Selling your home is an exciting but complicated process. To help you prepare for the journey, check out this detailed guide and home selling tips.
Deciding to Sell
Why do you want to sell? Do you need a bigger space for your growing family, or are you relocating to another city for a new job? Perhaps you’re looking for a lifestyle change or are downsizing now that the kids have all flown the nest.
It’s important to be clear on your reason for selling as this plays a crucial role in timing the sale, negotiating the price, and finding your next home.
Here are some of the factors that indicate you’re ready to sell:
- You have positive equity
- You’ve paid up most of your loans and are financially ready to secure another mortgage
- You’re prepared to say goodbye to your new home, get it ready for the sale, and have buyers come and inspect it closely
- You have a good understanding of Houston house prices and market conditions
Prepare your home for the sale
Now that you’ve made the decision to sell, it’s time to make the necessary preparations.
- Find the right real estate agent in Houston to work with
Working with an experienced professional can help you sell your home fast and with the best price. To find the right Realtor, ask people you know for referrals, look into potential agents’ background, credentials, and track records, and interview a few candidates to find the perfect match to your needs and preferences.As an experienced Realtor who has been specializing in Houston, Texas real estate for over 14 years, I gladly offer my services and look forward to hearing from you. Call me at (832) 381-4121 or get in touch here.
- Identify repair and improvement needs
Go over the property thoroughly with your Realtor and plan onhow to get your house ready to sell. Identify areas which need repairs and improvements. In most cases, expensive renovations are not needed to enhance the resale value of a home. Targeted, medium-range improvements have been found to yield better returns. - Consider home staging
Home staging greatly helps in selling a property faster and with a better price. Hire a professional stager or do it yourself with guidance from your Realtor. Make sure the property is spotless and orderly. Keep personal objects out of sight to make it easier for buyers to imagine themselves living in your home.
Set a competitive price for your home
Pricing is the single biggest factor that can determine how fast you can sell your home. Buyers tend to lose interest in a property the longer it stays on the market. This is why it’s very important to price your home correctly from the start while buyers’ interest is high.
Your Realtor can help determine the right listing price for your home. They conduct a Market Analysis, which takes into account the prices of recently sold homes in your neighborhood, the desirability of the home, and Houston real estate marketconditions.
Develop and implement a marketing plan
Your Realtor will help you develop and implement a marketing plan targeted to the right buyer, using a variety of marketing tools and techniques, including:
- Using high-definition and professional photos and videos
- Listing your property on the MLS and major real estate websites and portals.
- Advertising on social media sites like Facebook, YouTube, and Instagram
- Advertising on select publications
- Using flyers and mailers
Reviewing and choosing an offer
Your Realtor will help you review the offers you receive and choose the best one. Here are some tips to consider:
- The highest price is not always the best offer. Look into the terms and conditions that go with the sale, including contingencies and sweeteners. Some buyers may offer more earnest money, while others may agree to the contingencies you want. The best offer is the one that responds to your needs and preferences
- Always leave room for negotiations and more engagement, even with buyers with lowball offers.
- Once you’ve accepted an offer, you and the buyer sign a purchase agreement
Escrow, inspections, and appraisals
After you’ve entered into a purchase agreement with the seller, the process goes to escrow. At this time, the buyer does most of the work as they finalize the financing for the home.
The buyer will most likely conduct a professional inspection of the property. If problems are found, a renegotiation may take place. The buyer’s lender will also conduct their own appraisal of the home. Renegotiations might also be needed if the appraisal comes up lower than the agreed selling price.
Closing the deal
Once all the details are settled and all contingencies have been released, you and the buyer or your representatives will meet to sign the necessary documents, including the transfer of deed. Once this is signed and the funds for the sale have been transferred to you, the sale is considered closed.
