Refer to this handy list to get you through the home selling process
1. Gauge your need to sell.
- Define your goals for the next 5-10 years.
- Weigh the pros and cons of selling your house.
- Figure out if you can afford to sell, move, and buy a new home.
- Calculate your home equity.
- Research the local housing market here.
- Consider remodeling the home to fit your needs.
- Weigh the pros and cons of renting out your home.
2. Calculate your selling expenses.
- List the repairs and projects you’ll have to do to get your home in selling condition and estimate the costs of hiring contractors and ordering supplies.
- See what projects you can afford and adjust how much you expect to get for selling your home.
- To get top dollar, consider remodeling projects and green upgrades that increase your home value.
- Expect to pay about 7 percent to 10 percent of the home’s sale price in closing costs, including real estate agent commissions, transfer taxes and pro-rated property taxes.
Also factor in these costs if they apply to you:
- Professional home inspection
- Capital gains tax
- Mortgage payoff penalties
- Staging and marketing expenses
- Moving expenses
- Cost of living in new city or neighborhood
- Costs related to getting a mortgage for new home
3. Talk with Encompass Realty sellers agent to plan your selling strategy and walk you through the remaining steps!
- Contact Us for expert Seller representation
4. Determine your home’s fair market value (FMV) and set a price.
- Research public records and collect information on comparable homes in your area with similar square footage, construction, age, and condition that have sold within the past six months and are currently on the market. Your Encompass Realty sellers agent will help with this process.
- Browse listings for homes for sale in your area to get a sense of what is on the market and current home prices.
- Ask your agent to prepare a Comparative Market Analysis (CMA) report.
- Find out about new construction and foreclosures in your area.
- Figure out the average cost per square foot for your area, and make sure your home is in line with it.
- Evaluate market trends, including whether it’s a buyer’s or seller’s market.
- Use your FMV to determine your asking price. Consider pricing strategies such as pricing low to urge a bidding war or Value Range Marketing.
5. Sit back and relax as Encompass Realty implements your personalized marketing plan!
- Your Encompass Realty expert sellers agent will launch your personalized marketing plan
- You will receive consistent communication as the marketing plan unfolds with updates on all of the results as well both potential buyer and agent feedback.
6. Review purchase offers.
- For each offer, note the proposed offer price, preapproval letter, contingencies, earnest money amount, proposed closing date, and offer expiry date.
- Have a process in place if you expect to get multiple offers.
- Keep emotions in check when receiving lowball offers.
9. Make counteroffers and negotiate.
- Approach each offer as an opportunity to negotiate.
- If the buyer’s offer is contingent on selling a home, counter with a Removal of Sale Contingency.
- If you won’t budge on price, offer financial incentives that don’t require cash out of your pocket, such as paying for part or all of the buyer’s closing costs or completing repairs found during the property inspections.
- Offer to include furniture, appliances, window treatments, or lighting fixtures.
- If you’re worried you won’t be able to buy a home after you sell, include a “rent back” clause which lets you rent back your home from the buyers after escrow closes.
- Make a full-price counteroffer, if your comps can back it up.
- Make the sale contingent on you buying a home.
- Don’t forget to set a closing date and move-in date.
- Create a formal plan for handling home repairs, including when they should be made and who pays for them.
- Clean and prepare the home for the appraisal and home inspections.
- Choose an escrow officer who will order a title search, request payoff information for your mortgage and other liens on the home, prepare and record documents, hold and disburse funds, and prepare closing statements.
- Prepare for the final walk-through inspection.
- Sign the closing documents and move out of your home.
- Keep copies of your documents for reporting the sale on federal and state tax forms.