Like all things, there is a fairly simple process which you can follow to ensure the successful sale of your home. Whatever your property, you’ll find that following this fool proof plan will make this experience easier, and hassle free!
Step 1: Evaluating Your Home
New listings are given a lot of attention, so make sure you maximize that initial exposure to your advantage. If your home is overpriced, you’ll lose prospective buyers to your competition. If you undervalue it, you might lose out on profit. There are two ways to have your home valued. First, a (CMA) Comparative Market Analysis, which is a quick look at the other properties which would fall under your competition in the neighborhood. You can also get an appraisal, which is a more individual assessment of your home.
Once you have decided how you’ll have your home valued, you’re ready to move on to the next step.
Step 2: Listing Your Property
Once the proper price for your home has been determined, you’ll need to have the listing agreement prepared. This will include the types of advertising to be used, guidelines for showings and open houses, the commission rate, and other important details which will help the agent market your home to potential buyers.
Step 3: Preparing for Showings
You might want to hire a home stager if you’re looking to give your home that ‘up market’ boost. But for the rest of us, a good cleaning and a paint job will do the trick. You don’t have to stress out about showings, just be aware that you want to make your house presentable to the people who are interested in buying it.
Aside from open houses and showings, it’s also important to have your home photographed or even opt for a digital video. Most potential buyers will only come for a visit if they have had an initial ‘sneak peak’ into the home. Ensure that the photography is professionally done, and highlights the important features of your home.
Step 4: Market Your Home
Ensure that your home makes it to all the major listers. When you put your house on the market, it will become a part of the Multiple Listing Service (MLS), you can also spread the word with other online websites, and reputed real estate agencies. Here’s when the real traffic will start coming in. You’ll have people come in for showings, or an open house – and finally interested buyers will start coming forward.
Step 5: Evaluate Offers
If your property has several people interested, you might want to hold off offers for a few days, this gives you a greater chance to reach a greater pool of potential buyers. Once you have your offers in front of you, your realtor will play an important role, because the highest offer might not be the best one.
Things to keep in mind while considering an offer: closing dates, finance approval, inspection and other conditions. During this time, there may be several counter offers that are exchanged, based on yours and the buyer’s requirements. Once you’ve gone through the offers, you can make an informed decision, depending on what suits you best.
Step 6: Closing the Deal
Once the contract has been signed, both parties are in legal agreement for the sale and purchase of the house. You will be required to complete any conditions put forth in the offer, while the buyer will formalize paperwork and finance. When the closing date approaches, both your lawyers will work together to ensure that everything is in order.
All you have to do in the mean time is find yourself a new place to live!
Want to understand the selling process? Contact me... Bill Orr at (416) 268 6228