Key takeaways:
- Selling your home is a three-phased process that includes preparing your home, accepting and negotiating offers and attending the final closing
- Working with a REALTOR® can help ensure that you earn a fair, competitive price
- The closing process involves the listing agent and buyer's agent, as well as partners from title and mortgage companies
Thinking of selling your home? Congrats! Below, we list the three phases of selling that you'll need to undergo as you list your home and move to a new abode.
Phase I: The pre-market phase
Prior to listing your home on the market, you'll need to complete a few tasks. Not every seller will go through these steps in the same order, but we do recommend hiring a REALTOR® early in the process so you always have a market expert on your side.
Price analysis: Start by requesting home price evaluations from local Realtors. This will help you understand your home's likely price range, and how you may work with different professionals to raise the value of the property.
Hire an agent: After you have a general understanding of your home's value, hire one Realtor to represent you. Here are five questions you can ask as you interview and select an agent.
Staging the home: Staging a home is how you make your home look appealing to buyers who are searching online and in person. Your Realtor can help you determine a staging strategy or you can follow our general staging tips.
Setting a price and seller strategy: Together, you'll work with your Realtor to determine the list price and marketing strategy that will draw in the most offers.
List the home: Your Realtor will upload photos and property details on the MLS to ensure that online buyers can search for and find your property.
Phase II: The in-market phase
Below are some of the main tactics used by listing agents as they work to get offers on your property.
Open houses and showings: To get an offer, your agent will hold the home open for individual showings or for larger open houses. Here are some open house tips for sellers that you can follow to ensure it's a success.
Adjust for buyer feedback: Buyers' agents may provide feedback if their clients don't enter a bid, and some sellers adjust their home's staging, price or other features accordingly. It's smart to be open to feedback and criticism, especially if your home stays on the market longer than anticipated.
Getting an offer: Your Realtor will inform you when a buyer has submitted an offer on the home. Together, you'll review the offer or multiple offers in full.
Negotiate: After reviewing the offer(s), you can determine if you'd like to negotiate with the potential buyer(s). Your Realtor will help you determine if you should ask for a higher offer, faster closing time, fewer contingencies or other common requests.
Accepting an offer: If negotiations are successful, you will accept an offer on your home. At this time, the buyer will sign a purchase agreement. This is a binding document, but there are still a few important steps before the closing is finalized.
Phase III: The path to closing
You're so close! Here are the steps that sellers go through after they have accepted an offer.
Begin mortgage and title process: During this step, the buyer will formally apply for a mortgage, and the title company will investigate the property's title to ensure that it can be legally transferred to the new buyer. Your Realtor will keep you informed as these steps are completed.
Inspection: Here are tips sellers can follow to help pass inspection. If any unforeseen issues arise at inspection, your Realtor will help you navigate how it may change the terms of the original offer.
Attend the closing: At closing, both parties will sign the final paperwork and the seller will receive payment. At this point, you'll hand over the keys, garage openers and any homeowner manuals to the new owner of your previous home.
Whether you plan to downsize to a local suburb or retire to a warmer climate, Edina Realty's 2,300 Realtors can help you onto your next stage. Reach out to our customer care team to be paired with an agent who fits your unique home selling needs.
You can also find more advice on selling by following #SellerInsights on Facebook, Twitter, YouTube and Instagram.
