Selling a home can be an overwhelming process, with many uncertainties and questions to be answered. What steps are involved? How do you begin? What expenses can you expect? And, perhaps most importantly, how can you ensure a fair price for your property? Naturally, home sellers in New England want to find clear answers to these questions.
In this article, we aim to provide an overview of the traditional home selling process, as well as an alternative strategy. Whether you prefer a conventional approach or a more streamlined option, we’ll guide you through the essentials of selling a home.
So, let’s get started! However, if you’re looking for a simpler, cash-based option to sell your home as-is, there is an easier way. Contact us at (781) 549-0271 to learn more about our alternative strategy.
The Traditional Home Selling Process in New England
Typically, the traditional home selling process involves finding a real estate agent, listing on the MLS, repairing and updating the property, marketing it, negotiating offers, paying for inspections and appraisals, waiting for escrow, and ultimately closing the sale. This comprehensive process typically takes around 90 days from listing to closing, with the time period being slightly longer if you include the initial stages of finding an agent and listing the home.
Here are the details.
1. Find The Right Agent
To start the home selling process, the first step is to find a real estate agent with a strong track record in New England and a reputation for reliability and trustworthiness. While Google can be a great tool for researching potential agents, it’s essential to do your due diligence by checking reviews, calling to ask questions, and determining their commission fees (typically ranging between 3% and 6%).
When choosing an agent, it’s also important to ask about their process for selling homes, such as their marketing strategies, average listing duration, and negotiation tactics. By learning about their approach, you can assess their level of experience and expertise in the local market and make an informed decision.
Overall, selecting the right real estate agent is critical to ensuring a successful home selling experience, so take the time to research and find a professional who you trust to represent your best interests.
2. Choose a Price
Once you have found a reputable real estate agent, the next step in the home selling process is to set a suitable listing price. While your agent should be able to provide guidance on an appropriate price, it’s also wise to conduct your own research to confirm their opinion.
One effective method is to look at recently sold properties in your local area that are similar to yours and compare their sale prices with your proposed listing price. This analysis will give you a clearer understanding of the current market trends and help you to determine a reasonable asking price.
If you find that your proposed listing price does not align with the comparable sales, it’s essential to consult with your agent to reassess the price and make any necessary adjustments. By taking the time to research and consult with your agent, you can feel confident in your listing price and increase your chances of a successful sale.
3. Create a Marketing Plan
After setting a suitable listing price, your agent will then develop a comprehensive marketing plan to promote your home to potential buyers. A good agent should take high-quality photos of your property and write engaging copy to highlight its best features. They will then post the listing on the MLS (Multiple Listing Service) and may also schedule open houses to attract potential buyers.
To optimize the chances of a successful sale, your agent may recommend making repairs, cleaning, or updating certain parts of the property. While this may require some effort on your part, it can significantly improve the overall appeal of your home and help to maximize its value.
If your agent does not offer these services or you feel that they are not prioritizing your interests, it may be time to consider finding a new agent who will provide you with the level of support and guidance you require to sell your home.
4. Repair, Update, & Stage
In today’s competitive real estate market, buyers are looking for homes that are in pristine condition, with a strong focus on aesthetic appeal. To ensure that your home is as appealing as possible to potential buyers, your agent will likely advise you to make certain repairs, updates, and improvements.
While these expenses may be an added burden for you as the seller, it is important to view them as a necessary investment in the sale of your property. By ensuring that your home is in top condition, you can increase its overall value and attract more interest from potential buyers, ultimately improving your chances of a successful sale.
Your agent can provide guidance on which areas of your home require attention and recommend cost-effective solutions to ensure your property stands out in the crowded real estate market. By working together with your agent and investing in the necessary repairs and updates, you can create a desirable and highly sellable home.
5. Prepare For Showings
As the home selling process progresses, the next stage typically involves home showings. During this period, the buyer’s agent will show the home to potential buyers, usually in private, to allow them to explore the property and envision themselves living there.
To facilitate this process, you, as the owner, will typically be asked to leave the house during showings to give buyers the privacy they need to make informed decisions. Your agent will inform you of the scheduled showings in advance, and you may also need to vacate the property during open houses.
While it may be inconvenient to leave your home during this period, it is essential to facilitate the process and provide potential buyers with a comfortable and unencumbered environment to explore the property. By cooperating with your agent and making yourself scarce during showings, you can help to ensure a successful and timely sale.
After someone makes an offer, you and your real estate agent will review it and do one of three things…
- Counter offer
This initiates the negotiation process where you and the buyer — through real estate agents — try to come to a fair agreement.
7. Appraisal & Inspections
If you and the buyer agree on a purchase price, the next step in the home selling process is usually to conduct an appraisal and various inspections. An appraisal is typically required by the buyer’s mortgage lender to ensure that the property’s value aligns with the agreed-upon purchase price. Inspections, on the other hand, are performed to ensure that the property is free of any hidden damage or issues.
If any damage is found during the inspection phase, you may be required to make necessary repairs or adjustments before closing the sale. Depending on the scope and severity of the damage, these repairs can be a significant expense, so it’s essential to budget accordingly and be prepared for any potential costs.
Overall, the appraisal and inspection phase is a critical component of the home selling process, and it’s important to be proactive in addressing any issues that arise to ensure a smooth and successful sale.
The final stage of the home selling process is closing the sale. This is where the transaction is completed, and both you and the buyer pay any outstanding dues to the title company, real estate agents, and any other fees associated with the sale.
Closing costs typically amount to approximately 10% of the sale of your home and are split between the buyer and seller. These costs can include expenses such as title insurance, appraisal fees, legal fees, and transfer taxes. Depending on the sale price of your home, closing costs can quickly add up, so it’s important to be prepared and budget accordingly.
As the seller, it’s essential to have a clear understanding of the closing costs and any associated fees, and your agent can help you to navigate this process and ensure that you are fully informed of all relevant expenses. By preparing in advance and working with a trusted agent, you can navigate the home selling process with confidence and achieve a successful sale.
The Alternative Home Selling Process…
As you can see, the traditional home selling process is a bit long-winded.
But for those of you who want to skip the headache, there’s an alternative method. At Old Harbor Properties, we buy homes as-is for cash. We make offers within 48 hours, close within two weeks, and we even pay all closing costs. There are no hidden fees or strings attached.
If you want to learn more about our process, give us a call at (781) 549-0271 — we’re always happy to chat with homeowners in our favorite city: New England.
Who is Old Harbor Properties?
We are local New England residents that focus on buying properties off-market (with no commissions) for cash. We are not “flippers” or “investors” looking to pay pennies on the dollar. We are local Sox fans with families and we focus on buying rental properties. This allows us to make fair market value offers based on comparable sales and needed repairs. If you want to sell the property where you’re currently living, give us a call at (781) 208-7362 we can make you a fair cash offer, buy as-is, and close in as little as two weeks!