The Commonwealth Blog

Monday, March 23, 2020

Selling Your Home Step By Step

If you’re thinking of selling your home, and you’ve never sold property before, the process may seem overwhelming. Selling property is a long journey with many legs, but it's easier to handle when you take it one step at a time. Here are eight major steps you should take when selling your home:

Get Good Advice

It isn’t always a good time to sell property—in some markets, waiting a few months could get you a better price. How do you know if it's the right time for you to sell? Talk to an expert. Meeting with a real estate professional won't cost you anything, but the advice you get could be invaluable.

Pick Your Price

There are dozens of websites that will tell you what your home is worth, but in reality, it’s worth whatever a buyer will pay for it. Real estate agents can give you a good idea of a reasonable asking price by comparing your home to recently sold properties, also known as comps, in your area.

Prepare for Inspection

Next, you have to get your house ready for potential buyers to see. It's difficult to look at your own home with a critical eye, but every buyer will be poring over it for any potential problems. Make sure your house is clean, and address any glaring maintenance issues.

Place Your Listing

Listing a home for sale means much more than just putting a sign in the front yard. Real estate professionals have access to a nationwide database of homes on the market. Put some effort into creating a listing that catches the eye and casts your property in the best light—you could get attention from buyers all over the country.

Negotiate and Renegotiate

If you are in a hot real estate market, you could get a full price offer, or even one that’s higher than your asking price. Most times, however, the buyer will offer less. If this happens to you, you're free to accept the offer or counter with a new one of your own.

Sign the Contract

Once you're done negotiating and you settle on the price and any other terms, you're ready to sign the contract. The selling process is almost done—however, there's still a chance for either you or the buyer to back out at this stage.

Final Inspection

As the seller, you want your money already, but the buyer wants to know they're getting the house they're expecting. At this point in the game, they may ask for a home inspection to make sure there are no hidden problems. If the inspection uncovers anything, they’ll probably ask you to repair the problem or reduce the price to compensate them.

Closing Time

The process is finally ending. You'll get your money, then you'll say goodbye to your old house. Maybe it's been a long road, but you’ve made it through.

Selling a home isn't difficult, but it is time-consuming and involves a lot of moving parts. Now that you understand the process a little better, we hope your sale won’t be so intimidating.


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