You’ve decided to sell your house. You’ve selected an experienced real estate agent to represent you and the “For Sale” sign has been placed in front of the house. What next?
Selling a house is usually not a quick and easy process. It takes longer than most imagine, can be emotionally taxing, and have some unexpected costs associated with it. Knowing could happen next can help manage your personal expectations. Here’s a look at what you can expect once you’ve signed a listing agreement.
Prepping the House for Market
Most agents put their listings up in the local Multiple Listing Service (MLS) along with a set of beautiful photographs of the house to entice potential buyers. Your real estate agent will hire the photographer and set the appointment. All you have to do is tidy up, de-clutter and remove personal effects from sight. Your real estate agent may also suggest some quick easy fixes to get the house photo-ready and primed for imminent showings. Most sellers underestimate the time and effort required to get the house to market.
If you’ve already moved out, then staging might be a good idea to warm up the environment and give the buyers a sense of how to live in the space. Whatever the case, the homeowner and the agent need to work together to make sure that the home is aesthetically ready for market, and that it is consistently maintained in tip-top condition during the selling period. This is not an easy feat if you are actively living in the home with your family!
Your agent will want to hold the house open for colleagues and area agents. This usually takes place on a weekday and it’s called a broker’s open. The idea is to expose the house to as many agents as possible so they can start bringing forward suitable buyers. Then, from time to time, your agents might suggest holding the house open for the general public. It is best for the homeowners not to be present during an open house so that agents and buyers can tour the home freely and with ease.
During the first 2-3 weeks, you should be getting phone calls from your agent asking you to vacate your house while he/she brings through potential buyers. If your agent placed a lockbox on your house, area agents and their clients may drop in on you during times you’ve specified as available for showings.
After a few weeks, traffic may taper a bit and showings may become a little less frequent. Do not worry if the number of showings decreases, as the dip is rather typical. Average days on market can be 60-90 days in a normal market. If the market is slow, buyers will take their time. It’s a positive sign of real interest when the same buyer returns for additional showings.
In my experience, after about 6 weeks, sellers tend to get anxious. The initial excitement of being on the market has waned and keeping the house immaculate at all times has become tedious. Unless you are in a very difficult market, if you haven’t netted any serious interest in 6 weeks, it might be time to assess a change in course or next steps. The housing market can change quickly, so it may be worth a look at updated comps to determine if the house is competitively priced to sell. Additionally, it may be in the best interest of everyone involved for the house to undergo some light improvements or cosmetic updates such as flooring or paint.
As real estate professionals, we hope that every house gets sold quickly and with minimal intrusiveness to the homeowner’s life. But the truth is, the process of selling a house is laborious and can have many twists and turns. Staying informed and knowing what to expect is key to a positive transaction.