Everyone talks about staging your home to get it ready to sell...but there is much more to the process than preparing your home for showings in the Madison WI real estate market. What happens after you've removed everything from the front of your refrigerator? And what is expected of Sellers throughout the process? Here is a basic overview from beginning to end.
1. Define your goals, wants, needs and expectations. A good place to begin is by exploring your short and long term goals in life and how selling your home fits in.
2. Determine the best price for what's going on in the market right now. Assess the current state of the market and what comparable homes are actually selling for by reviewing a Comparative Market Analysis (CMA) on your home. That way, you can objectively determine its fair market value and price it right. In any market, a Buyer's or a Seller's market, it is important to price your house ahead of the market. Positioning your home correctly in the market will get you top dollar. Contact Alvarado Group to help get you started.
3. Prepare your property so that it is in top-selling condition. Most of us don't keep our homes in top-selling condition. Think about your home from a buyer's point of view. Repair, replace or remove items in your home so that it makes a GREAT first impression.
4. Implement time-proven, research-based marketing strategies. Market your home to as many people as possible using for sale signs, internet, open houses, feedback tracking, Realtor connections and relationships, neighborhood mailings, and web listings. Hiring the right Realtor will help get your home the best exposure and detailed reports that will interpret the market's response to your home.
5. Show your property. Ensure that your home is always in top-selling condition. When you leave for work, make sure that your home remains in top-selling condition; you never know when the phone will ring and an agent will be requesting a showing. You know what they say about a first impression!
6. Receive an offer. When a buyer decides to buy your home, an offer will be presented and you'll most likely have 24-48 hours to respond.
7. Negotiate to sell. Most offers require a certain level of negotiation. Decide your parameters and be prepared to negotiate towards a win-win situation. There are many different negotiating strategies to consider. And there are different areas in the selling process to negotiate. Don't get stuck on price when there might be inspection issues or closing dates that could be deal makers too. Negotiation is a skill and if you are too emotionally invested in what you are negotiating, work with your agent to make sure that this part of the process is handled professionally and focus on the end results.
8. Have your home appraised and inspected. Once you have accepted an offer, you'll work with you agent and your transaction coordinator to arrange an appraisal, inspections and a survey (if required). If the buyer requires that certain repairs be made on your home, negotiate or make the necessary repairs to move successfully from contract to closing.
9. Prepare for closing. A few days before closing (also known as settlement), your transaction coordinator will be in contact with the title company and the buyer or buyer's agent to ensure that all the necessary forms and documents have been prepared.
10. Close! At the closing, ownership of your property is legally transferred to the buyer. Don't forget to bring all keys and garage door openers! Congratulations!
How much time does all of this take? It depends on your market, your situation and your motivation. I've seen some sales happen within 30-40 days from the time of the first conversation to the cutting of the checks. And in other situations it may take a family two months to prepare their home for sale, get new appliances, and clear out the clutter before it is ready for showings. If your first question is how many days will my home be on the market, contact Sara Alvarado for a phone consult and you'll be on the right track, 608.438.5005.