The 3 Stages Of The Home Selling Process
Have you decided to sell your house but are wondering what comes next? In this video, I'm going to explain the three stages of the home selling process so you know exactly what to expect. By understanding the timeline of selling your home, you can relieve some stress and be better prepared for each stage.
Stage 1: Pre-Listing
The first stage of the home selling process is the pre-listing stage. Before we can begin marketing your house, we need to make it look good. We’ll start preparing your home for sale, as how you live in a home is not how you sell a home. Because 90% of buyers look online before they decide whether they want to see a property in person, this step is crucial. Our first impression and first showing are going to happen online.
During this pre-listing phase, we’ll go through your property together, creating a list of simple things you can do to sell your house faster and for more money. This includes things like making sure all the light bulbs are in place, decluttering, and rearranging closets. Once the house is in show condition, we're ready for the photo shoot. We’ll also create a video, a floor plan, and a feature list for buyers. The pre-listing stage takes about two to three weeks.
During this pre-listing phase, we’ll go through your property together, creating a list of simple things you can do to sell your house faster and for more money. This includes things like making sure all the light bulbs are in place, decluttering, and rearranging closets. Once the house is in show condition, we're ready for the photo shoot. We’ll also create a video, a floor plan, and a feature list for buyers. The pre-listing stage takes about two to three weeks.
Stage 2: On The Market
Once the house is show-ready, it’s time to list it for sale on the market. We're going to do a blitz-like marketing approach that includes the internet, print ads, direct mail pieces, and social media. While I'm working on the marketing aspect, you simply need to make sure your home is always in show condition. While it’s not easy, it's critical to ensure we never lose an opportunity with a prospective buyer.
This active, on-the-market process should take anywhere from 1-30 days. If we're still on the market at 30 days and not under contract, the market's trying to tell us that we're overpriced and we need to do a price reduction. Once you get the right offer, we’ll move on to the next stage.
This active, on-the-market process should take anywhere from 1-30 days. If we're still on the market at 30 days and not under contract, the market's trying to tell us that we're overpriced and we need to do a price reduction. Once you get the right offer, we’ll move on to the next stage.
Stage 3: Under Contract
The final and third phase of the home selling process is the pending stage. When we receive an offer and successfully negotiate the terms and price to your satisfaction, we go under contract—or pending. During this pending phase as we head to closing, many steps have to happen.
First, the buyer submits their first escrow deposit. Second, the buyer schedules a home inspection and a termite inspection. They typically have a 15 day inspection period. If the home inspector finds issues and recommends a secondary inspection—such as an electrician, an A/C company, or a plumber—they have that window of time to schedule them.
After all the inspections are complete, a buyer has five days to submit a repair request to you. We will go over the inspection report, discuss what the buyer is asking, and you’ll then have three choices. You can do exactly what the buyer's requesting; you could say "No thank you" and cancel the contract; or you can say, "I will negotiate with you and split in this manner." It's during this pending phase where I stay in close communication with all the parties of the transaction to ensure that there are no last-minute glitches. I don't know if you're like me, but I do not like last-minute surprises. This pending process takes 30 days or shorter for a cash transaction and 45 days or longer if there's a mortgage involved.
First, the buyer submits their first escrow deposit. Second, the buyer schedules a home inspection and a termite inspection. They typically have a 15 day inspection period. If the home inspector finds issues and recommends a secondary inspection—such as an electrician, an A/C company, or a plumber—they have that window of time to schedule them.
After all the inspections are complete, a buyer has five days to submit a repair request to you. We will go over the inspection report, discuss what the buyer is asking, and you’ll then have three choices. You can do exactly what the buyer's requesting; you could say "No thank you" and cancel the contract; or you can say, "I will negotiate with you and split in this manner." It's during this pending phase where I stay in close communication with all the parties of the transaction to ensure that there are no last-minute glitches. I don't know if you're like me, but I do not like last-minute surprises. This pending process takes 30 days or shorter for a cash transaction and 45 days or longer if there's a mortgage involved.
Your Customized Home Selling Plan
I hope this helps take some of the mystery out of the home selling process. Of course, every transaction and every home is very different. If you want a customized plan, please don't hesitate to
reach out to me
and I'd be happy to guide you along the way.
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Michael Saunders & Company - Licensed Real Estate Broker