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HOW TO SELL A HOUSE

A Step-by-Step Guide

Welcome to our Home Sellers Guide!

Selling a house can be just as stressful as buying one, especially if you're navigating both transactions simultaneously. It involves significant time, planning, paperwork, and expenses. While some may opt for a "For Sale By Owner" approach, most find value in hiring a real estate agent for assistance. Here's a guide to navigating the steps involved in selling your home:

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Make repairs and upgrades

Before listing your home for sale, conduct a thorough walk-through inside and outside. Address minor issues like loose siding, dents in drywall, or missing drawer pulls from routine wear and tear.

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Take note of major features' ages such as HVAC, roof, insulation, and water heater. Upgrading anything that might raise concerns during a buyer's inspection can enhance the quality of your offers.

2

Find a real estate agent

Selling your home "for sale by owner" (FSBO) might save on agent commissions, but it requires significant time, industry knowledge, and marketing skills. Even tasks like showing your home can be challenging without an agent, especially handling candid feedback.

An experienced listing agent familiar with your local market is often invaluable. They advocate for your interests and provide guidance through unexpected situations. When hiring an agent, interview at least three to ensure you find the best fit.

3

Analyze your market and comparables

Understanding your local real estate market is crucial for managing expectations. In a seller’s market, anticipate multiple bids above your listing price. In a buyer’s market, be prepared to adjust your asking price downward.

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Your agent will provide comps—recently sold homes similar in age, style, location, and size—to gauge your home's value. Sold homes offer a more accurate picture than current listings, as their final sale prices reflect market conditions better than asking prices.

4

Set a competitive price

Once your agent analyzes the comps, they'll assist in setting the list price for your home. It's wise to leave room for negotiation, unless it's a hot seller's market. Avoid overpricing as longer market time typically leads to lower offers.

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Consider expenses, including a 5% to 6% commission. Even without an agent, budget for marketing costs like signs, flyers, listings, or professional photography.

Stage your home

When staging your home, prioritize maximizing its market appeal with help from your listing agent. Create a neutral space for buyers by storing personal items, refreshing paint, and tidying up worn furniture.

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You can stage yourself or hire a professional for a fee, recommended by your agent. Professionals often minimize furniture to enhance space. According to a 2022 survey by the International Association of Home Staging Professionals, staged homes sell faster and for up to 20% more than nonstaged homes on average.

6

Post your listing and market the property

If you're working with a listing agent, they'll list your home on your local multiple listing service (MLS).

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Effective online listings stand out with vibrant photography and compelling property descriptions. You can write the listing yourself or seek assistance from your agent or a professional copywriter.

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Professional photography is crucial. According to 2022 data from the National Association of Realtors (NAR), 85% of online home buyers find photos very useful. Quality images showcasing natural light and favorable angles highlight your home's best features—ensure spaces are clutter-free.

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Utilize digital tools like 3D virtual tours or virtual staging to enhance online presentation. Hosting an open house shortly after listing maximizes visibility and draws potential buyers for an in-person viewing.

7

Get ready to negotiate

Negotiating with prospective buyers can be time-consuming, but skilled real estate agents prove their worth here.

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When evaluating multiple offers, look beyond price. Consider a buyer's timeline, crucial if you're juggling buying and selling. Your agent compares financing, terms, and contingencies so you can make the best decision.

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If your home sells before finding a new one, a "rent-back" agreement with the new owners can provide time to complete your new purchase and prepare for the move, even after closing.

8

Prepare for the closing

Whether you're using an agent or not, prepare for both an appraisal and likely a home inspection. If the offer hinges on inspection satisfaction, issues can lead to negotiations and potential repairs.

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Contingencies vary by market. In high-demand markets, buyers may waive inspections to strengthen their offer.

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Be ready for closing costs. Seller responsibilities vary by location and contract terms. Review the purchase agreement closely to anticipate expenses.

8

Plan your move

After the hustle of selling your house, the relocation phase can feel the most chaotic. From coordinating movers to managing address changes, attention to detail is key.

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The payoff? The IRS typically allows up to a $250,000 tax-free gain on the sale (double for married couples filing jointly at $500,000). However, selling your home at a loss isn't tax-deductible.

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WORK WITH US

Known for their deep community involvement and impressive accolades, with agents being in the 100 Most Influential Agents in Portland, Alomia Group's expertise, bilingual proficiency, and passion for helping others make them trusted partners in the real estate journey.
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