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How to Sell Your House

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If you are considering putting your home on the market, you are not alone. Each year, millions of homes are put on the market. Data from the National Association of Realtors shows that anywhere from five million to six million existing houses are sold in the US each year. A smaller number, somewhere between 400,000 and one million, of newly constructed houses are sold.

Selling your home is a major life and financial step. If you do it right, it can add liquidity to your finances and allow you to recoup the value of a major investment. Done wrong, you might suffer financial loss. Take the steps below to sell your home well and avoid downside risks.

Preparing Your Home for Sale

Getting your home ready for sale should start early in the process, as soon as you've decided that you are going to sell. There are some things you can do at this stage that will help you get the maximum value when it's selling time.

You should get a home inspection to identify potential problems and opportunities for improvement. Ideally, aspects like plumbing, electrical wiring, roofs, and AC systems should all be checked.

Ask the home inspector for advice on fixes you can make. If you have a friend in the real estate business, he or she might be able to advise you on potential fixes.

Since much relies on looks, this is also a good time to get a professional cleaning for your house. Make rugs, walls, and floors spotless and as new.

Why You Should Go for a Real Estate Agent

While it might be tempting to sell your house all by yourself, this might not be the best move. Consider the finances first. Homes that are for sale by owner tend to sell for prices less than those where a real estate agent is involved.

There are multiple reasons for this. A real estate agent will earn a commission on the final sale price. Naturally, this aligns their interests with you getting the maximum sale price possible. Secondly, a real estate agent is likely to be intimately familiar with the market and home valuations in your area. This puts them in a position to demand the best possible price.

In addition, the sale and negotiation process can be complex. You might not have all the skills you need to deal well with potential buyers while avoiding ripoffs. Working with a real estate agent will help you avoid major pitfalls in the home selling process.

Staging and Listing the House

With any home fixing steps and improvements complete, you can stage the house and list it for sale. You will ship out any furniture that will not stay in the house and set everything up so that prospects can inspect rooms unimpeded.

To help give the house the right personality, you might want to leave some furnishings that show the house to its best effects. This could include artwork, some rugs, and other light furniture.

When it comes to house showings, be friendly and flexible. Allow the prospect to walk around the property and rooms to get a real feel for the place. Be on hand to answer any questions and provide a personal perspective on the merits of the house.

Closing the House Sale

Once a buyer is interested in the house, they will make an offer against your asking price. The offer may be for what you are asking for, or sometimes less. This initiates the negotiation process to arrive at a final price. Your real estate agent will advise you on whether to take the offer, ask for more, or hold out for another offer from other prospects.

Do not feel compelled to take the first offer that comes your way. The more buyers you can get interested in buying the property, the better your chances of getting a good final price for the home.

Continue scheduling showings while negotiations are ongoing. Based on averages, your home could take as much as 60 days or more on the market before you accept a suitable offer.