9 Things You Need to Know Before Selling Your Home

Step 1- Are you ready?

The home-selling process typically starts several months before a property is made available for sale. Selling a home is an important matter, and there is often a good reason to sell such as a job change or a need for more space. Your reason for selling can impact the negotiating process so it's important to discuss your needs and wants in private with the REALTOR® who lists your home.

Step 2- When should you sell?

Generally speaking, markets tend to have some balance between buyers and sellers year-round. The marketplace tends to be more active in the summer because parents want to enroll children in classes at the beginning of the school year. However, the summer is also when most homes are likely to be available. There may be fewer buyers in late December, but there are also fewer homes available for purchase. Home prices tend to rise or fall because of general demand patterns rather than the time of the year. Owners are encouraged to sell when there is a desire to sell, the property is ready for sale, and the services of a local REALTOR® have been retained.

Step 3- Experience Counts

When selling your home, the right real estate agent makes a difference. Whether you are selling a house, a condo or an investment property, selecting the right real estate agency is important. Take the time to find an agent from an experienced agency who can understand your concerns and objectives.

Step 4- How Much Is My House Worth?

Price per square foot is a time-honored method of real estate valuation and can give you an idea of what your home is worth. However, it doesn't account for a choice location, a move-in-ready home, or other personal criteria. A market-savvy REALTOR® can give you a idea of what your home it worth. Even if you're not planning to sell your home right away, many REALTORS® will be willing to prepare a comparable market analysis for you, showing the prices of recently sold and comparable homes on the market.

Step 5- The Professional Appraisal

Unlike a CMA, a professional appraisal is rarely free. However, the several hundred dollars you pay for an appraisal could be money well spent. Appraisers rely on an in-person inspection, recent sales of comparable homes, and additional data to arrive at an opinion of your home’s value.

Step 6- How to improve your home’s value

The general rule in real estate is that buyers seek the least expensive home in the best neighborhood they can afford. You want a home that fits in the neighborhood but is not over-improved. Cosmetic improvements, such as paint and landscaping, and often are good investments, and mechanical repairs, to ensure that all systems and appliances are in working condition, are required to get top price.

Step 7- What is an acceptable offer?

A number of factors determine whether a buyer's offer is acceptable. With the help of an experienced REALTOR®, owners need to carefully review offers, consider marketplace options, and determine whether an offer is acceptable. Ask questions such as: Is the offer at, near, or above the asking price? Are there discounts or seller costs within clauses and contract additions? Does the owner have enough time to wait for other offers? and What are the alternatives?

Step 8- What is a counter-offer?

When a home placed on the market, the owner is essentially making an offer to buyers. A counter-offer is nothing more than a new offer. Buyers can choose to make a counter-offer on a home. The seller can then choose to accept, decline, or make a fresh counter-offer. The REALTOR® who lists your home can explain the local bargaining process in detail and assist in the actual negotiations.

Step 9- How do you negotiate?

Real estate bargaining typically involves compromises by both sides. Negotiating should be seen as a natural business process. Buyers should be treated with respect, and owners should never lose sight of either their best interests or their baseline transaction requirements- their personal standards which must be met before the home can be sold.

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