Real Estate Sellers Roadmap – DFW Real Estate Hub

Selling your home can be overwhelming and stressful. With so many decisions to make and so much money on the line, it’s important to be prepared and informed before you start the process. To help you get started, here’s a high-level overview of what you can expect when selling your home.

1. Find a Real Estate Agent that you feel comfortable with.

Choosing the right real estate agent to help you buy or sell a property is a crucial decision. A good agent can make the process smooth and successful, while a bad one can cost you time, money, and stress. Therefore, it’s essential to interview several agents and ask them the right questions to determine their experience, expertise, and compatibility with your goals and preferences.

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2. Competitively price your home.

Setting a reasonable listing price is one of the most important aspects in the entire home selling process. If you list too high, you might not get any offers and it could take longer to sell your home. Alternatively, if you price too low, you might be missing out on a greater return on your investment.

How to determine listing price

There are many ways to determine the listing price for your home and there are some ways to avoid.

Professional Home Appraisal

You can engage with a third party professional home appraiser, who will perform an analysis on your home and the neighborhood. This is the same type of appraisal that lenders require when loaning money to buyers. Because there are usually fees associated with professional home appraisals, most people opt for the next option – CMAs.

Comparative Market Analysis (CMA)

Your Real Estate Agent can determine your home’s value by performing a Comparative Market Analysis (CMA) which compares your home to other similar homes in the area that have recently sold or are currently for sale. The CMA is a commonly accepted method for determining home values and, while not accepted for lending purposes, is a very good way to approximate your home’s value.

Ways to NOT determine your home’s value

There are also several ways to NOT use to determine a home’s value. These include:

Automated Valuation Models (AVMs). You’ve seen all over the internet where websites show your home’s value. These valuation tools are based on models that predict what your home MIGHT be worth without knowing anything about the condition of your home or the other homes in your neighborhood. They often give a large range that your home’s value falls between.
Investment. The amount of money you have invested in your home is not a factor when determining its value. Neither is the amount of money you owe to lenders.
Emotion. You love your home and surely everyone else will love it as much as you do. But that doesn’t mean they will pay an exorbitant price to get it.

3. Clean and decorate!

The way you style your home can be a make it or break it point for a potential buyer. They have to be able to picture themselves living in your space, so be mindful of what you leave visible to viewers. You only have one chance to make a good first impression. Be sure you make a good one.

Inside the home

Repaint the home in a neutral color (preferably white or an off-white).
Remove and replace any personal artifacts.
Remove toys and clutter from main spaces.
Make arrangements for pets and children to be out of the way during showings.
Make sure all walkways are clear.
Repair or replace any damaged furniture, fixtures, or appliances.
Consider renting furnishings and props to make your home look its best.
Consider hiring professional decorators to help stage your home.

Outside the home

Take care of the landscaping (e.g. cut the grass, water the flowers, trim the trees and bushes, remove weeds).
Repaint or re-stain any porches, entry ways, and doorways.
Fill in any cracks in the driveway, sidewalks and foundation.
Clean out the gutters.
Test all lighting fixtures and motion sensors.

4. Marketing

Marketing is all about getting potential buyers into your home and getting them excited about buying it. This is your Real Estate Agent’s job. Here are some things you should expect to happen:

Get professional photos taken as these determine the first impression the potential buyer will have of your house. Make sure they are clear and relevant.
Your home should be listed on multiple online websites – including all of the popular real estate search sites.
Many Real Estate Agents have a database or network of potential buyers. Your Agent will review these and could potentially have your house sold before it’s ever listed.

5. Listing

Congratulations! You have officially listed your home for sale. Your Real Estate Agent will use his/her network to ensure that your listing is as visible as possible, and reaches the appropriate audience. If you want, he/she can supply a sign for your front yard to let passersby know of your intentions to sell.

6. Showing

For the first few weeks/ weekends, make sure that your calendar is flexible for showings. This will help provide potential buyers a greater number of viewing options. Private viewings as well as open house viewings will be set up during the first few weeks of listing your home. To help make the viewing experience as pleasant and distraction free as possible, you should make arrangements to relocate pets and children during viewing times.

Showing Checklist

If you have 15 minutes before the showing

Make the beds and fluff pillows
Throw away any garbage
Empty out garbage cans and take out the trash
Clean the countertops and put away dishes
De-clutter the home, put away any toys
Turn on all indoor and outdoor lights

If you have an hour or more

Complete the above list (15 minute list)
Vacuum, sweep and mop the floors
Wipe all major appliances, glass, and mirrors
Fold or hang up visible clothing nicely
Dust any visible or reachable areas

7. Offers & Negotiations

Be prepared to negotiate to get your most for your home. Once you receive an offer, you can accept the offer, negotiate and make a counter-offer, or reject the offer altogether. If you receive multiple offers, your Real Estate Agent will help you negotiate with the buyers to find a price that you and the buyers are happy with. Ensure that the process is transparent, and all information provided to the buyers is accurate and up to date.

8. Under Contract

The offer will officially become binding once the buyer and the seller both agree to the terms (including the price) in the contract. Some things that need to occur before the closing process can commence:

Performing any repairs that are agreed to in the contract
Home inspection
Home appraisal
Title search
Final walk-through with the buyer

9. Final Details

Be prepared for obstacles and hiccups! They happen during this phase, but that doesn’t mean the sale is over. If the contract requires you to be out of the property at closing, now’s the time to start packing.

10. Closing

Closing is the final step in your home selling process. During the closing phase of the sale, you can expect the following:

The deed to the house will be delivered to the purchaser
The ownership is transferred to the purchaser
Any other documents including financing, insurance, and legal documents are exchanged
The negotiated purchase price is paid and any other fees (i.e. commissions) are paid

The closing process itself requires a lot of paperwork and patience. Be prepared with your government issued photo ID and any other documents required by the title company or loan officer.

Congratulations! You’ve sold your home!