If you are embarking on the journey of selling your home, remember that this is a process that does not happen overnight. You must be patient and willing to negotiate. You will probably encounter frustration at times. But, don’t let that discourage you. The satisfaction you get in the end when you close on the sale of your home is worth it.
👤 Find the Right Real Estate Agent
Your real estate agent is going to be your go-to person throughout the home selling process. They will be by your side from the time you list your home for sale until you close on the sale of your home. Therefore, you must choose an agent with whom you’re comfortable. The agent you choose will represent you and negotiate offers you receive from prospective buyers. Choose someone who has a proven reputation within the real estate industry. Your agent should be experienced and know your market.
🏡 Staging Your Home for Buyers
When buyers attend an open house at your home, you want them to feel at home. Buyers should be able to picture themselves living in your home. The idea is to get buyers excited about buying your house. Therefore, staging is paramount to accomplishing this objective. Your real estate agent can offer valuable advice regarding the staging of your home. You’ll want to remove clutter, make small repairs and rearrange or remove furniture to maximize space. You should also use neutral colors, such as when painting because doing so will appeal to a larger number of buyers.
💲 Set the Right Asking Price
The asking price you set for your home will determine the number of offers you receive. If you set the price too high, especially if the market is saturated with homes for sale, you will receive few offers. If you set the price too low, you might sell your home faster, but you could lose thousands of dollars. Therefore, research your market to see what comparable homes are selling for. You can also search recent sales and view your county assessment records to get an idea of how much your home is worth, so you can set the right asking price.
📝 Accepting an Offer
If buyers like your home, you can expect to receive several offers. After analyzing the offers, you will decide which offer meets your standards. You can either accept the offer immediately or negotiate with that buyer. Once you and the buyer have agreed to a price, you are ready to accept the buyer’s offer.
💡 What Happens After You Accept an Offer
Once you accept an offer, your attorney will draft a purchase agreement that will then be sent to the buyer’s attorney. The buyer may negotiate the purchase agreement and add terms, such as required home repairs. Or, they may simply accept the agreement as is. Once you and the buyer agree on the purchase agreement, the buyer’s lender will require an appraisal. If the home doesn’t appraise for the selling price, either the buyer will make a larger down payment, or they will negotiate with you to get the price down. If the home appraises, the buyer will then have a home inspection performed. If problems are found, you and the buyer can work out the details of addressing such issues. Once the problems are fixed, you will proceed to closing.
📅 What to Expect on Closing Day
As the seller, you may not be required to attend the closing. You may be given the option of signing all original documents before the closing. You have the advantage of using this time to move into your new home and begin getting settled. The buyer, on the other hand, will need to attend the closing. The closing will take place at either an escrow agent’s office or an attorney’s office. Funds will be collected from the buyer at closing. At that time, the funds will be wire transferred to you to the account which you have designated. Once the money changes hands, you can consider the closing complete. You are no longer the owner of the home.
The home selling process takes time and patience. Frustrating things can happen along the way. Perhaps, you’ve dealt with a buyer that never stops negotiating. Or maybe you’ve worked with a buyer through several negotiations only to find that the buyer can’t get the loan. Eventually, you will find the right buyer. Once you make it through closing, you can breathe a sigh of relief and move on with your life.
Your real estate agent is the best source of information about the local community and real estate topics. Give Chris Kostopoulos Group a call today at 617-751-4111 or email him at Chris@Isellmass.com at to learn more about local areas, discuss selling a house, or tour available homes for sale.