Selling a home is an art and it demands to be learnt. It is always better to have a basic idea of what it will look like before diving straight into the market.
There are several things which you need to consider before courting a buyer and a lot will be left to do after that. We will break the process into different steps to make it a learning curve for your convenience.
Knowing these steps will help you win over buyers and sell it for the most money – without much trouble.
Step 1: Decide How You’re Going to Sell
This is the first essential step which will dictate all other steps in the process. To be frank, technology is fast taking over all spheres of life. So there are conventional ways and the more digitalized ways of selling your home as well.
There are pros and cons for every option and you just need to find what suits you best.
Conventional Way with Real Estate Agent:
The real estate agent is the one who does all the work in your place and knows the market inside out. From marketing to negotiating the deal and offering a convincing offer, the agent is an expert of all and may work wonders in your favour.
That is the reason that most of the sellers choose to work with an agent because they can offer guidance on pricing, incentives, and local market expectations.
However, it does not come for free as the agents have their commissions in every deal. For helping you with the sale, the listing agent generally charges 5-6% commission (fee varies by location) and half of it goes to the buyer’s agent.
For Sale by Owner:
This is another way to sell your home. As indicated by the name, you sell the house by yourself and you do not have to pay any commission to the agent. However, the flip side is you have to do all the work by yourself.
In FSBO transactions, the seller places an offer and can stick to that price, and it is up to the buyer to pay their agent a commission. And if there are some issues, seller can discuss with the buyer’s agent.
Your home is likely to be sold if it is in good condition.
FSBO may save your money but it brings hosts of other problems. You have to do all the paperwork and home marketing by yourself.
You will be required to do things like listing the property online, taking high-quality photos, writing listing details, and scheduling showings. You have to have a good grasp over the real estate market to make evaluate the price of your home. Without deep insight, you would be at a great loss.
For many homeowners, especially the ones who are selling first time, saving money on the buyer’s agent fee isn’t worth the extra effort.
Selling with NY Rent Own Sell:
The good news is that you do not need to worry about all the marketing and other legal aspects for selling your home. NY RENT OWN SELL has a team of professionally sound brokers with thorough insight and loads of experience. Being insider gives us the advantage of knowing market and we exploit that knowledge to serve our clients to the best of our capacity.
With a team of professional real estate experts and tech professionals, NY RENT OWN SELL is one of the trusted platforms when it comes to selling your property in New York.
Step 2: Determine Your Asking Price
Now is the important task of evaluating your property. Being owner, you would like to make best out of it and yet there are constraints of market value so striking a good balance between personal expectations and market conditions is the hard job.
The value you put to your home will define how long would it take you to sell your home? Determine what is more important for you between time and money. If you are asking a high price, then it might take longer for you to find a buyer.
The traditional way to value a home is to manually select a few comparable homes that have recently sold in your area. This will give you a good idea of how much you will be able to make out of it.
Another option is to take the assistance of a real estate agent. Being an insider, he will be in a better position to make the right calculations and give you a real-time figure.
NYRENTOWNSELL offers such services to make the whole process convenient for you.
Step 3: Prepare Your Home for Sale
If the home is in a better position from an esthetically standing, then there are better chances to find a buyer and you will be able to justify the price.
Here is a step by step guide to preparing your home for selling.
- Imagine yourself in the shoes of a buyer and now peek into your home. Is it satisfying? If not then observe what needs to be done in the vicinity.
- Decluttering is one way to bring your home near to the original 3d blueprints. Make the countertops, shelves, closets and corners clean where items have accumulated.
- Endeavour to make the buyers visit smooth. Funky accessories on the walls or vibrant colours don’t add value to it. Make it look natural and esthetically amusing.
- Try and schedule a maintenance check-up of your home before an expected visit. Plugin holes and fill in all cracks, take care of the lawn and inspect electrical connections and devices.
Step 4: Market and List Your Home
If you are working with area estate agent he will market your home and enlist your property at MLA database. He will be applying the following ways:
- Coordinating professional photographs
- Posting signage in the yard
- Hosting a broker/agent showing
- Organizing an open house
Choosing the FSBO option means the owner has to do all of the above.
Step 5: Show Your Home
The real magic works when showing a home to a potential buyer. Buyers have come to visit your home, work it your advantage.
To Show, your home means keeping it pristine, tidying at a moment’s notice, and need to vacate space so potential buyers can visit comfortably.
You may need to allow buyers to come through, even when the timing isn’t convenient.
Step 6: Review Offers and Negotiate
If a buyer concludes buying your home, he/she will have to make a written offer which will be transferred through the agent to your agent. Your agent may brief you about how good is the offer at hand. It is better to have more offers as it will give freedom to secure our end towards the closing.
You need to consider the following points in negotiation:
pre-approval is evidence that the buyer can obtain the mortgage required to buy your home.
There could be a request from buyer for assistance in closing which is fix amount to assist with closing fees.
It is better to address the concessions in the initial offer to avoid any misunderstandings in the end. Seller concession is extra money to pay for things such as inspection fee, title insurance or any other fee.
Cash vs. Financing:
in all the offers at your disposal, the cash offer is suitable of all. It makes take a lot less time to close the deal if the bank or lender is not involved in the process.
This is a statement in a home sale contract which means that the buyer can only buy the house after the sale of their current property. Many sellers would opt to consider it but if you have many offers then going without contingency clause is way better.
it is another important point to consider as many would delay the closing time so try to rearrange offers concerning the offered time and choose which suits your timeline.
Step 7: Accept the Offer and Close the deal
Once the offer is accepted the deal is near to close. The buyer may inspect the property thoroughly and insure to move forward with the purchasing. Meantime, the buyer has to make sure the financing. During this period, the bank will initiate its process of checking the property and credibility of the buyer.
If the banks give the green signal then you are ready to transfer property. All that is left is the sigh and funds transactions.
Remember to keep a valid photo ID with you when you sign.
Your money will be transferred to you, and the sale will be complete. Congratulations, you made it!
Step 8: Move to Your New Home
If you have planned to buy a new home after the sale then now is the best time because you have to vacate the house now. If you planned to buy after the selling, then try to convince the buyer for a clause that would allow you to stay in there until you find home according to your taste.
At the end of the day, home selling is really about determining your priorities and which selling strategy will help accomplish those goals. The greatest favour you can do to yourself as a seller is to prepare your home to make a fine first impression.