Trying to sell a home but don’t know where to start? This link is the one for you to click as it leads to an article that will review a step-by-step guide of how to sell your home here in Tucson!
Part 1: Choosing A Listing Agent
The first step that’s under review may be one of the most important ones. You may be deciding to list the home for sale by the owner but it may be wise to find a listing agent and choosing the right agent is paramount to having a positive home-selling experience! The listing agent will be handling a lot of the tedious and fiduciary responsibilities of selling a home so making sure you choose the right one may be the most important item in this article.
Important Qualities to Seek:
Amount of Experience can always be a good indicator
Do not choose a listing agent based on highest listing price and lowest commission
Find a listing agent with an advertising campaign that feels right for you and your property
Ask plenty of questions about the process (How long the property will be listed for, commission price, etc.)
Will you be paying the commission price for both yourself and the buying agent
Find a listing agent who gives a detailed price comparison of what you may get for your home.
However, this is only a broad overview of things to look for when choosing the right listing agent for you and your situation. Realty companies in Tucson have a long list of agents to choose from so finding the right filtering method can seem daunting but if you take your time and due diligence, you’re sure to find an agent that seems nearly perfect for your situation!
2.) Determining the Value of Your Property:
One of the most common problems when someone lists their home for sale is that the seller overestimates the value of their home. This overvaluation can lead to a lack of offers on your home. The opposite can be true as well, you could list your property for far less than it’s worth. The valuation of your home can be tricky to determine as a good portion of its value can be determined by ever-changing factors.
Factors of Determination:
Follow prices found in a comparative market analysis
Determine the temperature of the market
The second portion can be a whole process in of itself but if you do your research and spend the proper time looking for the right listing agent, determining the market temperature will be a breeze!
3.) Readying Your Property for Sale:
As you can imagine, a very leveraging factor for the success of your listing is the actual appearance of your property and the exposure that appearance gets on the market. So, the beginning of the process will also begin with the cleaning and repair of the lesser qualities found in your home to improve its curb appeal.
What can you do to improve curb appeal?
Add some greenery and flowers
Proper Lawn or yard care
Make the front door noticeable
Power wash the driveway
Hide electrical fixtures
This is only a few things you can do to improve the curb appeal of your property before sale, but a safe rule of thumb to follow is to find home listings that pop out to your attention and then figure out why they caught your attention. Whatever qualities you pin down are a good indicator of things you should apply to your property.
Beyond the curb appeal, you’ll want to make any necessary repairs and seriously consider a pre-listing seller’s inspection that’ll identify any problem areas you may have missed during your initial deep cleaning and repair. Another factor that is often overlooked is potentially finding a temporary living situation for any pets you may have during the showings of your home.
The showing of your home is very similar to the first impression made to a person of importance so you’ll want to hedge your bets in any way you can. From hiring a stager to stage your home to making those curb appeal tweaks to the home, every little bit can go a long way during the showing of your property. The better the showing, the better chances you have at receiving offers on your home!
4.) Marketing the Property:
The marketing agent you’ve decided on and you should first identify the selling points of your home and from there choose the best advertising vocabulary when marketing your home. Once the home’s selling points and advertising terminology has been determined you must approve of the marketing campaign your agent will provide or determine how you’re going to advertise your home for sale independently.
This Advertising Should Include:
Hiring a virtual tour company to create a tour of your home that people can view online
You or your agent should be saturating the internet from various vectors with photos and videos of your property
According to statistics from the National Association of Realtors, 50% of homebuyers found the home they purchased online and that statistic was sourced in 2018 so the percentage is likely to have risen in the following years!
5.) The Showing:
The showing of the property is incredibly important and is the sole reason for much of the list items above this. The showing is like the first impression or handshake when trying to meet someone and as mentioned above, the more showings you have can equate to more offers you receive on the home. Letting your agent use a lockbox or keypad to show your home rather than relying on appointments is an excellent way to maximize the number of showings your home will have.
A sparing approach to showing your home is to hold an open house, if you decide on this option you will want to maximize the utility of the open house. Some ways of doing this are:
Make Sure the Property Is at Its Cleanest and Finest:
Market the open house
If you have an agent, allow the agent to assume control
Give and absorb feedback from the visitors of the open house
The feedback from an open house can be very valuable as you can get a pulse on the feelings and views on your home, its price, and its condition! This option should be used sparingly but if used correctly can be an excellent way to secure offers on your home!
6.) The Negotiations
This part of the process is as important as it can be stressful but if handled properly is the distinguishing step of successfully selling a home! The first detail to remember is to not outright deny offers even if they are low. Using counter-offers on low bids can be a great way to maximize the number of satisfactory offers you’ll receive.
The counteroffer is a vital part of the negotiation process and beyond securing offers that are within your selling price, are an excellent way of ensuring that the selling of your home is done in the way that you prefer.
Types of Counter Offers to Consider:
Full Price Counter Offer
A kick out clause added to the offer
Right of First Refusal
The negotiation process can be complicated depending on the situation of your home selling but if you took the time to find a good agent or have done proper research you will find that the negotiation process is doable and the differentiating factor for a successful house sale!
7.) Open Escrow and Order Title:
The agent or transaction coordinator will be the ones to open escrow and order the title policy for your sale. Write down the details of this contract so that you can provide it to your closing agent, and then choose a date that the deal will close based on when the buyer’s loan will be funded.
8.) The Appraisal:
The appraisal is the process where a third party entity comes to the property to determine the estimate of the property’s actual worth and often decides what the home would be able to sell for in the worst market. With that said, you should always diligently clean and declutter the property before the appraiser arrives. If you receive a low appraisal, be sure to ask your agent about alternative options.
Also typically, you’re not entitled to receive a copy of the appraisal as the seller is not usually the one who pays for the appraisal. If the buyer wants to cancel after the appraisal, seek after your rights as a seller. The buyer must have an appraisal contingency in the contract in order to pull out of the deal!
9.) Home Inspections:
To begin, you’ll want to get ahold of your agent to acquire a home inspection checklist from your agent so you know what to expect when the inspector arrives at your home. Just in case you’re tackling this process on your own, click here, to access an Arizona inspection checklist!
Before the inspector arrives you’ll want to do a good cleaning and declutter as well as make sure the basement and/or attic are clear, no pathways or part of the house is closed off to the inspector, and make there’s as little against the walls as possible; especially in the garage! Certain contracts will require a roof inspection to be done, if so, be sure to do research and find a reputable company to do this.
Also, if your home is an older one, it may require a sewage inspection!
10.) Negotiation of Repairs:
Now, you are not obligated to meet the repair requests made by a buyer but denying these requests may lead to a buyer to back out of a deal if they have an inspection contingency in their contract. A closing cost credit may be an acceptable concession for both parties if repairs requests do not want to be made. This credit is just a lowering of the sales price to pay for the price of repairs on the home.
11.) Contingency Release and Closing Documents:
If there were contingencies within the buyer’s contract, ask the buyer to release them, affirming that the contingencies have been resolved. Remember, the buyer isn’t obligated to provide a contingency release if you don’t demand it. Also, in some states, you reserve the right to cancel a contract if the buyer will not provide a release.
One of the last steps of the process will be the signing of closing documents like the title and escrow documents. In some states, it’s normal for all parties involved in the sale to have a sit down to sign the documents. Arizona is not one of those states, but if you find yourself reading this outside of Arizona, get with your agent to find out what the normal is!
Last tip! Don’t forget to bring along a valid photo ID with you!
12.) Close Escrow:
The final step of this arduous process ends with attending the closing meeting where you sign the final paperwork and hand over your keys. The property deed, reconveyance, and deed of trust will be handed over to public record. One thing to be mindful of in your contract is the date that you as the seller will need to move out of the home. This date can fall on the date of the sale or even before the sale happens, but the date will be specified in your contract!
Once all of that is done, the sale proceedings will be wired into your bank account, minus agent commissions, repair credits, and all other fees noted on the closing document!
The process of selling your home can seem very daunting and is quite an arduous process but if you make the correct preparations, do proper research, and reach out for help when needed can be a process that is both rewarding and doable! And lastly, if the process of selling your home in Tucson does seem too overwhelming to handle alone, there are countless skilled and approachable Tucson realtors to reach out to!
