9 Steps to Selling a Home

Before you post the For Sale sign in your front yard, there are several steps to get your home ready to sell. You want a potential buyer to love the home as much as you did – and get the list price you’re asking for, too. The journey requires time, research, and endless patience, but the closing is worth it for you to begin your next chapter in life!

Learn the steps to sell a home and a timeline of when each should be done during the home selling process.

Do Your Research to Find Out What You Want

To sell your home, first have a concrete reason to sell and what you expect to gain. Research the current market, as it has probably changed since you bought your home. Hopefully, your neighborhood home prices have gained in value, but by how much? This research on the local real estate market will also show you how long it’s taking homes to sell near you. Just because the media says nationally home sales are slowing down doesn’t mean that’s the case in your in-demand neighborhood. Markets can be very different on a hyper-local level.

After researching the housing market, you should have a starting price range in mind and some expectations of the average time to sell.

Interview & Hire a Real Estate Agent

Finding the right real estate agent for you is essential – one you trust in ethics and knowledge of your housing market. That may mean it’s not the first one you meet. You’ll know when you meet the right experienced agent. You need to be able to rely on their judgment when setting a competitive price. You’re also hoping they have savvy marketing expertise to position your home correctly to attract qualified buyers. Since home selling can range anywhere from a few weeks to a few months, you want to feel comfortable working together from listing to closing. If you’ve never sold your home before, the selling experience differs from the buying experience in that you must keep the home show-ready at all times and maintain its condition through the contingency process. Many people will be coming in and out of your home and asking questions. It’s a complex process, and the right seller’s agent can significantly help. They also have tools to run a comparative market analysis (CMA) using the most recent real estate transactions to show what other homes like yours are selling for.

Read the listing agreement the agent provides to you. It should state how long they have to sell your home and information about real estate commissions. This is the fee you’ll pay them to represent you in the home sale and for their services in selling your home.

Get the Home Appraised or Inspected

Before setting the sales price of your home, it may be wise to have it professionally appraised. The appraiser will inspect the house, inside and out, to determine its square footage and unique features. They will also look at recent sales of similar homes. Using all the information together, they will determine a fair market value. A home appraisal is especially smart if your home has unique features, has been recently renovated, or if homes sell near you infrequently.

Another option is to bring in a home inspector. They look closely at all your home’s operating systems and conditions. Their report can reveal items to repair or fix that make your home less likely to deter buyers and could boost its value. For example, say there are some hairline cracks in the plaster around walls and doors. A home inspector lets you know this is from natural settling, but it may cause some buyers concern. Patching and painting is an easy fix. Or, the report may highlight signs of rodent damage you missed. Definitely get that taken care of before listing.

Price Your Home

Once the home is appraised, work with your real estate agent to adjust the listing price to the best possible based on the market’s current state. That last part is key–market conditions change based on economic factors and the number of people searching for homes. While you may think your home is worth more,  avoid overpricing or underpricing to gain maximum traction. Be thorough and diligent when choosing the final price.

Prepare Your Home

Before your listing goes live, it’s time to boost its curb appeal. Take care of home repairs or finish small renovation projects around the house. The idea is to make a great first impression with potential buyers. Repair any issues the appraiser or home inspector thought worthy of boosting the sale price, like conditions that could affect the home’s safety, structure, or function. Also, fix anything broken or in poor condition. Even small repairs, like a crack in the tile or an unhinged cabinet, can make a difference.

It also means decluttering items on all furniture surfaces and countertops. You want the rooms to look and feel large and spacious. Start putting away personalized items, like family photos, kids’ and pet toys, and more. While they might be sentimental to you, the potential buyer wants to envision their family making this their home. Your real estate agent may suggest hiring a professional cleaner and a professional stager to make your home stand out among online listings.

Market Your Home

After you’ve made your home picture-perfect, it’s time to showcase it with beautiful professional photos, videos, and virtual tours – maybe even drone footage. The idea is to give prospective buyers a good look at the overall property. In addition to putting your listing on the Multiple Listing Service (MLS), strong marketing by your agent will include persuasive property descriptions, mailers, social media posts, texts, and more.

During this period, it’s up to you to always keep your home show-ready. You never know when an appointment request could come through.

When it’s time to show your home, your agent or the buyer’s agent may bring the seller to the home or conduct virtual showings via Zoom or FaceTime. The walkthrough of your home is their chance to look closer at the details. Disinfect your home before and after live showings to keep buyers and sellers safe.

Receive Purchase Offers

It will only be a matter of time until your agent calls to present a purchase agreement. With the guidance of your real estate agent, review the offer(s) and choose to accept, reject, or negotiate an offer. This is where it helps to have a skilled agent to craft a strategic counteroffer that positions your home at the most attractive purchase price. Negotiations are almost always a part of this step of the process, which not only factors in the price but also extra contingencies or agreements.

Work Through Contingencies

Home sellers may find the contingency period the most stressful as if any condition is not met, the buyers can walk away. Some common contingencies:

• Home Sale Contingency. The home buyer may need to sell their existing home before buying yours. This may add time before the contract can close and involves another party to the real estate transaction (the buyer’s buyer).
• Inspection Contingency. Even if they don’t have this contingency, most sellers want to schedule a home inspection before the final closing. The professional inspection gives the buyer a full inspection report on the home, from top to bottom, inside and out, to find any major issues that would impede their use of the home. If your contract is “as-is,” it’s just a formality for the buyer. If not, once that report is in the buyer’s hands, they can re-negotiate terms based on the inspection findings. Typically, any requests for repair are related to safety concerns around the home and not cosmetic issues. Agents will help guide the buyer and seller through these negotiations on repairs based on the inspector’s findings.
• Financing Contingency. If the contract isn’t a cash offer, the prospective buyer works with a mortgage lender to receive a loan. That lender will order a home appraisal from a neutral third-party vendor for a sense of property value.
• Property Survey. Some states highly recommend or require surveys to confirm lot lines and use. Any changes to lines may influence property value.

Close the Sale

Congrats! You’ve reached the last step in the home-selling process: the settlement or closing. After the buyer’s final walk-through, you will sign the final paperwork. The legal documents include the property deed, loan payoff, and the final purchase contract. The deed and transfer record will be filed as a public record to make the sale official. As part of the closing costs, the sellers typically pay the transfer taxes, agent commissions, title fees, property taxes, and attorney fees. You may also pay off any existing mortgage loan or wire sale proceeds to your next home closing. Once signing is done, hand over the keys. You’re closing the door to this home but will open the door at a new address!

Updated July 2024