The Path to Selling Your Home
The 5 steps necessary to a simple home sale
Selling a home can feel overwhelming for anyone who goes through the process, no matter if it’s your first or fifth time. Part of the issue is that each selling experience is unique to the situation. If you’re looking to put your house on the market, it’s important to take in consideration things such as, are you selling because you want a bigger or smaller space, are you moving to be closer to loved ones or is it due to a job relocation, etc. Taking into consideration your scenario and what you want the outcome of your sale to be (speedy sale, best offer, flexible move date, etc.). To help guide you through the selling process, we’ve mapped out the most common path home sellers make when putting their home on the market.
Step 1: Consult with a Listing Specialist.
You did it! You’ve decided it’s time to make the move, you’re ready to sell your house. The first phone call you should make is to a Real Estate Agent. They’ll likely schedule a time for you to meet over coffee or at their office to discuss your situation; however due to social distancing requirements this now may be done 100% on the phone. Treat this like an interview, during this meeting you’ll review pricing, strategy and tips to make your listing a must-see home. It’s also important that you vibe and like your agent. If you like what they have to say, this is the point where you hire your agent.
Step 2: Prepare your home.
Time to get prepared! You’ve got your Listing Agent and are now ready to get your home on the market. Now it’s time to prepare your home for showings. There are the classic attributes that set your home’s value. However, there are little things you can do that elevate your home’s value when being viewed to a potential buyer. Your agent will want to stop by and create a report for best ways to stage your home to maximize its appeal. This involves a pre-sale inspection, taking photographs, and giving you general staging advice and unique tips on what the market is looking for right now. For today’s market you’ll want to be prepared to do a virtual showing. Now you’re ready to discuss price.
Step 3: Set your price.
You made it! Your home is now ready for the market. Now it’s time to figure out what price to set it for. The easiest way to get a general idea of what your home is worth is by using our home evaluation tool. This is also a time to talk with your Real Estate Agent on setting expectations and what potential price adjustments you’d be willing to make based on the offers you receive. Depending on your situation, a lower price point may be the better option if it helps you dodge having to pay two mortgages at once.
Step 4: Finish the sale.
Congrats! You received an offer that works for you. Now is time to negotiate the inspections of you home. It’s likely that the buyer will hire a home inspector to evaluate everything from electric to plumbing. If anything they catch raised a red flag it’s time to negotiate if you’ll pay for it right off the bat or be willing to work in a credit so they may hire someone to come in and fix what’s needed. Once you’ve found acceptable terms, obtain a loan commitment so you don’t have to start back at square one of finding a buyer.
Step 5: Close & Move.
You’re done! You have sold your home and are ready to make the move to your next chapter.
For any more help in the home selling or homebuying process we’re here for you. Be aware that buying and selling at the same time can be quite the juggling act, especially during a market influenced by COVID. For any more help, browse through our Knowledge Center or contact one of our loan officers for a simple mortgage process.
Good luck on your homebuying journey!