Whether you are selling your first family home or are an old hand when it comes to buying and selling your properties, you have likely been inundated with ‘great tips’ for home selling from friends, family and more. From clever tricks such as filling your home with that ‘freshly-baked’ smell of home-made cookies to serious financial advice about how to best time the local McKinney, Texas real estate market, you have probably already heard more tips and tricks for home selling than anyone could possibly remember.
As great as all this advice may be, there are key steps involved in selling a home that no one should miss. However much of the great, and not-so-great, advice you choose to use, ensure that you always follow these 6 key steps when selling a McKinney, Texas home as the foundation of your plan.
🏷 Prepare for the Sale
The first step to selling your McKinney, Texas home is to deal with the up-front expenses of starting the process. These include hiring a local McKinney, Texas real estate agent to help guide you through the process from start to finish, paying for listings on various real estate advertising sites and newsletters, and performing any necessary repairs or general upkeep to make your home marketable or to increase the selling price.
This first stage lays the groundwork for the success of everything that comes after, and all these elements are a necessary part of this most important first step in home selling. The time, effort and money you put in during this first stage will be repaid many times over from a stress-free process and an optimal closing price when you are done.
💰 Set the Price
Deciding on the listed price of your home is always a tricky process, but there are some helpful guidelines for showing you the way. This step is also one where the guidance from your McKinney, Texas real estate agent will be invaluable, as they have much more knowledge and experience with the price-setting process.
First, you want to look at other similar properties that have recently sold in your McKinney, Texas neighborhood. These are called ‘comparables’, and they will act as the baseline for your price.
Next, you want to consider the state of the local and national economy and real estate market. If the economy is bustling and house prices in general are on the rise, then you can afford to push your baseline price up a little bit, and the opposite case when the economy and real estate market are in decline.
Finally, you want a professional appraisal performed to get a feel for what the experts will be telling your potential buyers about the appraised price of the home. Professional price appraisals are far from definitive, but it is good to have an idea of the price that your buyers will have in mind when looking at your property.
🏡 Home Showing
Now you need to start showing your home to potential buyers, which includes paper and digital advertising in addition to physical showings and the home staging process.
As you have already covered all the necessary repairs and maintenance in the first step, preparing your home for showings is mostly just cosmetic and surface changes that make your home more attractive and help potential buyers to picture the property as their new McKinney, Texas home instead of your old one.
Home showing has become so competitive in the real estate industry that there are now professional home stagers who will make your home as appealing as possible to potential buyers.
Whether you choose to handle your home staging on your own or rely on a professional, your real estate agent can offer you key guidance for ensuring that you get the most for the time, effort and money that you spend on staging your home for advertisements and visits.
The home showing step is often the longest and most draining, especially for first-time home sellers, so be prepared to spend a lot of time advertising your home and offering tours to potential buyers.
📠 Offers and Counter-Offers
Once you have buyers who are interested in purchasing your home, the offer stage begins. This process starts with an offer from the potential buyer. This offer may be your exact listing price, or it may be higher or lower than what you listed the property for. Now you need to decide whether to sit on the offer (though most offers will have a time limit) while you wait for more bids, accept the offer, reject the offer or make a counter-offer for a better price.
If you do not have much experience with negotiations for these kinds of sums, then it is best to let your McKinney, Texas real estate agent handle this stage, as they will be able to better tell when an offer is a simple negotiating tactic or a genuine final offer.
📄 Prepare to Close
Once you have agreed upon a final price with a buyer for your McKinney, Texas home, it is time to prepare for the closing of the deal.
This step involves a variety of legal necessities, such as a title search, a survey, a home inspection, a septic certification, and a final walk-through. It is critical that the time and patience is taken to do these requirements properly, as an improper closing preparation can lead to costly and protracted legal battles after a sale.
🔑 The Closing
After all this work and effort, the final stage to selling your McKinney, Texas home is generally a comfortable and simple one. A variety of documents will be signed and exchanged, such as title deeds, financing arrangement, and insurance policies.
While the paperwork involved can be overwhelming for non-professionals, your McKinney, Texas real estate agent will have years of experience in dealing with closings, and will ensure that all the necessary documents are signed and delivered to the relevant parties. Do not forget that there are often closing costs involved for the seller of a home, and these usually need to be covered before you will receive any substantial amount from the sale of your home.