Important Things to Know When Selling Your Home

Selling your home is a big step, and preparation is key to success. From setting the right price to navigating the process, knowing what to expect can help you sell faster and for the best price. Here are some essential things to keep in mind to ensure a smoother selling experience:

1. It Takes Longer Than You Anticipate

One of the most common misconceptions about selling a home is underestimating the time it takes. The average “Days on Market” (DOM) refers to how long it takes for a buyer to make an offer on your property. The DOM timeline is separate from the escrow process. Once you find a buyer, escrow—which includes inspections, appraisals, and loan approvals—typically takes an additional 30 to 45 days. Planning for this timeline helps set realistic expectations and reduces stress.

2. Pricing Is Everything

Setting the right price for your home is crucial for attracting buyers and achieving a successful sale. Overpricing can deter potential buyers, while underpricing could leave money on the table. Work closely with your real estate agent to conduct a comparative market analysis (CMA). This research considers recent sales of similar properties in your area to ensure your home’s price aligns with the current market conditions. A well-priced home generates more interest and sells faster.

3. Be Ready for Repair Requests

After a buyer’s home inspection, repair requests are almost inevitable. Buyers often ask for repairs or credits for issues found during the inspection. This is a standard part of the process, so don’t be caught off guard. Addressing these requests promptly and reasonably can help keep the transaction on track. If you’re proactive, consider getting a pre-listing home inspection (more on this below).

4. Consider a Pre-Listing Home Inspection

A pre-listing home inspection can be a game-changer. By identifying potential issues upfront, you have the opportunity to address them before listing your home. This transparency can make your property more attractive to buyers and reduce the likelihood of negotiations falling through. A quick “no” is better than a long “no,” so resolving major issues early can save time and prevent surprises later.

5. Your Home Becomes a Product

Once you decide to sell, it’s essential to shift your mindset. Your home is no longer your personal sanctuary—it’s a product on the market. Expect multiple people, from prospective buyers to agents and inspectors, to walk through your property. While it can feel invasive, remember that the ultimate goal is to showcase your home to as many potential buyers as possible. Decluttering and staging can help make your home more appealing (see more on this in other articles and videos I’ve posted).

6. Host an Open House

Open houses are a valuable tool for attracting buyers and increasing your home's visibility in the competitive real estate market. The more people who walk through your home, the higher the likelihood of receiving offers. An open house creates buzz and allows potential buyers to envision themselves living in the space. Your real estate agent will market the event to maximize foot traffic, so make sure your home is clean, staged, and ready to impress.

7. Wait Until Contingencies Are Removed

Before making any significant changes—like removing staging items or selling personal property to a buyer—ensure all contingencies are removed. Common contingencies include the buyer’s loan approval, home appraisal, and inspections. Removing items or making commitments too soon could jeopardize the transaction if unforeseen issues arise.

8. Funds May Take Time to Clear

Even after closing, it can take a day or more for the funds from the sale to be credited to your account. This delay is standard and often due to banking processes. Knowing this in advance can help you plan your next steps without unnecessary anxiety.

Bonus Tips for a Smooth Sale:

• First Impressions Matter: Invest in curb appeal by ensuring your lawn is well-manicured and the exterior of your home looks inviting.

• Photography Is Key: High-quality real estate photography is essential to capture your home's best features and draw in online buyers. High-quality photos attract more buyers online. Work with a professional photographer to showcase your home in the best light.

• Communicate Openly: Maintain clear communication with your real estate agent throughout the process. They’re your advocate and a valuable resource.

Final Thoughts

Selling your home can be an emotional and complex journey. By following proven home-selling strategies and leveraging expert advice, you can make the process smoother and more successful. Work closely with your real estate agent, and remember: the effort you put in now will pay off when you hand over the keys to the next owner.