If you are getting ready to sell your home for the first time, you may not be familiar with the process you are starting. While you did go through the home-buying process on the other side, being the seller is a little different from being the buyer. But don’t let this overwhelm you.
Just like buying your home, you can easily be successful in selling.
The Process
The typical home-buying process starts with creating the listing for your home. This will include getting an appraisal, taking high-quality pictures, and preparing your home for walkthroughs. You may choose to list it yourself or list it with the help of a realtor. Once listed, you can either allow walkthroughs to be scheduled, or you can set up an open house when multiple people come through at the same time.
Many people will also stage their homes during this time. Once you start receiving offers, you can accept the one you like the most. After you have accepted, you and the potential buyer will negotiate the terms and close the sale. And then you move on to your next home.
The Timeline
The time it takes to sell your home is going to depend on a variety of factors. If you live in a hot real estate market, it may move very quickly. On the other hand, if there is oversaturation in your area of homes for sale, it may take a little longer. It can often take 2 to 3 months to sell a home through the traditional method.
This is because even once you have received and accepted an offer, negotiating can take a lot of time, especially when you add in performing inspections, lining up financials, and negotiating when the new owners will take occupancy of the house. If you have a deadline for when you need to move by, it would be a good idea to start prepping your home for sale well in advance.
The Financials
You may be thinking about how much money you are going to make on your home sale, but it is also important to consider how much money you are going to spend selling your home. If you are working with a real estate agent, you will have to pay them. You will also incur costs for any repairs you make and the portion of the closing costs you pay for. It is estimated that it costs about 10% of a home’s price to actually sell that home. You should also take a look at where the market is, how much equity you have, and how much you have left on your mortgage. If you aren’t going to be able to sell at a high enough price to cover the remaining amount of your mortgage, you shouldn’t even consider listing your home.
Researching and preparing to sell your home is just as important as the research and preparation you did to buy your home in the first place. Put the time and effort in and you are sure to see a successful home sale. Just make sure your expectations are in line with reality.
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