In 2021 alone, the average home sat on the market for 22 days, and the average closing time ran an additional 49 days.
Overall, selling a home took about 71 days from listing to closing. However, this can be completely different for you, and the timeline is either shorter or longer depending on how you go about the home selling process.
The thing is, selling a home can be a complicated and time-consuming process. There are many things you need to do to ensure that the sale goes as smoothly as possible. In this article, we’ll discuss the seven most important steps of selling a home.
By following this home selling checklist, you’ll make the process easier and give yourself the best chance of getting your home sold quickly and for the best price possible.
1. Hire a Real Estate Agent Who Knows the Market
Most sellers feel the need to sell their homes all their own, but hiring a real estate agent comes with more benefits. You see, homes For Sale By Owner fetch about 26% less than properties sold by agents. A real estate agent will help you through the entire process, from listing your home to negotiating with buyers and ultimately closing the deal.
Most homeowners who opt for the FSBO home selling process do so to save the agent commission fee. You see, most real estate agents charge about 5-6% of the final selling price, and you may feel the need to keep all of it. However, the home selling process is complex because you’ll have to deal with pricing your home appropriately, handling the paperwork, and getting your home ready.
Furthermore, your home will miss being listed on the Multiple Listings Service, where only realtors and brokers can post. Case in point, get a real estate agent who understands the Market if you want the home selling process to be easier for you.
When choosing a real estate agent, find a professional who knows the market well and is able to give you advice on pricing your home correctly and effective marketing. A good real estate agent will also have a network of other professionals that they can recommend, such as mortgage brokers, home inspectors, and so on.
2. Get a Pre-Sale Home Inspection
A pre-sale home inspection is an integral part of selling your home and is highly recommended. After all, a home inspection report can show you any potential problems with your home that need to be fixed before listing on the market.
A foundation inspection is an important step in the home-selling process. It can help to ensure transparency, protect property value, facilitate negotiations, and provide peace of mind for all parties involved. If a foundation problem is discovered during the inspection, it must be disclosed to potential buyers. Failing to disclose foundation issues can lead to legal problems and potential lawsuits down the line.
Buyers will likely get their own home inspections anyway, so getting one done beforehand gives you the chance to fix anything that could potentially be a dealbreaker. This way, you can avoid any delays or hiccups in the sale process later on.
Home inspectors will check for things like water damage, structural issues, pests, and more. They’ll also assess the condition of your appliances and major systems like electrical, plumbing, HVAC, and so on. Once the inspection is complete, you’ll be given a report detailing any problems found.
3. Avoid Needless Upgrades and Repairs
You might be tempted to do a bunch of upgrades and repairs before listing your home on the market. However, not all upgrades are created equal, and some might not even increase your home’s value. Before making any upgrades or repairs, speak to your real estate agent.
They’ll be able to advise you on which ones will add the most value to your home and are worth doing. For example, painting your walls or replacing old carpeting is a relatively inexpensive way to make your home look nicer and appeal to more buyers.
On the other hand, things like expensive additional rooms and kitchen remodels might not be worth it in the end. This is because they likely won’t increase your home’s value enough to cover the cost of the upgrade or repair. Remember, you want to avoid over-improving your home for the neighborhood that it’s in.
Now, if you want to sell your house fast for cash, you don’t need to do any kind of repairs or upgrades. You can sell it to professional ash buyers, and you can read more on urbchicago.com.
4. Take Professional Photos and Videos for Your Listing
In today’s day and age, first impressions matter more than ever. This is especially true when it comes to selling a home, as potential buyers will likely see your listing online before they even step foot inside.
This is why it’s so crucial to take professional photos and videos of your home before listing it on the market. After all, you want your home to look its best and stand out from the competition.
Consider hiring a professional photographer if you’re not sure how to take professional-looking photos or don’t have the equipment. They’ll know how to capture your home in the best light possible and make it look as appealing as possible to potential buyers.
5. Put Your Home on the Market
One of the best things about having a real estate agent is that they’ll know the best time to sell a house. They’ll also be able to help you price your home correctly and list it on the Multiple Listings Service (MLS). When pricing your home, you’ll want to strike a balance between pricing it too high and too low.
If you price it too high, you might end up sitting on the market for months without any buyers expressing interest. On the other hand, if you price it too low, you could end up selling your home for less than it’s worth.
Your real estate agent will be able to help you come up with an appropriate asking price for your home based on recent comparable sales in your area. They’ll also be able to give you advice on when to put your home on the market to get the most interest possible.
6. Review and Negotiate Offers
Once you start receiving offers on your home, it’s important to review them carefully before making a decision. After all, not all offers are created equal, and some might be more favorable than others.
Your real estate agent will be able to help you review and compare each offer so that you can make an informed decision. They’ll also be there to negotiate on your behalf if necessary to get the best possible terms for the sale of your home.
7. Prepare the Necessary Closing Paperwork
This is the home selling process where the sale of your home will become official, and the buyer will take ownership. There are a lot of different documents you need to prepare for the closing, so it’s important to work with a qualified real estate attorney.
Some of the documents that you’ll need to prepare include:
- The purchase and sale agreement
- The deed
- The mortgage note
- The HUD-settlement statement
- Transfer tax forms
These are just a few of the many documents that’ll need to be prepared for the closing. Your attorney will be able to help you with all of them so that everything goes smoothly.
Step-By-Step Guide to the Home Selling Process
Selling your home can be a big undertaking, but it doesn’t have to be stressful. By following these seven important home selling process steps, you can ensure that everything goes smoothly and you get the best possible outcome.
If you have any questions or need help along the way, don’t hesitate to contact a qualified real estate professional. They’ll be more than happy to assist you and answer any questions you might have.
Now that you know the steps involved in selling a home, please check our blog for more informative tips on selling your home.