Steps to selling your home

STEP 1 – DEFINE NEEDS
Write down all the reasons for selling your home. Ask yourself, „Why do I want to sell and what do I expect to accomplish with the sale?“

STEP 2 – PRICING STRATEGY
Your next objective should be determine the best possible selling price for your house. You will need to take into account the state of the local market, the condition of your home and sales of comparable homes in your neighborhood. It is often hard to maintain a non-biased view of your property, so you will want to gather the necessary information in the most objective way possible. If you want a truly objective opinion about the price of your home you could have an appraisal done. This may cost between $300-$500. Be reasonable about the price you set. You will always be better off setting a fair market value price than setting your price too high. If your home stays on the market too long because it is overpriced, potential buyers may think that something is wrong with it and you may end up selling it for less than what you could have gotten if you had started out with a realistic asking price.

STEP 3 – PREPARE YOUR HOME
Get your home in „showing and selling“ condition. First impressions are the most important. Work with your real estate agent to help you take a fresh look at your home.

• Organize your closets and kitchen cabinets

• Make sure items stored in the attic or basement are tidy

• Open the curtains or blinds during the day to maximize the natural light

• Turn on the lights at night to create a welcoming environment for prospective buyers

• A home with too much „personality“ is harder to sell. Consider painting walls white/neutral color, remove clutter. This will help the buyer to visualize the home as theirs

STEP 4 – MARKETING STRATEGY
Now that your home is ready, it’s time to put it up for sale and market it. Establishing a marketing strategy with your real estate agent is a must. Your agent will expose your home to the greatest number of potential buyers possible. He or she will use a marketing plan that will bring not only the most buyers, but also most qualified buyers to your doorstep. You and your agent should structure your marketing strategy so that the first 3-6 weeks that your house is on the market will be the busiest.

STEP 5 – RECEIVE AN OFFER
When you receive a written offer, your real estate agent will advise you as to whatever or not the prospective buyer is qualified to purchase your home. After determining the buyer’s qualifications, you and your agent will review the written contract, taking care to understand what is required of both parties to execute the transaction. The contract should protect the interests of all parties.

STEP 6 - NEGOTIATE TO SELL
Most offers to purchase your home will require some negotiating to come to win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent will review the written offer with you to make sure you thorougly understand what the buyers are offering and what they are asking you for in return.
Once both parties have agreed on the terms of the sale, your agent will prepare a contract. Remember...bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.

STEP 7 – OTHER NEGOTIATIONS
Once you accept an offer to sell your house you will need to make a list of all the things you and your buyer must do before closing.

STEP 8 – PRE-CLOSE PREPARATION
A few days before the closing you will want to contact the entity that is closing the transaction and make sure the necessery documents are goiing to be ready to sign on the appropriate date.

STEP 10 – CLOSING
„Closing“ refers to the meeting where ownership of the property is legally transfered to the buyer. Your agent will be present during the closing to help explain the process and forms to you and make sure everything goes as planned. Be sure to read all the documents and ask questions. It is important you understand every document you are signing.

Congratulations on the successful sale of your home! Now that you have closed, prepare to vacate your home in the time frame agree upon.

Selling Your Home?

In this market – and possibly this very moment – sellers across the country are
asking themselves one question: why isn’t my home selling?
While each client’s situation is unique, and we all think our homes are special, there is one underlying factor that makes or breaks a buyer’s decision to settle on your home: PRICE.

Pricing your home correctly in this market is one of the most critical actions you can take to sell your home faster – it's also one of the most difficult decisions you’ll have to make as a seller. Which is why so many people won’t do it. What sellers have to realize is that by making the decision to price correctly from the beginning they may be staving off further financial damage. For some, that means getting creative about finances, for others, it can sometimes translate to taking a small loss. In some cases, taking a small loss may be the best scenario.

Let’s look at it another way.

• John Seller paid $300,000 on his home that is now worth $250,000. Many REALTORS® would tell him to come down on his price at the beginning by say, $20,000.
  
  
• Now his asking price is $280,000.
  
  
• Scenario (1):
  A buyer comes along after one month on the market. They know, based on the CMA, that Mr. Seller’s house is worth $250,000, so they put in an offer for $245,000. Mr. Seller decides to counter with $255,000, and SOLD! Now Mr. Seller can move on knowing that he is lucky not to have lost any more on his home.
  
  
• Now Scenario (2):
  Mr. Seller actually decides not to come down on his price at all. As a result his home sits on the market for the first month with only a few bites from buyers but no official offers. An experienced REALTOR® would recommend that Mr. Seller come down 10 percent each month that his home doesn’t sell. He does it. Two months later Mr. Seller’s home is now at $243,000. Finally, in the third month, a buyer comes along and offers $237,000. At this point Mr. Seller is considering, but feels it’s too low, so his home sits another month. Frustrated, Mr. Seller decides not to come down on his price anymore. At this point Mr. Seller is in trouble. He is underwater on his mortgage and every additional dollar he loses on the home sale must come out of his pocket to pay off the loan. By starting at a higher value than the market will support, he stands to lose more than if he had factored in a small loss up front.
  

These two scenarios demonstrate the increasingly critical point of pricing your home correctly from the moment you decide to sell. While it may seem exaggerated, there truly are sellers experiencing situations similar to the ones described above. The good news is that by teaming up with an experienced real estate agent, who knows your market well, you have a far greater chance of making informed decisions about the price of your home. Your REALTOR® wants you to get the most money possible out of the sale of your home – and these days – that means reducing FROM THE START.

source: Wise Agent