There are many things you will need to consider. To help you through it, here is a general overview of what to expect and prepare.
Don’t worry if you are still paying off your mortgage, there are several options depending on what type of mortgage you have. However, you will need to talk to your lender before you can proceed.
It is important to partner with a REALTOR® you feel completely comfortable with. Don’t fall for the trap of partnering with the first REALTOR® who suggests the highest asking price. Shop around. A good REALTOR® can help you price your home to sell, answer questions like “When is a good time to sell?” and has in-depth knowledge of the market.
Start your search for a reputable REALTOR® by checking if family and friends have a prefered REALTOR® or searching online—my website is a good place to start. Visit your local real estate office; pay attention to advertisements and For Sale signs.
Pricing your home too low or too high is not an option. Setting a fair price will attract more potential buyers and give your home more exposure. Your REALTOR® should be able to explain to you the multitude of factors influencing pricing, including competitive pricing, current market stats, and of course the estimated value of your home.
The next step will be to sign a Listing Agreement, which gives your REALTOR® permission to post your property on MLS (Multiple Listing Service). They will then begin marketing your home through a variety of mediums — digital and traditional — and inform other REALTORS® (representing buyers) that your property is on the market. Your REALTOR® can also help you prepare your home for staging.
After the hard work of marketing and promoting your home pays off, you will hopefully have a few offers on the table. Once you have accepted an offer, your buyer will want to conduct a home inspection and (potentially) negotiate the cost of any repairs. Finally, your lawyer and REALTOR® will walk you through the paperwork and legal bits needed to close.
Congratulations! With the sale of your home complete, you can now begin looking for a new place.