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Selling your house: How to prepare and make the sale

Yahoo Personal Finance· Getty Images
Updated 5 min read

There are many reasons you might want to sell your house. You may be starting a family, relocating for a job, transitioning into retirement, or simply exploring the option of living someplace new.

No matter the reason, selling a house is a big project. Once you've made the decision to move, learn how to sell your house by following these five main steps.

Read more: I received a text asking to buy my house — Is it legit or a scam?

The first step to selling your house is to speak with at least a few Realtors in your area to find out what services they offer sellers and whether they might be a good fit for your needs. You can find local real estate agents by searching online, asking people you trust for referrals, or looking for agents' for-sale signs or open-house events in your neighborhood.

When you meet with the Realtor, have a list of questions ready. Ask them how long they've been working in real estate, whether they work with buyers or sellers (or both), what their hours are, and how they will market your house if you decide to list it with them.

Some people prefer to sell their house without a Realtor. This option has a few advantages but a lot of potential disadvantages. You may save money on commissions and have more control over how your house is marketed and when it's available for buyers to tour. But you could end up with a lower sale price, and you'll have to spend a lot of time marketing your house, answering buyers’ questions, showing your house, and maybe even holding your own open-house events.

Learn more: Is it a good time to sell a house?

Before putting your house on the market, consider how to make the house more attractive to buyers. Decluttering, deep cleaning, making repairs and upgrades, or staging the house might entice more buyers to make an offer. A home office, stainless steel appliances, stone countertops, refreshed landscaping, or brighter lighting might give the house the sparkle many buyers want.

If your house isn't in top condition, you might want to schedule a professional home inspection to help you identify and prioritize needed repairs.

Though you may need to clean, declutter, and make small repairs before putting your house on the market, you probably shouldn't dive into a major remodeling project. Some big home improvements pay off when the house is sold, but many don't, and prospective buyers might prefer to make bigger improvements themselves. If you choose to make a substantial pre-sale investment in the home, ask your Realtor to help you decide how much you should spend and which improvements you should prioritize.

Read more: How to sell when you're underwater on your mortgage

Before your house hits the market, you should discuss your pricing strategy with your Realtor. You'll typically sell your house faster if you price it well than if it's more espensive than comparable houses in nearby areas. Your Realtor should give you information about the location and condition of these houses, known as "comps," and help you decide how to price your home to sell within your preferred time frame.

Some people choose to hire an appraiser to give them the estimated market value of their home before setting a listing price. However, this will cost you several hundred dollars, and your Realtor will likely be able to look at the same comps as the appraiser would. Also, the buyer will need to schedule their own home appraisal before closing, and their mortgage lender won’t accept the appraisal report you already paid for. But if you are working without a Realtor, using an appraiser to help you set the price could make sense.

Learn more: How much does it cost to sell your house?

If your house is attractively priced, you may receive multiple offers from buyers. With these offers in hand, you can then negotiate the price and other terms of the sale.

Even if price is your top priority, you should consider other terms of the transaction. Examples may include additional repairs the buyer wants you to make, contingencies that must be met before the transaction closes, the closing date, who will pay certain closing costs (such as the buyer’s discount points), and whether you or the buyer will pay for their home warranty.

Your Realtor should help you negotiate with buyers and choose the offer that best fits your needs.

Learn more: What are mansion taxes, and how do they work?

When the closing date arrives, and all of the contingencies have been met, it's time to close the sale. Before you close, review your estimated closing costs to make sure the amounts are correct and you're not being charged for anything you didn't agree to pay.

Once that's done, you'll need to sign your closing documents, the legal paperwork that transfers ownership of the house from you to the buyer. You may be able to sign the closing documents electronically. You should also give your house keys to your Realtor or closing agent, who will pass them along to the buyer. When closing is complete, you'll receive your proceeds from the sale of your house, minus the balance you still owe on your mortgage and closing costs.

Regardless of your reason for moving, selling a house can be a very emotional experience. Be prepared to celebrate when your sale closes, and you can move forward to the next big project in your life.