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Step 1
What is your plan?
Will you choose a realtor or try to sell it yourself? Most realtors charge 6% of the sales price (If your selling price is $200,000 they receive a $12,000 commission). However, if you let a realtor sell your property, there are a lot of advantages. They will help you advertise, show the property for you, handle the paperwork, and hold your hand through the whole process. I suggest using a realtor unless you have time to show your property, you have real estate experience (or know someone close to you who will help), and you have an understanding of real estate contracts. -
Step 2
Is there a time constraint?
How soon are you looking to move out of your house? Do you have another house that you are in the process of buying or renting once your place is sold? Timing can be a difficult element to control when selling a house, but it is something you should plan for with options. Have options for where you will move once your place is sold. If you are looking into buying a new house, try to schedule a closing date for your new house that is close to the closing date of your home you are trying to sell. That way, once your home is sold, you can move into your new home a few days later. -
Step 3
What will be your asking price?
How will you determine your asking price? If you hire a realtor, they will usually run a CMA (Comparative Market Analysis). A CMA shows recent home sales in your area that are comparable to your home. This is not an appraisal, but will help you determine the fair market value of your house. Run your own CMA and get an idea of how much your place is worth before choosing an asking price. -
Step 4
Is the home ready to be shown to buyers?
Minor touch ups around the house can make a big difference for potential buyers. When the buyer walks into your home, you have to provide an atmosphere that makes them feel like this should be their next home. -
Step 5
Are you prepared to negotiate your price?
Make sure you have a bottom price that you are comfortable with selling your property for. However, do not make this the asking price! Make sure your asking price is higher than the price you are willing to settle for because a potential buyer will usually offer less than your asking price; but don’t make your asking price too high or potential buyers will be under the impression that you are not serious about selling. The general rule of thumb is to be reasonable when negotiating. If you are serious about selling your property at a fair price and the potential buyer is serious about purchasing your property at a fair price, both parties will reach an accord.
