The home selling process can appear very daunting, especially for a first-time home seller. However, when selling a house is done properly, it can shorten the home selling process timeline and generate a good return on investment for homeowners. The good news is that learning how to sell your house is not rocket science.
So, are you ready to sell your house? Here is the home selling process step by step:
1. Decide how you want to sell
The first thing in your home selling process checklist should be deciding how to sell. You can either sell the property on your own or hire a real estate agent:
- For sale by owner – Also known as FSBO, this option is ideal for people that have experience in selling and buying property. Selling property on your own allows you to save costs and thus make a higher profit. However, this option can be overwhelming for first-time home sellers that don’t understand the process of listing property, showings, and pricing correctly.
- Real estate agents – When selling your first home, the wise thing to do is work with a realtor or real estate listing agent. An experienced agent will help you navigate the home selling process and enhance your chances of making a quick sale. Agents come in handy for how to sell a house by setting a competitive price, marketing, liaising with the buyer’s agent, preparing paperwork, and negotiating offers.
Listing agents usually charge a commission of 5-6% of the total sale price of your property, which is then shared with the buyer’s agent. You can use Mashvisor’s Agent Directory to locate top performing agents in your area. Alternatively, you can ask family or friends for a referral. When you have shortlisted several agents, take time to interview them to find the best fit for you and your property.
2. Find out what your home is worth
Price setting is an important element of the process of selling your home. If your home price is too high, you will struggle to attract buyers that are looking for a good bargain. Though you are free to list your property at any price you wish, start the home selling process by finding out what the market is willing to pay. One of the best ways of establishing your home value is by performing a Comparative Market Analysis (CMA) which will show you the price range of comparable properties sold recently in your area. A good real estate agent can provide such information packaged in a helpful report which will make it easier to price your home appropriately.
3. Conduct a professional home inspection
When it comes to how to sell a house, a home inspection is a must. Though a professional inspection might cost several hundred dollars, it is worth it since it will help you avoid surprises during the home selling process. Some states even require home sellers to disclose any major problems about the property to the buyer. A home inspection is the best way to detect any problems before putting your property on the market. At the end of the inspection, ask for a detailed report on the home’s condition and recommendations for repairs and maintenance.
Related: The Best Home Inspection Tips for Sellers
4. Make replacements and repairs
When you detect a problem with the property during inspection, don’t make the mistake of hiding it. Instead, fix the problem ahead of time to avoid wasting time negotiating repairs with buyers during the home selling process. Making replacements and repairs will also increase your home’s value and attract more buyers that are looking for a ready-to-move-in house.
However, it is crucial that you don’t overdo the replacements and repairs. Focus your attention on upgrades that will leave a strong first impression on buyers. Important issues such as a damaged roof, cracked ceiling or outdated HVAC system should be addressed first. Upgrading your bathrooms and kitchens can also help add value to your property. Low-cost fixes for transforming your space could include new light fixtures, a fresh coat of paint, a new carpet, and a well-manicured lawn.
Related: 11 Home Renovation Tips to Increase the Value of Your Investment Property
5. Stage your house for sale
The next step in the home selling process is preparing your home for sale. Begin with a thorough cleaning of every surface and room to get your house ready to sell. For best results, outsource the task to a professional cleaning service. Get rid of any clutter in order to make your home spacious, welcoming, and ready for new occupants. Home staging should also involve putting away personal items so potential buyers can see themselves living in the home.
The most important rooms to stage in a home are the bathrooms, bedrooms, living room, and kitchen. Don’t forget to improve your curb appeal as well. You could hire a professional stager who might add some design pieces and furniture for showings.
6. List the home
Besides listing your home on the MLS, you can also make use of real estate listing sites such as Mashvisor. Make sure the listing contains important facts and data about the house such as the number of bathrooms and bedrooms, lot size, interior square footage, year built, and asking price. Other details that could help in how to sell your house include parking arrangements, cooling and heating configuration, and the address.
Another important aspect of your listing is photos. The images on your real estate listing can determine whether a potential buyer will call and book a visit, or click to the next property for sale. This is why you should consider hiring a professional photographer to take high-quality photos for your listing. Make sure you have at least one shot of every hallway and room, plus several of the exterior.
Create your listing for free in the Mashvisor Property Marketplace now.
7. Market the property
Marketing is a crucial part of how to sell your house. You can market your property in the following ways:
- Hosting virtual tours – 3-D tours allow potential buyers to get a realistic feel of the home.
- Social media – You can share your listing on social media channels such as Instagram, Pinterest, and Facebook with relevant real estate hashtags.
- For Sale signs – This old fashioned real estate marketing strategy still works!
- Offline marketing – Local magazines, newspapers, and flyers can be very effective strategies for reaching more property buyers.
8. Negotiate offers and close
If you do your home selling process homework well, you are likely to receive multiple offers on your home. When you get an offer, you can either accept it or make a counteroffer. When you accept an offer, the buyer might order an appraisal of the property. Once you have reached an agreement, consider hiring a title company or escrow to handle the closing process. When the real estate contract has been signed, you will then receive your payment and the sale will be complete.
Related: 10 Best Real Estate Negotiation Tips for Sellers
And with that, the home selling process will be over!