Ultimate Guide to Selling Your House

Ultimate Guide to Selling Your House

Selling your home may feel like a long and confusing journey, but it does not have to be that way. Learning the process’s details on the front end can save you time and result in a better deal. As a seller, you face a competitive market, so you want to provide an appealing home and a sense of professionalism that encourages buyers to make an offer. Since Chattanooga is currently a seller’s market, the opportunity exists to make a profit.

Whether you are a first-time seller or have been through the process before, it is always advisable to use the latest tools and techniques so you can command the most money for your property. Below you will learn everything you need to know about selling a house.

Determine how to sell your home

First, evaluate your options for selling your home. The FSBO, or for sale by owner, option avoids real estate commissions since you oversee the entire real estate transaction. However, the downside is that you are saddled with all responsibilities that come along with listing, marketing, showing, and negotiating. This option can prove tiring and tedious, particularly for those with jobs and families. Another option is to sell your home to an iBuyer, which tends to result in a quick cash transaction. In this scenario, the convenience of a quick sale comes with the downside of a lower profit.

The best option is to work with a real estate agent. An experienced agent can guide you toward a fair asking price, advise you on updates before listing, tackle negotiations, and establish a professional presence for your property. Their expertise will help you find the most favorable deal with the least hassle.

Use market research to inform your asking price

A good real estate agent will help you determine an asking price that is neither too low nor too high. They will look at other similar homes for sale in Chattanooga to gauge appropriate listing prices. These homes are known as comparables or comps, and they will be alike in size, location, age, and style to your home.

Your agent also will refer to the latest market data to understand whether the market favors buyers or sellers. In a buyer’s market, buyers have the upper hand, and you may need to lower your asking price or accept a lower offer. In a seller’s market, you can nudge your asking price higher, and you may receive multiple offers.

Right now, Chattanooga’s market has a median sold price that is 7.3% higher than it was a year ago, which favors sellers. As a result, you may be able to select a higher listing price and avoid making many concessions during negotiations.

List and market your home

Your real estate agent can advise you on the best cosmetic updates and repairs to improve your home’s marketability. Common adjustments include introducing neutral paint colors and updated fixtures, decluttering, and staging your home. Once your home has been refreshed, your agent will create a listing that spotlights the property’s best features and share it through multiple listing services. For potential buyers living outside of your geographic region, high-resolution photographs, videos, and clear descriptions will offer the best sales pitch.

Schedule showings and open houses

One of the easiest ways to generate interest in your home is through showings and open houses. With showings, an interested party and their agent will work with your agent to find a time to tour your home. In most cases, you will have enough warning to take care of last-minute cleaning tasks before the showing. Your real estate agent will also manage open houses, usually occupying a two- or three-hour window on a Saturday or Sunday. Anyone in the area who is looking to buy can wander through your home at their own pace and ask your agent questions.

Negotiate for the best offer

When you receive one or multiple offers, work with your agent to unpack the details and understand your options. Ultimately, you can accept an offer, make a counteroffer, or reject one or all offers. Strong offers may do some or all of the following: offer to pay in cash, waive inspections, make a larger earnest money deposit, or make an offer above the asking price.

If you hope to negotiate with a potential buyer, let your agent do the heavy lifting. If you lack experience with real estate transactions, taking on the responsibility yourself can backfire. Real estate agents will know what is reasonable to request and expect. An agent’s expertise can ensure that the process doesn’t stall or result in a rescinded offer before you can accept.

Be aware of closing costs

Keep in mind that you will be responsible for paying closing costs. Typically, these can amount to 10% of the home’s sale price, and they cover costs like real estate commissions, wire fees, taxes, loan origination fees, and title transfer fees. How much you pay may depend on the state of the market and the degree to which you have made concessions as a seller. These costs are usually deducted from the profit of the home sale.

Finalize an offer and close on your home

Once you and the buyer agree on an offer, you can move forward with the closing process, which may take up to a month or longer. The buyer will sign a purchase agreement that you, as the seller, also will sign. Then a third party will manage the escrow fund, where the buyer will deposit earnest money, usually in the amount of up to 3% of the purchase price. On closing day, you may need to bring funds to cover closing costs or other agreed-upon repairs. Otherwise, plan on signing documents, including your closing statement and disclosure, and handing over the deed to your home.

Partner with a respected real estate agent

Selling your home can feel overwhelming if you try to take on all the associated tasks yourself. That’s why it is critical to partner with a real estate agent who knows the process and your neighborhood well. They will help you position your home for an efficient sale and minimize the stressors that come with real estate transactions. Agents with a track record of success will be equipped to handle negotiations on your behalf so you can focus on preparing for your next adventure.

Agent Gregory Depasquale knows the Chattanooga real estate landscape well and prioritizes responsive and informed communication with his clients. Whether you are new to selling or not, he will walk you through the process and help you make the best decisions for your needs. Contact Gregory today to take the next steps.

Work With Gregory

Gregory is equipped to provide clients with experienced representation and personalized professional service. Contact Gregory today to start your home searching journey!

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