FOR SELLERS
10 Steps to Successful Selling
Selling a house requires a lot of time and effort, but these 10 steps can help make the home selling process manageable and help you make the best decisions possible.
STEP ONE
HIRE AN AGENT WHO KNOWS THE MARKET
Hire an agent who knows the market. We know the agents who are successful in selling homes for their clients. Avoid the hassle of searching online, contact us early and we can connect you with a great real estate professional-one who is perfect for you, your home, and your real estate needs. We strongly encourage you to work with a real estate professional who can guide you through the process of selling your home. An experienced agent earns their fee by exposing your house to the broadest audience to help you obtain the best offers possible and negotiate on your behalf. If you go it alone, you’ll have to personally manage prepping your home, marketing it, reviewing buyers’ offers and handling all the negotiations and details.
STEP TWO
SET A TIMELINE FOR SELLING YOIUR HOME
Set a timeline for selling your home. Selling a house is a major undertaking that can take two to four months from start to finish — or much longer depending on local market conditions. At least two or three months before you plan to list, identify any problem areas, especially structural or mechanical issues that might need addressing to facilitate a sale. Leave enough time to schedule necessary repairs.
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About a month before listing your house, start working on staging and deep cleaning in preparation for taking photos.
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Here’s a checklist of things to do before listing your home:
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Declutter, perhaps moving excess furniture to a storage unit.
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Schedule repairs if needed.
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Deep clean.
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Stage the house.
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Take professional photos.
STEP THREE
DON'T WASTE MONEY ON NEEDLESS UPGRADES
If you’re going to invest money into costly upgrades, make sure that the additions or updates you make have a high return on investment. It doesn’t make sense to install new granite countertops if you stand to break even or even lose money on the sale.
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Here’s where a good real estate agent can help guide you. They often know what people expect in your neighborhood and can help you plan upgrades accordingly. If local shoppers aren’t looking for super skylights or a steam shower, then it doesn’t make sense to add them. A fresh coat of neutral paint, new carpet and a spruced-up landscape are typically low-cost ways to make a great first impression. We can help you find the best real estate professional to guide you through these decisions.
STEP FOUR
CAPTURE MARKETING PHOTOS OF YOUR HOME
Work with your real estate agent to schedule a photo shoot to capture marketing photos of your home. High-quality photos are critical, since maximizing your home’s online appeal can make all the difference between a quick sale or a listing that languishes.
STEP FIVE
IF A SPEEDY SALE IS YOUR GOAL, HERE ARE TIPS:
​You’ve heard of curb appeal, but professionals say online appeal is now even more important. Your first showing is online. The quality of your online presentation will determine whether a prospective buyer calls and makes an appointment or clicks on the next listing.
FOCUS ON THE HOME'S ONLINE APPEAL
STAGE IT AND KEEP IT CLEAN FOR SHOWINGS
Real estate agents often suggest that sellers stage their homes. That simply means you remove excess furniture, personal belongings, and unsightly items from the home while it’s on the market and arrange rooms for optimal flow and purpose. We know home stagers that can help you get your home ready to list. Just give us a call and we can provide you with recommendations.
LET SOMEONE ELSE SHOW THE HOUSE
Make yourself scarce when potential buyers come to view your home. Let them imagine themselves in the space, free from the distraction of meeting and talking to you. Generally, buyers are accompanied by their own real estate agent to view your home, or you can ask your own agent to be present at showings.
STEP SIX
SET A REALISTIC PRICE
Even in competitive markets, buyers don’t want to pay more than what the comparable market data points show, so it’s crucial to get it right the first time. Pricing too high can backfire, while underestimating the home’s value might cause you to leave money on the table. A knowledgeable professional is key to establishing the correct price. We are here to help. Call us and we will connect you with our friendly, professional network of listing agents, perfect for you and your real estate needs.
STEP SEVEN
START RECEIVING OFFERS
After your home officially hits the market and buyers have seen it, ideally the offers will start rolling in. This is where your real estate agent is your best advocate and go-to source for advice. If you’re in a competitive market that favors sellers, buyers will likely offer at or above asking price, and you might even get multiple bids. On the other hand, if sales are slow in your area and you don’t get many offers, you may have to be amenable to negotiate.
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When you receive an offer, you have a few choices: accept the offer as it is, make a counteroffer or reject the offer.
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A counteroffer is a response to an offer, where you negotiate on terms and price. Things to consider:
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How the buyer is paying (cash versus financing)
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Type of financing
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Down payment amount
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Requests for credits or personal property
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Proposed closing date
If you’re lucky enough to get multiple offers, you might be tempted to go with the highest one, but be mindful that if a buyer is relying on lender financing, the property has to be appraised. Any shortfall between the purchase price and appraised value will have to be made up somewhere, or the deal could fall apart.
STEP EIGHT
ANTICIPATE SELLER CLOSING COSTS
We are experts in real estate closing costs. We can help you to understand the costs involved in selling your home. Both the homebuyer and seller have closing costs. The home seller typically pays the real estate agent’s commission, usually around 5 percent to 6 percent of the home’s sale price.
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Some other costs commonly paid by the seller include:
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Government transfer tax
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Recording fees
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Outstanding liens
Additionally, if the buyer has negotiated any credits to be paid at closing for repairs or closing costs, the seller will pay those too. Together with your real estate agent we can provide you with a complete list of costs you’ll be responsible for at the closing table. While the buyer typically pays a bulk of closing costs, anywhere from 2 percent to 4 percent of the sales price, know that you might have to pay some fees, too.
STEP NINE
TAXES
The good news is many home sellers won’t owe taxes on profits from the sale of their primary home. As a general rule-if you’ve owned and lived in your home for at least two out of the previous five years before selling it, then you would not have to pay taxes on any profit up to $250,000. For married couples, the amount you can exclude from taxes increases to $500,000.
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However, if your profit from the home sale is greater than $250,000 ($500,000 for married couples), then you need to report it to the IRS on your tax return as a capital gain. Be sure to consult with your tax preparer or CPA to give you professional guidance regarding your tax implications. We can connect you with our network of knowledgeable tax preparers. Simply give us a call-we can make the introduction.
STEP TEN
COORDINATE THE PAPERWORK
There’s lots of paperwork needed to properly document a home sale. This is where we shine. We can help you organize your papers all in one place to help things go more quickly. Some of the main documents you’ll need to gather include:
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Your home’s original purchase contract
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Property survey, certificate of occupancy and certificates of compliance with local codes
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Mortgage documents
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Tax records
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Appraisal from your home purchase
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Home inspection report if you did one
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