Selling your home can be an incredibly emotional, stressful process, which is why it is so important to follow the right steps when deciding to sell your home. We’ve put together a step-by-step guide to selling your home, to help guide you in the right direction to ensure your selling experience is as easy as possible.
Decide to Sell Your Home
Don’t worry if you’re still paying off your mortgage, there are several options depending on what type of mortgage you have. However, you’ll need to talk to your lender before you can proceed. The Key here is to make sure you're you are ready both financially and emotionally.
Meet With a Real Estate Agent
It’s important to partner with a Real Estate Agent you feel completely comfortable with. Don’t fall for the trap of partnering with the first Real Estate Agent who suggests the highest asking price. Shop around. A good Real Estate Agent can help you price your home to sell, answer questions like “When is a good time to sell?” and has in-depth knowledge of the market. An agent will provide you with a comparative market analysis and all the tools they have to help sell your home the fastest. Start your search for a reputable Real Estate Agent, by checking if family and friends have a preferred Real Estate Agent or search online for the most visible and professional one. Visit your local real estate office; pay attention to advertisements and For Sale signs.
Establish a Price
Now that you have chosen an agent, they will help you establish your asking price for your property. Pricing your home too low or too high is not an option. Setting a fair price will attract more potential buyers, and give your home more exposure. Your Real Estate Agent should be able to explain to you the multitude of factors influencing pricing, including: competitive pricing, current market stats, and of course the estimated value of your home.
Prepare Your Home for Sale
View your home through the eyes of the buyer and ask yourself what you would expect. Your agent will help guide you and give you tips on de-cluttering and other things that will help your home be more sellable.
Listing Your Home
When everything is in place, your agent will put your home on the open market. The next step will be to sign a Listing Agreement, which gives your REALTOR® permission to post your property on MLS (Multiple Listing Service). They’ll then begin marketing your home through a variety of mediums — digital and traditional — and inform other REALTORS® (representing buyers) that your property is on the market. Your REALTOR® can also help you prepare your home for staging. Your RE/MAX agent will be actively working hard behind the scenes, marketing your property to colleagues, clients and the public!
Potential buyers may ask to see your home on short notice. It is best if you can accommodate these requests, you never want to miss a potential sale. After each showing, your RE/MAX agent will follow up with the people who viewed your home to hear their feedback.
Offers & Negotiations
After the hard work of marketing and promoting your home pays off, you’ll hopefully have a few offers on the table. If everything goes well, a buyer’s agent will present your agent with an offer. You have three choices – accept the offer, counter the offer or reject the offer. Our knowledge of your needs will enable your agent to represent you in the best way possible.
At this point, you have accepted an offer and have agreed to all the terms set forth in the contract.
When the agreement of purchase and sale is accepted and signed by all parties, the conditional phrase begins. The buyers will have a pre-determined amount of time to fulfill items likely including home inspection, financing, home insurance, etc. Your lawyer and Real Estate Agent will walk you through the paperwork and legal bits needed to close. Once the conditions are removed, you now have a firm and binding contract for the sale of your home. SOLD!
Congratulations! This is the date of transfer of funds and ownership that was agreed upon in your binding contract. Be sure you are packed up and ready to go before this date! With the sale of your home complete, you can now begin looking for a new place.