A lot of homes trade hands in any given year. In 2020 alone, people bought around 5.6 million homes. Those kinds of numbers can give people the impression that the home selling process is straightforward. The reality is that selling a house takes a lot of steps.
The entire process can take upwards of two months or three months on an average home selling timeline. If you’re a first-time home seller wondering what to expect, keep reading. We’ll give you a quick overview of the sales process from start to finish.
Pre-listing – Home Selling Tips
Before you ever get to the listing stage, there are a lot of things that you’ll want to get done in advance. You’ll need a thorough house cleaning. It’s also a good time to get your landscaping in order.
Complete any minor repairs that you’ve put off. A home inspection can also help you identify sale-killing problems.
If you’re thinking of renovating, talk with a real estate agent about what will you give your home the biggest boost in value.
For people in a hurry to sell, many will look for as-is buyers, such as a First Choice Home Buyers cash offer. It’s a quick way to offload a house with a lot of problems.
Some people will try to sell their homes themselves, but it’s more likely that you’ll work with an agent.
An agent will charge you a fee, but they also do a lot of grunt work. For example, they’ll often get pictures of the house, write the listing copy, and list the house in the MLS system. They’ll also help you settle on an asking price for the house that they think they can get.
Then, the agent will typically show the house to interested potential buyers.
Interested parties will make offers on the house. Expect at least some potential buyers to make lowball offers. While there should be some flexibility in your asking price, consult with your agent about whether they think better offers will come along. When the right offer comes in, you accept the offer.
Escrow and Closing
When you accept an offer, the buyer’s bank will typically fund an escrow account based on the buyer’s approved mortgage. There is another home inspection. If the inspection reveals a problem, you may negotiate on the price to secure the sale.
If you reach an agreement, the sale will close around one month to six weeks after you accept the offer.
The Home Selling Process and You
Your home selling process may vary slightly from the one described above. More valuable homes can take longer to sell because the asking price is higher. If the real estate market is soft in your area, that can also drag out the timeline.
If that’s your situation, the best home selling advice is patience. Most homes do eventually sell. If you need a fast sale, though, you may end up lowering your asking price.
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