13 Step By Step Guide to the Home Selling Process You need to know

Home Selling Process: The process of selling a home can seem overwhelming, especially to a first-time seller. However, if a home sale is done correctly, it can shorten the timing of the sales process and provide a good return on investment for homeowners. The good news is that learning to sell your home isn't rocket science.

Selling a home is the same whether it is a sale by the owner or hiring a real estate agent. Some details may vary slightly from state to state, but this checklist enumerated in this article can serve as a general guide. Contact a local professional for details on the specific requirements in your state.

If you take the time to study the Home Selling Process from start to finish, you are sure to stand out from other sellers in your area and maximize your profits. Thus, there are 3 questions you need to answer before you sell your home:

• What’s your home worth, anyway?
• How much would you actually make if you sell?
• When should you list your home for sale?

So, are you ready to sell your home? Here is a 13 Step By Step Guide to The Home Selling Process. But before that, when is the best time to sell your house?

WHEN IS THE BEST TIME TO SELL A HOUSE?

Finding the right time to buy a home can be difficult. The trends in the real estate market are very different depending on the season. So listing your home a few months earlier or later can make a difference of several thousand dollars. Read on to find out the best time to start listing a home and make sure you win the best price.

Spring

Spring is generally considered to be the best time of year to sell a home. After a long, cold winter, potential buyers wake up, and pedestrian traffic to your home increases. The average buyer is much more likely to visit a property for sale and make an offer once the cold weather subsides. In addition, families with school-age children are more likely to buy during this time as they would like to settle in before the start of the new school year. These and other reasons generally make spring the best time to sell a home.

In general, if you are wondering what is the best month to sell a home? According to national statistics, the first half of the month of May shows faster and more successful sales than the rest of the year. The average home sells two weeks faster and for $ 2,500 more! With the freedom to choose your timing, this is definitely the best time to sell a home fast.

However, spring is not always a good choice. The main reason for its popularity is the improved weather conditions that make consumers go out after a long winter. However, if you live in an area where the seasons don't differ too much, spring won't necessarily bring more pedestrian traffic than the rest of the year. Be sure to study the trends in your area to determine the best time to buy a home.

According to a study from Smartzip, spring is the best time to sell a house in the following US states:

• Alabama
• Arkansas
• Arizona
• California
• Washington DC
• Delaware
• Florida
• Georgia
• Hawaii
• Idaho
• Louisiana
• Massachusetts
• Maryland
• Minnesota
• Missouri
• Mississippi
• North Carolina
• North Dakota
• Nebraska
• Nevada
• Ohio
• Oklahoma
• Oregon
• Rhode Island
• South Carolina
• Tennessee
• Utah
• Virginia
• Washington
• Wisconsin
• West Virginia

Summer

The spring dynamics will continue to be strong in the summer months. Homes will have a high curb appeal during this time when the flowers are in full bloom. Summer may be the best time to sell a home if you live in a good school district. Families will flock to your area and many will be in a hurry to buy before the school year begins.

Here are the US states where summer is the best time of year to sell a house:

• Alaska
• Colorado
• Connecticut
• Kentucky
• Michigan
• New Hampshire
• New Jersey
• New York
• Pennsylvania
• South Dakota
• Vermont
• Wyoming

Falling

Even though the high season is over, fall can still be a good time to sell a home. Usually, when selling a home there is a lot less competition on your way, which makes your real estate ad stand out a lot more. Although you run out of families with school-age children, many people are still looking for a new home.

If you live or own a rental property in one of the following states, fall is a great time to sell your property:

• Iowa
• Indiana

Winter

The worst month to sell a home is without question December. In the middle of winter, only a few people decide to look for their future home. You can expect some people to move for work or other family reasons to be looking for accommodation. But in general, demand will be low and it is definitely not the best time to sell a home.

To avoid the stiff competition that will appear in the months ahead, be sure to list your home in February or March. These months tend to be more active than their cold predecessors and tend to have much easier competition than the upcoming sales season. Getting your home on the market before the competition starts can sometimes be a good strategic decision.

However, if you happen to own a property in one of the following states, winter can actually be the best time to sell:

• Kansas
• Maine
• Montana
• New Mexico
• Texas

The Real Estate Home Selling Process Explained

If you are in the process of selling a home, you don't need to be in a hurry, take your time to prepare. The step by step selling process is similar to the buying process in that it has many stages and moving parts. If you can remember when you bought your first home, you can even reverse engineer the process to see what it might look like for the seller. Below is a step-by-step home selling process you can take:

#1. Decide how you want to sell

The first thing on your home selling checklist should be deciding how you plan to sell. You can either sell the property yourself or hire a real estate agent:

• For Owner Sale - Also known as the FSBO, this option is ideal for those who have experience selling and buying a property. Selling a property yourself will save you money and make a higher profit. However, this option can be overwhelming for first time sellers who don't properly understand the process of listing properties, exhibits, and prices.

• Real Estate Agent - When selling your first home, it is best to work with a realtor or real estate listing agent. An experienced agent will help you control the sales process and increase your chances of a quick sale. Agents are useful in knowing how to sell a home by competitive pricing, marketing, connecting with the buyer's agent, preparing paperwork, and negotiating deals.

Listing agents usually charge a commission of 5-6% of the total sales price of your property, which is then shared with the buyer's agent. You can use the Agent Directory to find the best-performing agents in your region. You can also ask your family or friends for a recommendation. Once you've selected multiple agents, take the time to interview them, and find the most suitable one for you and your property.

#2.Finding the right listing agent:

If you don't want to use a real estate agent, it's imperative to know that Selling a home can be a lengthy process, and sellers want to make sure they find the right agent who best suits their interests. Finding the right agent can include asking for recommendations from friends, family, and co-workers, checking agent websites, etc. After this, you can interview the top picks.

Before you choose an agent, here are three small steps I recommend:

• Find a few local real estate agents and explore reviews online about any agent, then contact some for interviews.
• Spend 30 to 45 minutes interviewing each agent.
• Based on your interviews, choose an agent that suits you.

#3. Find out what your home is worth

Pricing is an important part of the selling process for your home. If your home is too expensive, you will have a hard time finding buyers looking for a good deal. While you can list your property at the price you want, start selling your property by finding out what the market is ready to pay. One of the best ways to determine the value of your home is by performing a Comparative Market Analysis (CMA), which shows you the price range of comparable properties recently sold in your area. A good real estate agent can provide this information in a useful report that will make it easier to properly value your home.

#4.Conduct a professional home inspection

When it comes to selling a home, a home inspection is a must. While a professional inspection can cost hundreds of dollars, it is well worth it because it helps avoid surprises when selling a home. Some states even require home sellers to disclose any major problems with the property to the buyer. A home inspection is the best way to spot problems before putting your property on the market. After the inspection is complete, request a detailed report on the condition of the house and recommendations for repair and maintenance.

#5.Make replacements and repairs

If upon inspection you discover a problem with the property, don't make the mistake of hiding it. Instead, solve the problem ahead of time to avoid wasting time negotiating repairs with buyers during the sales process. Replacing and repairing also increases the value of your home and attracts more buyers looking for a home that is ready to move into.

However, it is important not to overdo replacements and repairs. Focus on upgrades that make a great first impression for buyers. Critical issues like a damaged roof, cracked ceiling, or an outdated HVAC system should be addressed first. Upgrading your bathrooms and kitchens can also help add value to your property. Inexpensive solutions for remodeling your space may include new lights, a fresh paint job, new carpet, and a well-tended lawn.

#6.Stage your house for sale

The next step in the selling process is getting your home ready for sale. Start by doing a thorough cleaning of all surfaces and spaces to prepare your home for sale. For best results, contact a professional cleaning service. Get rid of clutter to make your home spacious, inviting, and ready to welcome new residents. Home staging should also include storing personal items so that potential buyers can see how they live in the house.

The most important parts of a house are the bathrooms, bedrooms, living room, and kitchen. Remember to improve your curb attractiveness as well. You can hire a professional set designer to add design pieces and furniture for the exhibits.

#7.Listing the home for selling

In addition to listing your home on MLS, you can also use of other property listing sites. Make sure the list includes important facts and data about the house, such as the number of bathrooms and bedrooms, the size of the property, the interior area, the year of construction, and the location. Asking price. Other details that could help you sell your home include parking, cooling and heating settings, and the address.

Photos are another important aspect of your ad. The images in your property ad can determine whether a potential buyer calls and books a visit on the next property for sale. For this reason, you should hire a professional photographer to take high-quality photos for your ad. Make sure you have at least one photo of every hallway and room as well as several of the outside.

#8.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.

#9. Fill out seller disclosures

All homes in the United States that built before 1978 are subjected to lead-based paint disclosures; therefore, if you are aware of any material facts, be sure to disclose them. You should also provide full disclosure of anything that has been a problem in the house while you were the owner (leaks, faulty wiring, rodent damage, pests, cracks in concrete flooring, etc.) and explain how the situation has been corrected. It is also a good measure to disclose whether you have had pets residing in your home. This is important for people with allergies. And if your house belongs to a homeowner association, additional documentation may be required.

#10. Show your house.

You can discuss with your agent the options how to show your house: by appointment only or access by lockbox. If you still live in the house, the appointment option is the best because it allows you time to get ready for the showing. You will want to quickly put things away to protect your privacy.

This method can be combined with a lockbox option. In this case, an appointment is made, you tidy up your house and leave a few minutes before the showing. The realtor then uses the lockbox to enter your home at the appointed time. If you no longer live in the house, then a lockbox would be a better option for you because the home is always ready for a showing. It maximizes the number of showings your agent can make.

#11. Receive a purchase offer and negotiate.

If the price of your home is competitive you should be offered several offers. If the bids are below your asking price, you can make a counteroffer or request the full price. Buyers like to test the water to see how you might react, yet leave room for negotiation. Real estate investors and seasoned real estate agents often do this to maximize the benefits for their buyers.

Keep an eye on all offers and counter-offers from potential buyers, but remember to work with one offer at a time. Together they give you an idea of what people are willing to pay for your home. You can then adjust your price accordingly. You should apply for an "opt-out" or right of first refusal if the buyer's offer is contingent on the sale of a home. This will help you avoid a difficult situation.

#12. Home inspection and appraisal.

Most likely, the buyer will hire a home inspector to inspect your entire home for damage or malfunctioning components. That way, the buyer can make an informed decision about buying the home, and the buyer can ask you to fix or replace several things before proceeding with the sale.

During this time in the buying process, the buyer can step back from the deal if they discover that something is wrong with your home. It is therefore important to repair or replace anything that appears immediately before your home is presented.

You should also fully disclose the things that you plan to repair or replace that come with the sale. If the buyer needs financing to buy your home, their lender will hire a third-party company to assess the current market value of your home. Based on this value, the lender determines how much money to lend the buyer.

If the valuation is lower than your asking price, the buyer can use it to renegotiate the transaction. However, if the buyer terminates the contract after the valuation of your home exceeds the contract price, ask your agent or attorney about your rights. One thing to know: you won't get a copy of this review because you didn't pay for it.

#13. Sign title and escrow documents, and surrender your keys.

Before signing the final documents, check with your representative to make sure the title company and mortgage lender have everything covered for you. Once the documents are signed and the deal is complete, return your keys to the new owner.

Don't forget the key to the mailbox if you are a member of an owner association. The title company sends the closing papers to the county for documentation (replacing your name with the name of the new owner who owns the home). Funds from the net proceeds can be transferred to your bank for a small fee or it can be a live check that will be sent to you right after the deal is closed.

CONCLUSION

The number of home sales in the United States has grown steadily, but the growing demand from first-time home buyers has skyrocketed. In what is arguably a seller’s market, now is a good time for owners to refine their sales strategy and maximize their sales. According to the National Association of Realtors, 8% of these homes have been sold by owners. If you are considering selling your home through the owner’s process, it should be noted that the process is very similar to that of working with a listing agent. Instead, however, the owner would be responsible for handling all aspects of the home sale process that a broker is generally responsible for.