The real estate market is slowly picking up and you may be looking to sell your home.
However, you may not be the only seller with this idea, and in certain parts of the country the market may still be rough.
As a result, you will need some guidance on the basic steps to selling your home. Here’s a quick overview of the home-selling process:
- Study the Local Market. Understanding your local market can make a huge difference in terms of when you should sell and what you should ask for. It's a good idea to attend open houses and talk to neighbors and real estate agents to get a feel for what condition your local housing market is in.
- Compare Your Home With Comparables. To really get a good idea for how much you should ask for, find out how much comparable houses sold for in the area. A good comparison home should have sold within the past six months, be in the same neighborhood, and be similar in terms of age, size, and number of rooms.
- Think About Hiring a Realtor. Only a few states require you to hire a real estate agent or attorney. However, even if it is not required, you may want to consider working with a real estate agent. Selling a home can be exhausting and time-consuming. Plus, an agent may have contacts to facilitate the selling process.
- Update Your Home. You may be surprised how much value a few simple touchups and upgrades can add to your home. You may also want to hire a professional home inspector to spot any major problems.
- Fill Out Paperwork. If you don't hire an agent, you can look forward to filling out lots of paperwork on your own. This can include forms like disclosure forms detailing the house's physical condition.
- Advertise the Sale. You or your agent should list your house on the Multiple Listing Service. In addition, you may want list your home on websites like Craigslist and in other classified ads.
- Close the Deal. If you receive multiple offers, you may need to sort these to find the best deal. After finding the ideal buyer, you will close the deal by signing a contract.
The home selling process can lead to some difficult legal questions. Instead of hiring a costly attorney, you may want to consider using a service like LegalStreet. With LegalStreet you can have an experienced local attorney review the transaction and prepare paperwork.
(Disclosure: LegalStreet and FindLaw.com are owned by the same company.)
Related Resources:
- Selling Your Home -- Do You Need a Real Estate Agent? (FindLaw)
- Home Selling Basics (FindLaw)
- More Americans Ready to Buy Homes: Survey (FindLaw's Law & Daily Life)
