Simple steps to help you sell your home

1. First, define your needs - Write down all the reasons for selling your home. Then ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growingfamily may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame and profit margin for the sale.

2. Find your price - Your next objective should be to figure out what is the best possible selling price for your house. Setting a fair asking price from the start will generate the most activity from other real estate agents and home buyers. You need to take into account the condition of your home and what comparable homes in your neighborhood are selling for. If the other homes in the area are in better condition or lesser condition or equivalent to yours. It’s often difficult to remain unbiased when putting a price on your home, so your real estate agent’s expertise is invaluable with this step. Your agent will know what comparable homes are selling for in your area and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Most people decide to use the Realtor’s opinion for a price to sell at. Remember, you’re always better off setting a fair market price than setting your price too high and lose all of the initial buzz on the property, it only happens once. Studies show that homes priced higher than 3 percent of their market value take much longer to sell and usually have to be reduced further for the sale. If your home sits on the market for too long, potential buyers may think there is something wrong with the property and choose not to add the home to their view list.

3. Preparing your home - Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to do your inspection and get your house in tip-top shape.  The condition of your home will affect how quickly it sells and the price the buyer is willing to pay.   First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers.  A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as their own.  Make minor repairs and replacements an necessary.  Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression.  Clutter is a big no-no when showing your home to potential buyers.  Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as big as possible.

4. Now get the word out - Now that you’re ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: The Internet, yard signs,  open houses, media advertising, agent-to-agent referrals,  direct mail marketing campaigns and more.  In addition to listing your home on your local MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home.  Your agent should structure the marketing plan so that the first three to six weeks are the busiest.

5. Receive an offer - When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following:  Legal description of the property. offer price, down payment, financing arrangements, list of fees and who will pay them, deposit amount, inspection rights and possible repair allowances, Method of conveying the title and who will handle the closing, appliances and furnishings that will stay with the home,  settlement date and contingencies.  At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it.  Remember, once both parties have signed a written offer, the document becomes legally binding.  If you have any questions or concerns, be certain to address them with your real estate agent right away.

6. Negotiate the sale - Most offers to purchase your home will require some negotiating for a 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 process.  Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: Price, financing, closing costs, repairs, appliances and fixtures, landscaping, painting and move-in date.  Once both parties have agreed on the terms of the sale, your agent will prepare a contract.

7. Preparing to close - 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. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.

8. Closing the deal - “Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a “to do” list for turning the property over to the new owners. Here is a checklist to get you started: Cancel electricity, gas, lawn care, cable and other routine services.  If the new owner is retaining any of the services, change the name on the account.  Gather owner’s manuals and warranties for all conveying appliances and leave them on the kitchen counter for the new home owner.