The 5 Stages of Selling: What to Expect When Selling Your Salt Lake City Home
Selling a home typically comprises five stages. Processing these stages individually can make it easier and less stressful for you to get your house on the market and close the sale. With the large number of Salt Lake City homes for sale, you'll want to make the most of every step. Teaming up with an experienced real estate agent who understands your community can streamline the process and take most of the work out of your hands.
Stage 1: Deciding It’s Time to Sell
Homeowners decide to sell their properties for a broad range of reasons. Perhaps you want to move to the suburbs and would rather live in Bountiful, Kaysville, or another nearby neighborhood. Then again, if you want to retire soon, it might make more sense to explore accommodations in Foothill, where you can afford a smaller house, and it's easy for you to reach any place in the city.
Not much seems to happen during the decision stage. Perhaps you just daydream about buying a new home. Regardless, it’s potentially the most important step toward selling your property.
Stage 2: Determining Your Home’s Value and Price
You can get a rough estimate of your home’s value by comparing it to similar nearby properties that have sold recently. For example, if you own a three-bedroom home in Sandy, you would look at the sale prices of other three-bedroom houses in the area. This won’t give you the precise amount, but you will get a good idea of the value.
Keep in mind that home values can change quickly. As recently as the end of June 2021, about 54% of houses were selling above their asking prices. What you perceive as the fair market value, therefore, might not be as high as the price you can get. Talking to a real estate agent could help you decide how much money homebuyers will pay for your property.
Stage 3: Preparing Your House for Potential Buyers
Attracting homebuyers willing to pay top dollar could depend on how you prepare your house. You might need to invest some money in updating or remodeling the kitchen, bathroom, or other areas that feel outdated.
You don’t necessarily have to spend much, though, to make your property more appealing to people exploring Salt Lake City homes for sale. Inexpensive improvements include:
- Improving the front yard and porch for better curb appeal.
- Tending to obvious repairs that mar the home’s appearance.
- Decluttering the interior so potential buyers can envision living there.
Staging your home can also help people imagine how they would use various spaces. Your real estate agent likely has experience with staging. If not, they can find a professional who does to get the best results.
Stage 4: Making a Deal
In the current housing market, you could get an offer within a few days of announcing your intent to sell. You might even get several offers. Regardless, you need to make a deal that benefits both parties.
You want to get as much money as possible for your property. The other person will want to spend as little as possible while potentially getting you to pay for improvements, closing costs, and other fees.
Expect to go through a couple of rounds of negotiations before you reach a deal that you and the homebuyer agree on. It’s often even more effective to have your real estate agent manage the negotiation process. Over your life, you may have sold a handful of homes, if that. Your agent has sold dozens or hundreds. It makes sense to have the more experienced person conduct negotiations.
Stage 5: Closing the Deal
Making a deal is not the same as closing a deal. Much too often, home sellers think that they have a committed buyer only to discover that the person doesn’t qualify for financing, decides to purchase a different property, or simply pulls out because they get anxious.
Closing the deal involves you and the buyer signing a contract. It usually takes two to five days for the contract to become official. During that time, the buyer will transfer money to your checking account. Don’t assume it's a "done deal" until you receive payment from the buyer.
Sell Your Salt Lake City Home Without the Hassle
The stages of selling a home don’t always go as planned. You can make the process easier by choosing a real estate agent who understands the area.
We are Salt Lake real estate experts.