Selling your home is a complex, multi-step process that calls for the expertise of a REALTOR®. There are many things you’ll need to consider, and to help you through it, here’s a general overview on what to expect and prepare for.
Get Your Finances in Order
Don’t worry if you’re still paying off your mortgage. There are several options depending on what type of mortgage you have. Consult with your lender to determine payout amount and if any penalty applies as a result of selling and paying off the mortgage.
Meet With a REALTOR®
It’s important to partner with a REALTOR® you feel completely comfortable with. Don’t fall for the trap of partnering with the first REALTOR® who suggests the highest asking price. Shop around. A good REALTOR® can help you price your home to sell, answer questions like “When is a good time to sell?”, and has in-depth knowledge of the market.
Pay attention to advertisements, for sale signs, and ask others how they found their REALTOR’s® service. The best professional services are often referred,
Listing Your Home
Pricing your home too low or too high is not an option. Setting a fair price will attract more potential buyers, and give your home more exposure. Your REALTOR® should be able to explain to you the multitude of factors influencing pricing. Number of competing listings, prices of homes that sold, interest rates, local and global economic conditions, employment, buyer demand, and even the weather can affect your property’s value.
Marketing And Promotion
The next step will be to sign a Listing Contract, which gives your REALTOR® permission to post your property on the MLS® (Multiple Listing Service) of NLAR. They’ll then begin marketing your home through a variety of mediums, digital and traditional, and inform other REALTORS® (representing buyers) that your property is on the market. Your REALTOR® can also help you prepare your property for viewings and inspection by prospective purchasers, suggesting home staging tips and any repairs that should be made.
Closing
After the hard work of marketing and promoting your home pays off, you’ll hopefully have a few offers on the table. Once you’ve accepted an offer, your buyer will want to conduct a home inspection. Your lawyer will walk you through the paperwork and legal aspects needed to close.