INFORMATION FOR Selling a HOME

Most home sellers dream of a stress-free sale in which they simply list their house, quickly find a qualified buyer, collect the cash, and hand over the keys. If only it were that simple! In reality, selling a home involves many moving parts — some that you can control, and some that are out of your hands.

Let's begin the process of selling a home so that you can understand how easy and hassle-free Dream Idaho Realty can make it for you.

  • The internet makes it simple to delve into real estate agents' sales history and professional designations, so you can choose the right person to work with. Look up agents’ online profiles to learn how long they’ve been in the industry, how many sales they’ve done, and what designations they may have earned. Pay attention to how and where they market their listings, and whether or not they use professional photos.

    Some homeowners might be tempted to save on paying a commission and sell their home themselves, without an agent. This is known as “for sale by owner,” or FSBO. The amount sellers stand to save on those fees can be thousands of dollars, usually 5 percent or 6 percent of the total sale price.

    However, an experienced agent does a lot to earn their fee. For example, they can expose your house to the broadest audience and negotiate on your behalf to garner the best offers possible. If you go it alone, you’ll have to personally manage to prep your home, market it, review buyers’ offers, and handle all the negotiations and closing details.

  • Selling a house is a major undertaking that can take two to four months from start to finish.

    About a month before listing your house, start working on staging and deep cleaning in preparation for taking photos.

  • Your agent will first do a Competitive Market Analysis by:

    • constantly monitoring the multiple listing service (MLS)

    • knowing what properties are going on the market

    • knowing the competition in your neighborhood

    • being aware of public records, sold and pending listings

    • knowing withdrawn and expired listings usually demonstrate an overpriced listing

    Ultimately buyers, not you, will decide your home’s value. The best move is to try to put yourself in buyers’ heads so you can see your home as they do and price it accordingly.

  • Quick fixes before selling always pay off. But don’t overdo it! Only focus on updates that will give you top dollar.

    Too many wall colors throughout the home? Get a fresh coat of neutral paint on the walls. How are the floors? Need refinishing? Your agent has access to many contractors who are dependable and affordable. Little things like replacing door handles, switching out cabinet hardware, fixing leaky faucets, and/or cleaning tile grout goes a long way. And please, be sure to professionally clean the carpets as well as the windows.

    Thinking of selling “as is?” Have your agent run some numbers on what is selling in the area. Most buyers lack the vision to imagine how a house will look in its fixed-up condition. And since many buyers don’t have experience with repairs, etc., the entire process could intimidate them. Sometimes investing $8-$15,000 can get you at least $30,000 more for your home.

  • Staging used to just be hiding the kitty litter and opening the blinds. Now you can have a professional come and rearrange furniture or help you declutter in the best way to showcase your home. You can even “rent” furniture and accessories if you need to. Ask your agent for their advice on the situation. They definitely have experience in how staging can affect the return on your selling efforts.

    The Internet has become an essential and indispensable tool in the home search process with nearly 95 percent of home buyers using it to search for homes, and 54 percent of buyers stating that the use of the Internet was the first step taken during the home buying process.

    At Dream Idaho Realty, in addition to professional photography, you have the option to get photographs of your house. You’ll love “walking” through your home digitally and just wait until you see what our videos can do too.

  • Now for the exciting part. Your home is now live on the MLS and is now for sale.

    Your home will want to be seen by the masses and need to be available for these showing and open houses.

    Communicate with your agent on times that best work for you and your family to do this. But be sure you are aware that the more people who come into your home, the more likely you are to receive offers!

  • Accepting an offer on your house is an exciting moment. But it is just the beginning of a long and confusing journey to close.

    Once an offer is received, you will arrange a time to meet and review the offer in its entirety with your agent.

    Then you can move in three different directions:

    • Accept the offer as is and you’ll officially go pending

    • Make a counter offer so that the original offer can work for you

    • Reject the offer in its entirety

  • A home inspection is not required for every real estate transaction, but real estate professionals strongly recommend that buyers request one before purchasing a property. It’s a good way to know the condition of the property.

    The buyers may ask you to make the repairs as part of the contract, or they may ask for a reduction in purchase price because they will have to make the repairs later. If they decide they don’t want to deal with the problems at all, they may even take advantage of the inspection contingency and back out of the contract.

    The buyer hires (and pays for) the inspector. This process can take a few days depending on the availability of an inspector. There’s not much you can do at this point except waiting. Meanwhile, the buyer is putting earnest money down (usually 1% of the purchase price in Idaho). The buyer can get the earnest money back if both parties cannot agree on the contingencies of the inspection.

    The buyer’s lender will request an appraisal before the contract can be completed. This is to ensure that the value of the home is in line with the purchase price.

    Every once in awhile, an appraisal report puts the value of the home significantly lower than the price you’ve agreed upon. The buyer can negotiate with you to lower the cost, request repairs that would raise the value of the home, or walk away from the deal.

  • Contact the telephone company, irrigation or lawn care services, newspaper, cable company, post office, schools, dentists, doctors, or anyone else where a contract was made, and let them know your new address. This information will be helpful for final billing and allow them to have your new address on file.

    This is also a good time to contact your utility companies to request a final reading on these services with shut-off scheduled one day after closing.

    Then contact your homeowner’s insurance agent to cancel your insurance, effective the day all your possessions are removed, or the day after closing, whichever is later. Item description

  • The act of “closing” is sometimes misinterpreted. It is often referred to as the day that the transaction funds and records. Please know that both parties can actually sign papers a couple of days before closing day. The transaction will not be final until the deed is recorded with the county and you fully receive funds. Keys will be left at the Title Company or whenever possession of the property has been agreed upon.

    You will receive this date for closing from your agent and the title company.

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