Understanding the Real Estate Process

Making the decision to sell a beloved home can be hard. The home selling process can be even more difficult to sellers who are less experienced. Whether your decision to sell is based on location or home-size, having a knowledgeable professional to explain the selling process is best. Before anything else, make sure to commit to the decision of selling your home. Once you have committed to selling, there are several steps to follow in order to have an easy transition.

Setting the Listing Price

The first step is to determine the listing price of your home. Begin with doing research on local listings that are similar to the size of your home. This will give an idea of what price range your house should be selling for. Once several property prices have been analyzed, make the final decision on a reasonable listing price. Speaking with an experienced real estate agent can help to clarify any confusion in this stage and provide insight to a marketable listing price.

Staging

Buyers typically decide to purchase a home when they can see themselves living there. Regardless of if your home is a fixer-upper or in pristine condition, staging can make a vast difference. To stage the home, include nicely scented candles, fresh flowers for a pop of color and even fresh bathroom linens and tableware. The goal is to make the buyer feel at home. Also, remember that staging can include fixing up the outside of the home to improve its curb appeal. When a buyer pulls up to a new property, the first thing they will notice is the condition of the outside of the home. Improving curb appeal is just as important as staging the inside of a home.

Negotiation

During the listing stage, it is common to be uncertain about the decision for the listing price of the home.  Keep in mind that sellers that are interested will either come in at asking price, below, or even higher than asking price. If the home has multiple offers, it is more common for sellers to place higher bids. This usually results in the home selling for higher than asking price. However, if a buyer has come in below asking price, meaning they are offering less than the asking price of the home, it is time for a negotiation. At this point, it is the seller’s decision on whether to accept the bid or to provide a counter-offer to the buyer. Ultimately, the decision to negotiate on price should reflect the true value of the home. Make sure to accept offers that do not deprive the home of its true value.

Contracts

Once there is an official buyer for the home, the next step is to analyze and abide by any contract guidelines. The contract will typically provide deadlines that need to be met before a certain amount of time. There will be deadlines for numerous articles of paperwork- including the home title- and for the inspection process and appraisal of the home. Following the contract is crucial as it ensures there are no complications for the final stages of the selling process and all legal guidelines are met.

The Walk-Through and Closing

Once all deadlines are met, the final steps are ready. The home buyer and their realtor will typically conduct a final walk-through before any final paperwork in the closing. The walk-through is a final inspection done by the buyer to ensure that the home is in the same condition as it was when the buying process began. The closing occurs afterward and consists of completing all final paperwork and dealing with closing costs. At this time, the seller transfers all ownership to the buyer and exchanges keys and payment to officially close the deal.

A real estate agent can provide a wealth of knowledge and assistance through the real estate process. To find an agent near you, search our Real Estate Agent Directory.