Selling a house involves more than handing the keys over and walking away; various fees, taxes and contingencies must first be met before any real estate transaction can be finalized. A knowledgeable real estate agent can guide homeowners through each step and avoid potential pitfalls which might cost more in the long run.
Establishing the market conditions in your area, including whether it is a buyers or sellers market, can help determine when and for how much your home should sell. This can help determine when best to list it.
Once you’re ready to list your property, the first step should be finding an agent. Online profiles provide easy access to an agent’s track record and credentials such as professional designations, years in business experience and client feedback from prior transactions – make it easier for you to select an agent that best meets your goals and needs!
Before listing your home for sale, take an inventory of its condition and make any necessary improvements. Spending several thousand dollars on upgrades could potentially boost your return on investment by as much as 5%.
Next, your agent will conduct a comparative market analysis in order to estimate your home’s value and set its listing price. Overpricing can deter buyers and extend the selling process significantly longer.
Once a potential buyer expresses interest in your home, it’s essential that you review their offer with your agent. In addition, be ready for possible counteroffers so both parties can negotiate terms and prices effectively.
As soon as a property has been inspected and, if necessary, repaired by a licensed inspector, its purchase must go through appraisal to complete. An appraisal includes both an estimation of its value at closing as well as any required disclosures to be given to buyers.
After funds and ownership documents have been transferred, an escrow officer must manage the transfer of funds and ownership documents by overseeing an escrow process that includes closing costs such as a transfer tax, title insurance premiums, loan origination fee and hazard and flood coverage; typically these expenses are divided between seller and buyer.
Ideal, in an ideal world, would be selling and moving into your new home simultaneously. Unfortunately, time may not always cooperate and coordinating two mortgage payments, short-term rentals and related expenses can be stressful. That is why it is crucial to seek help from experienced real estate agents and attorneys so your transactions proceed seamlessly; they will recommend ways to minimize overlap costs while helping with the delicate dance of moving into multiple homes at the same time.