government transfer tax
• Recording fees
• Attorney fees
• Outstanding liens
• Any credits negotiated by the buyer for repairs
As you learn how to sell a house, it’s important to prepare for details like closing costs. That’s because when you know what the process involves, you set aside money for expenses like these.
Gather Paperwork to Close
In order to properly document a home sale, it is necessary to process lots of paperwork. As a result, it helps to organize these documents for the home closing. Here are some papers you need to successfully conclude your sale:
- Your home’s original purchase contract
- A property survey, certificate of occupancy, and certificates of compliance with local codes
- Mortgage documents
- Tax records
- Appraisal for your home purchase
- Homeowner’s insurance
- Home inspection report
Final Thoughts on How to Sell a House
As you can see, there are many steps to take when you sell a house. With the help of an experienced real estate professional, a complicated process becomes a lot easier. By all means, contact me if you want to sell your home. As a real estate agent who serves Naperville and the surrounding areas, I welcome the opportunity to work with you!