9 Things to Consider Before Selling Your Home
Selling your home is a huge decision. After quite a bit of research on local realtors in your area and how long the selling process you may feel overwhelmed with the process.
If you know you’re ready to sell your home but not sure where to start, we made a step by step guide on what to consider before selling your home.
1 | Price your home accurately
According to NAR, 17% of people who have done For Sale By Owner (FSBO) said pricing their home was the most difficult task. Not only can pricing your home be difficult but accurately pricing your home can be close to impossible. In fact, homes priced by owners are an average of 2% higher than homes listed by agents according to Trulia research. Although that may sound good, it doesn’t necessarily mean they will sell at that price. Homes that are priced inaccurately actually stay on the market longer.
To accurately price your home, here are a few things you should research:
Current prices for homes similar to yours in your city and neighborhood. Because you aren’t a Realtor, it’s impossible to pull an accurate list of comparable homes without access to the MLS data so you may need to rely on sites like Zillow and Trulia which aren’t always accurate. However, you can get a free home value report here.
The ROI of any improvements and renovations you’ve made to your home. This can take quite a bit of time and research depending on how many improvements you’ve made to your home. You’ll also want to be careful to not over or underprice the ROI since that will directly affect your home value.
Prices overtime to find any market trends. Again, without access to MLS data, it will be more difficult to find accurate data about the market over time.
2 | Prepare your home
Staging is the process of strategically arranging the furniture and decor in your home to be show-ready so buyers can imagine living there. According to NAR, 83% of buyers’ agents said buyers could better visualize living in a home if it was staged and 22% of sellers’ agents saw the dollar value of offers increased 1-5% when they saw a staged home and 17% saw the dollar value of the home increased 6-10% in comparison to similar homes. Many agents offer their own staging services as part of the selling process but since you are on your own, you can either hire a professional stager for an additional cost or do it yourself. If you decide to stage yourself, the rooms you should prioritize are the kitchen, living room, master bedroom, and dining room.
Not only does the inside of your home need to look perfect, but so does the outside. Curb appeal is how your home looks from the street and is another important step that you don’t want to overlook. It’s the first impression potential buyers will have of your home, so you’ll want to make sure the exterior is also show-ready. According to NAR, landscape maintenance, overall landscape upgrade, and standard lawn care service are ranked as the highest projects that should add value to your home when selling.
3 | Photograph your home
Once your home is prepared and staged, it’s time to photograph your home. Although the newest iPhone has a pretty good camera, hiring a professional who knows everything about lighting and the most appealing angles will be worth the extra cost. According to the Center for REALTOR® Development (CRD), homes with high-quality photos sell 32% faster and the more photos you have, the faster your home will sell. Homes listed from $200,000 to $1,000,000 with professional photos have sold for $3,000 to $11,000 more.
We offer professional photography and more as part of our services!
4 | List your home
After all the preparations you’ve made on your home, you’re finally ready to create your listing. Only real estate agents can create listings on the MLS. After we create a listing on the MLS, the listing is then automatically put on sites like Zillow and Trulia which is where buyers agents can find the newest listings to show their clients.
5 | Know your home disclosure requirements
A seller disclosure includes what sellers must tell buyers about their home. This can include structural problems, past issues such as flooding, and any repairs or upgrades you’ve made on your home. A seller disclosure will save you time from any surprises that may come up in a home inspection. If you do have any surprises or bumps in your inspection, you could be left with expensive and unnecessary repairs or demands from buyers.
DOn't worry, we'll be there to help you throughout each step of this process.
6 | Market your home
Now that your home is listed, it’s time to market your home. Although you may think a for sale sign in your yard is good enough, it’s not. When we market your home we typically start with an email blast to our database of buyer leads that we’ve accumulated over the years. You could send an email to friends and family letting them know your home is now on the market but may find it hard to get results that way.
Next, we usually set up an ad on Facebook and Instagram and target potential buyers in our area. According to NAR, members found social media as the most valuable source to obtain high-quality leads. With more than 1 billion monthly active users on Instagram and 2.41 billion monthly active users on Facebook, marketing your home on social media is one thing you don’t want to miss out on.
7 | Communicate with potential buyers
By now, we've acquired a few leads that have started to show interest in your home. We will be on top of emails, texts, and phone calls to schedule showings and meetings with your potential buyers and their agents and be responsive to any questions they may have about your home.
8 | Hire third-party experts
We might want to consult an attorney to help us throughout the selling process, especially when signing legal documents, purchase agreements, and seller disclosures. Some states even require representation from an attorney when you close.
This is another area of the process that we'll help you through. We'll take care of everything.
9 | Wait for offers
We put tons of effort into the preparations, staging, marketing, and listing of your home, which helps to determine how long it will take your home to sell. According to Inman, 18% of FSBOs did not sell in the timeline they were hoping for and the average FSBO home was sold for $200,000 while homes sold by agents were $265,500 in 2017. In fact, homes sold through the MLS were sold on average 20 days faster, according to NAR.