The Home Selling Process: A Step-by-Step Guide

Before worrying about a list price, think about what you need the sale to accomplish.

Why are you moving? When would you ideally like to move? Do you need to sell this home before buying another one? If you're buying again, do the two transactions need to happen at the same time?

These questions matter because your plans after the sale can affect how and when you put your current home on the market.

If you're selling and buying at the same time, planning early is especially important. Your sale and your next purchase need to work together rather than being treated as two separate decisions.

This is also a good time for home sellers to talk with a real estate agent about their timeline, local market conditions and how the sale may affect their next move.

Determining your home's value and developing a pricing strategy is one of the most important decisions you'll make before listing.

Pricing a home isn't simply choosing the highest number you think a buyer might pay.

When we develop a pricing strategy, we look at comparable homes that have sold, properties currently pending and the active homes your property will compete against. Active inventory is especially important because those are the other choices buyers may be considering when your home enters the market.

Looking at all three helps us understand your home's market value, where it fits among the competition and where there may be an opportunity to position it effectively when it goes on the market.

One mistake we see is homeowners pricing high because they believe they can always lower the price later. In our experience, overpricing can work against the seller. A home that requires repeated price adjustments may ultimately attract weaker offers than one that was positioned appropriately from the beginning.

Preparing your home doesn't necessarily mean renovating it.

The goal is to present the property so buyers notice the home and its features rather than distractions that make it harder for them to picture themselves living there.

Depending on your property, preparation may include decluttering, deep cleaning, removing some personal items, improving curb appeal or taking care of maintenance and minor repairs. Staging may involve rearranging what you already own, removing excess furniture or neutralizing some of the decor.

This is why we begin the seller process with an initial consultation. We walk through the property with you and help put together a plan for getting the home ready for market. When additional help is needed, we can also connect sellers with vendor partners for services such as staging, junk removal and landscaping. 

One mistake to avoid before selling your house is assuming everything needs to be updated.

Before spending money on a project, consider whether it addresses something buyers are likely to notice or whether it meaningfully improves the way the home will present.

Some homes may only need cleaning, decluttering and a few cosmetic improvements. Others may have maintenance or repair issues that are better addressed before buyers begin touring the property.

The goal isn't to make the house perfect. It's to decide where your time and money are best spent before the property reaches the market.

For many buyers, the first time they see your home won't be at a showing. It will be online.

That makes professional photography and home marketing an important part of how the property is presented. Photography should show the home at its best and give potential buyers a reason to want to see more.

Depending on the property and marketing plan, the materials used to market a home may include professional photography, video, floor plans, virtual tours and other media.

This is also why we want the home ready before photography takes place. You only get one chance to make that first impression when a buyer discovers the listing online.

Once the home is prepared, photographed and the listing is complete, it's ready to go on the market.

Buyers can begin scheduling private showings and, when appropriate, attending open houses. During this stage, you'll want to keep the home reasonably showing-ready so that interested buyers can see it without unnecessary obstacles.

The early response can also tell us something. Showing activity, buyer feedback and the market's response to the property can help us evaluate whether the pricing and positioning are working as expected.

An offer is more than the price at the top of the page.

Financing, contingencies, deposits, inspection terms, closing dates and other conditions can all affect the strength of an offer and how likely it is to reach closing.

We use an offer management system to break down the important points of each offer so our sellers can compare them more easily. That's particularly helpful when there are multiple offers, but understanding the terms still matters when there's only one.

The goal is to understand the complete offer before deciding how to respond.

Choosing an offer doesn't always mean the negotiation is finished.

Price may be negotiated, but other terms can be important too. What matters most will depend on the offer, your circumstances and what you're trying to accomplish with the sale.

Once everyone reaches an agreement and the contract is executed, the transaction moves into its next stage. From this point forward, deadlines, documents and contingencies become increasingly important.

BurkeLord's transaction management continues through closing. Jen oversees the transaction process, including important dates and communication with the other agent, closing professionals, vendors and others involved in the sale. Bill remains involved throughout the transaction and can step back into negotiations when needed.

An accepted offer doesn't necessarily mean negotiations are over.

Depending on the contract, the buyer may have a home inspection. If the purchase is being financed, the buyer's lender may also require a home appraisal.

An inspection can uncover items the buyer wants addressed. That doesn't automatically mean a seller should agree to every request or refuse every request. Each issue needs to be considered in the context of the property, the contract and the transaction.

From our experience: One thing we encourage sellers to consider is whether an inspection issue is likely to come up again with another buyer. If it is, walking away from the current negotiation doesn't necessarily make the underlying issue disappear. The next buyer may raise the same concern, potentially from a less favorable negotiating position.

The appraisal is different. It is part of the lender's process for evaluating the property. If an appraisal creates an issue with the buyer's financing, the parties may need to evaluate the available options before the sale can move forward.

Once inspections, financing and other contractual requirements have been addressed, the transaction moves toward closing.

There may still be documents to complete, deadlines to meet and details to coordinate. You'll also need to finish moving out according to the terms of the agreement and prepare for the buyer's final walkthrough.

This is why accepting an offer isn't the end of the home selling process. A significant amount of transaction management happens between going under contract and handing the property over to its new owner.

Selling becomes more complicated when your next move depends on purchasing another home. Bill and Jen regularly help clients navigate both sides of the process when they are selling their current home while purchasing their next one.

There isn't one solution that works for every seller. The right strategy depends on your finances, timeline, current market conditions and how much flexibility you have between the two transactions.

In some situations, we can prepare the photography and listing materials for your current home in advance so you're ready to move quickly when you find the right property. We may also network with other agents for potential coming-soon or off-market opportunities. Properties that have been sitting on the market longer can sometimes present different possibilities when your purchase depends on selling your current home.

We may also network with other agents for potential coming-soon or off-market opportunities. Properties that have been sitting on the market longer can sometimes present different possibilities for a buyer who needs a home-sale contingency.

The important part is planning for both transactions together. Your selling strategy can affect your buying position, and your plans for your next home can affect when and how you put your current property on the market.

While every sale is different, the home selling process generally follows the same major stages. Use this checklist as a simple reference as you prepare to sell.

• Before listing: Determine your goals and timeline, understand your home's value, develop a pricing strategy, decide which repairs or improvements make sense, declutter and prepare the home, and complete photography and other listing materials.
  
  
• While your home is listed: Be prepared for showings, monitor buyer feedback and market response, and review the complete terms of any offers you receive.
  
  
• After accepting an offer: Keep track of inspection, appraisal, contingencies, documents and transaction deadlines while preparing for your move and closing.

Understanding the home selling process is one thing. Applying it to your property means considering your home, your local market, your timeline and what you want to accomplish after the sale.

If you're thinking about selling in Southern New Hampshire or Northern Massachusetts, learn how BurkeLord helps sellers prepare, price, market and manage their home sale from the initial consultation through closing.