April 4, 2018 OSMH Team

What is the Home Selling Process?

 

home selling process

If you want to sell your house without hiring a realtor, know that the home selling process is going to be overwhelming, but it’s doable provided you know all the important steps and have a plan in place. In this post, we have put together the whole process of selling a house step by step. While reading these steps, you will learn some tips that will increase your chances of selling your home for top dollar.

Clean your home

Thoroughly clean your house from top to bottom. Also, don’t forget the ignored areas, such as window wells, roof gutters, blinds and baseboards, to name but a few.

  • A clean house will be more appealing to potential buyers, and you will be more likely to get a higher price for it.
  • If possible, hire a professional cleaner, especially for a deep cleaning service.
  • Be sure to get rid of clutter to make your house look as spacious as possible.

Have your House evaluated

Be realistic when you set the price of your home. Many listings don’t sell just because the owners set a price that is unrealistically high, and the market can’t offer that much. If you don’t want to end up waiting for ages to sell your house, hire a professional to have your home evaluated. The professional will give you a price range in addition to a good reference point in case a realtor or buyer says that the price is too high.

  • Relying on the property tax assessment alone is not a good idea.
  • Find out how much the similar houses in your area are selling for.
  • Hire a professional appraiser

home selling process

Have An inspection Done

Buyers have the right to inspect your home before taking it to the next level. Therefore, you should be ready. It’s even better to have a home inspection done before you even run an advertising campaign.

After an inspection, you may have to make some big repairs to the electrical/heating systems, septic, plumbing and appliances. The buyer may also have a closer look at the foundations and roof of your home. You may follow the home inspector’s recommendations and make the necessary repairs.

Make a List of selling points

Make a list of some powerful selling points in order to attract potential buyers before you market your property. Some important items on your list may include schools, hospitals, parking lots, and recent innovations in the area.

Your ads should highlight these points. When you talk to potential buyers about your house, do point out these special selling points. This will give buyers some solid reasons why they should buy your property instead of others in the neighborhood.

Prepare for a staging

Staging is an important step when it comes to selling a house. What you need to do is make your home as appealing as possible to potential buyers. Make sure your house is not too quirky, colorful, dirty or cluttered. It’s better to stage your house to look clean, bland, spacious and typical.

Market your Property

If your house is located in a high-traffic area, install a “for Sale by Owner” signboard outside your house or in yard.

  • You can list your house on a listing website, such as Craigslist. Classified ads in local newspapers can work too. You can also get the word out about your house on social media platforms, such as Facebook and Twitter.
  • You can also consider putting up fliers, especially if they are allowed in your area.

Show your home

Within a few days, you may get calls from realtors or potential buyers. They may express their wish to see your home. Some buyers may want to see your house in the middle of the day, and you may not be at home during that time. In this case, you may ask a family member or friend to be there.

Lower the asking price

If you have priced your home too high, you might not get any offer. Keep in mind that you will have to pay for property taxes, upgrades and other maintenance expenses until your house gets sold. So, it will keep adding to your expenses.

You may set a deadline. Once the deadline is reached, you should lower the price of your home to attract more buyers and get some offers. For instance, if it’s been two months but you have got no offer, consider reducing the price by $25k.

If you still don’t get any bid, get out and take a walk around your area. Look at the other houses in the neighborhood and ask yourself, does my house look better than other houses in the area? While asking this question, be honest with yourself.

If you think that the other properties in your area look better, consider lowering your asking price so your house look more appealing.

Offer incentives

Know that even a small rebate can be a great incentive. To make your deal more attractive, for instance, you can offer to pay the closing costs. This may prove a great incentive for the potential buyers.

Negotiate Properly

Negotiation is one of the major steps in the process of selling a house. If a buyer shows interest in your property but is not sure whether he or she should go for it, use this as an opportunity to make your property appealing and convince the buyer.

For instance, if the buyer says that the patio doesn’t look good because it has not been varnished for years, you can come down a bit. This will help the buyer re-varnish the patio when they move in. you can also make a small concession for other improvements or give up an appliance.

Close quickly

After the negotiations are over, make sure you close the transaction as soon as possible. Be sure to provide the required disclosure documents.

If you don’t like the offer made by the buyer, make a counter offer instead of saying no. You may talk to a lawyer about the offer so they can evaluate it to see if it’s a reasonable offer.

Once everything is settled, you should move out as soon as you can.

So, these are some important steps that you need to follow when selling your house.