Are you preparing to sell a home in Tennessee? It can be a daunting process, but with the help of Wright Realty, it need not be so scary! With our wholistic approach to real estate, we can guide you through the entire process from pricing your home, negotiating with potential buyers, and closing the sale. It's not just a transaction - it's letting go of a big part of your life and preparing for the next exciting step on your journey.
Selling your home can be a complicated process, but to help you prepare for what is going to happen let's take a look at a rough outline of the steps you need to take when selling a home in Tennessee.
The first thing you need to do once you have decided to sell your home is choose a realtor. Hopefully that's going to be Wright Realty! We are a full-service real estate concierge providing all of the services required to sell your property with as little stress as possible. You might be tempted to try and go it alone and sell without a realtor, but the truth is you will be setting yourself up to lose money. Statistics show that sellers who work with a realtor will sell their home for an average of 33% more than sellers who list independently. Working with a realtor will also mean that you have an expert guide to help you navigate the process of selling your home.
You might not put much thought into when you list your home for sale, but it can make a huge difference to not only how long it takes to sell, but also how much it sells for. On average, homes in Tennesssee stay on the market for around 59 days, but historically they sell faster in the Summer months. This is also the time of year when house prices increase, although the market does fluctuate throughout the year, so it is worth discussing with your realtor how the current market is looking before deciding on the best time to sell.
A successful sale often hinges on setting a competitive price. It is natural to want he highest price possible, but sometimes you have to look at current market conditions and determine if buyers would be willing to pay a higher price for your home, or if you need to accept a lower offer than you would like. Alternatively, if the market isn't where you hoped it would be you might choose to delay your sale for a few months. Your realtor can provide a comparative market analysis to help you determine the right price point to list your home.
It is important to take steps to prepare your home to sell. You will want it to look its best for showings so that potential buyers are not put off. It can be tough to accept, but just because something is to your taste it isn't necessarily going to appeal to others. Start by decluttering and deep cleaning the property and then consider what else can be done to stage your home for sale. Inexpensive upgrades like painting bold colored walls in a more neutral palette or tidy up the yard to improve curb appeal can make a big difference.
Once you start showing your home to potential buyers, you should hopefully start getting offers fairly soon. Those offers are a starting point, you may feel they are too low or asking for too many contingencies. If this is the case you can reject the offer or even make a counteroffer. Some of the things you might want to negotiate include closing costs and escow fees. Once you are satisfied with an offer you can accept and move to a purchase agreement.
It is likely that when you accept an offer your buyer will arrange for an appraisal and inspection. These are standard practice when buying or selling a house and are usually required by mortgage lenders.
Once a purchase agreement has been signed and all of the appraisals and inspections are complete it is time to enter the closing part of the deal. At this stage you need to sign the paperwork that is required to transfer ownership of the property to the buyer.
These steps are by no means set in stone and there may be additional things you need to take care of, but it should give you a rough idea of what is going to be involved when you sell your home.