How do I sell my house?
There are many reasons why the time to sell your home arises. Once you decide that it's time to move on, there is that huge question... How exactly do I go about selling my house?
The average American relocates every 5-10 years. It is pretty unusual for someone to find their 'forever home' with their first purchase. It is more typical that you purchase a 'starter home' to get your feet wet in the market and then use the equity from your investment to climb the housing ladder.
This means after you have successfully completed your first ride on the 'Home Buyer Homecoaster', a few years later you may need to get on the 'Home Seller Homecoaster'!
When I owned my first property I was not yet in the real estate industry. My husband and I had been married for a few years and had a beautiful baby girl. We LOVED our house! However our starter home was barely 700 square feet in the city of Philadelphia. As our baby girl grew, so did her stuff! The walls felt as though they were closing in. We looked at each other one night and said... "ok. We need more space."
We knew it was time to sell our house, but had no clue how to begin.
What do we have to do to get our house ready? What time of the year should we list our house? What expenses are associated with moving? How long will it take to sell? Should we buy first and then sell?
I need to sell my house!
Let's all first take a few deep breaths. This is my trick to settling my kids down at night so that they chill out and listen.
Selling a home is just as much of an up and down experience as buying. Prepare yourself for the mental roller coaster you will be embarking on.
There will be a lot of hard work. You will experience anticipation with every showing. You will have to have tough skin as buyers leave both positive and negative feedback with their opinion of your home.
It's very difficult to separate your sentimental emotions and stay focused on the business transaction. The best line of defense is to make sure you feel prepared before you begin.
Let's begin with 3 tips to get the process started.
1. Contact your Realtor
Step one in any real estate adventure is to contact your Realtor.
I know some want to attempt to sell their home on their own (FSBO), but unless you have strong knowledge of the real estate market, real estate law, and the entire process of selling a home... it's a bad idea! You are setting yourself up for a ton of stress. Many who try to sell on their own either end up selling below true market value or end up calling an agent after months of disappointment.
It is important to understand that a good Realtor does not just stick a sign out front and enter the listing into the MLS (Multiple Listing Server).
A good Realtor will first walk your property and give you their professional opinion on areas needing improvement ahead of listing.
They will do the market research for you to review (see step 3).
They are your go-to resource for any and all questions that come up. If they personally do not have the answer, they know where to get it.
I personally also spend a ton of time tailoring a marketing plan for a particular property. Each home is unique and needs to be approached differently when creating a plan to announce it to the world. Your Realtor will spend hours preparing a plan and preparing marketing materials before your home is listed.
So get an agent on your team before wasting ANY time preparing your home.
Check out my post on How to find a real estate agent!
2. Get your home show ready!
Lights, camera, action!
In today's world, buyers are captivated by the reality TV shows, social media feeds, and beautiful magazine photos. Not every home can be a designer's masterpiece, but you can do three simple things to make sure your property looks it's best.
De-clutter, De-personalize, Clean!
I have another post that you can check out where I go into more depth with tips on getting your property in top shape!
Check out: How to prepare your home for sale!
Your home is a product for sale. When prospective buyers walk through the door, they are trying to picture themselves and their lives in that home.
Take down the family photos. Box up as much as you can. Move all items you don't need on a daily basis to a storage unit. Deep clean every corner of the house.
A buyers first impression of the home is critical. In a buyers mind, a clean home equates to a well maintained home. A well maintained home equates to a healthy investment.
DO NOT LIST UNTIL YOUR HOME IS SHOW READY
3. Make sure the Price is Right!
The most important factor in selling your home is pricing it correctly. Your Realtor will research the comparable home sales near you and give you a price range where they feel your home should sell.
LISTEN TO YOUR AGENT! Review the report they provide you without any sentimental value factoring into your logic. Price the home correctly from day one to both maximize your chance for a quick sale as well as assure the best profit.
Over priced homes end up sitting on the market too long.
Buyers and their agents are also doing their homework. They will see that the property is over priced. This turns them off real quick! Even if they like the home, they may feel it's not worth the price fight.
The other problem is that your home is not popping up in the online searches for those buyers in the correct price point. YOUR TARGET BUYER DOESN'T EVEN KNOW YOUR HOUSE EXISTS!
By the time you reduce the price to the true market value, the home has picked up too many Days on Market. Now buyers begin to wonder what is wrong with the house. They tour with a more critical eye. Then when an offer comes in, it may be low.
My point? Overpricing your house can lead to losing profit.
Live in the Greater Philadelphia region or South New Jersey? Get a FREE ESTIMATE of your home's value in just 15 seconds!
Start with these three key steps! Stay tuned for follow up posts to help guide you through the next steps! Do you have a specific question? Head over to our FAQ page and let us know! We have a form at the bottom of the page for you to submit your questions about selling your house.