Selling your home in Colorado? Check out this step-by-step home selling guide.
- Work with a Realtor
An experienced real estate professional will look after your best interests and help you through every step of the home selling process, from pricing your home to closing the sale. With their expertise and network, a Realtor can give your home extensive exposure to attract the right buyers.
- Prepare your home for the sale
Together with your Realtor, go over the property and identify areas that need repairs, updating, or sprucing up. Your agent may recommend some upgrades to improve the value of your home. Make sure every surface, nook, and cranny is clean and spotless, and all home systems are working. Consider home staging – this has been found to enhance home values and help sell homes faster.
- Price your home correctly
Overpricing is the main reason homes remain unsold for a long time. Your Realtor will help you determine the right price by doing a Market Analysis that takes several factors into account, including the prices of recently sold homes in your neighborhood, market conditions, your home’s desirable elements, and others.
- Develop a marketing strategy
Your Realtor will help you come up with a marketing strategy for your home, including advertising on the MLS and other national listing sites. Your Realtor might also employ email marketing, flyers, advertising on relevant publications, and others. They can also leverage their widespread network to spread word about your home to potential buyers. This is especially advantageous if you wish to keep the sale of your home under wraps.
- Receive and review offers
The best result you can expect is receiving multiple offers for your home.
Go through each one carefully and weigh not only the offer price but any contingency and sweetener, as well, like more earnest money or a shorter closing period. You have the option to accept or reject an offer, or issue a counter-offer. Your Realtor will help you see the pros and cons of each offer and make important decisions.
- Go to escrow
Once you and the buyer agree on a price, you will both sign a sales contract and the process goes to escrow. At this time, you need to provide the buyer with a disclosure statement that contains details on the condition of the property. This, however, does not waive the buyer’s right to a home inspection.
The buyer does most of the work at this time as they finalize the financing for the home. If you haven’t done yet, this may be a good time to prepare for your own move to your new home.
- Close the sale
On closing day, you and the buyer sign on the closing documents. Closing costs are also paid according to what you and the buyer agree upon. Once the title is transferred to the buyer and the funds for the purchase are released by the lender to you, the sale is considered closed.
Guidelines for first-time home sellers:
- Plan for relocation
Do you already have a new home to live in after your property is sold? Have you made the necessary preparations for moving out, such as packing your belongings and arranging for a moving service? If you plan to rent a temporary place after your home is sold, look into how much you will likely spend in renting and weigh this against the potential profit you can get for your home. Consider a contingency that allows you to stay in your present home even after the sale until you find a new home.
- Choose remodeling projects carefully
Not all major home improvement projects offer good returns on your investments. In many occasions, a simpler, less expensive remodel is enough. Work with your Realtor in identifying home improvements that will significantly enhance the value of your home.
- Get the services of a Realtor
It’s tempting to sell your home on your own, without the help of a professional. But an FSBO (For Sale By Owner) arrangement can have plenty of disadvantages as well. One of these is that many buyers perceive FSBO homes to be inferior, or they think the owner is desperate to unload the property and will accept a bargain price. On the other hand, a real estate professional knows how to screen potential buyers and make sure they have the right qualities and resources to buy a home.
Need help in selling a home in the Colorado Front Range area? Get in touch with Randa & Company Properties here or call us at (720) 244-1796.
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