For Home Sellers January 14, 2023

How to Sell a Home in Utah

Selling a home is a complex process that can be overwhelming for many homeowners. However, understanding the steps involved and the potential challenges can help make the process smoother and more successful. Here is an overview of the steps involved in selling a home, including statistics and references to help guide you through the process:

Determine the value of your home

One of the first steps in selling your home is determining its value. You can do this by researching comparable home sales in your area, consulting with a real estate agent, or getting a professional appraisal. According to the National Association of Realtors (NAR), the median time a home was on the market before being sold was just 21 days in October 2021.

Prepare your home for sale

Once you have an idea of the value of your home, it’s time to prepare it for sale. This can include decluttering, deep cleaning, and making any necessary repairs or updates. According to NAR, the most common home improvement projects that homeowners undertake before selling are painting, followed by landscaping and then bathroom remodels. See: How to Prepare your Home for Real Estate Pictures

List your home

Once your home is prepared, it’s time to list it for sale. You can do this by hiring a real estate agent, listing it on your own, or using a combination of both. According to the National Association of Realtors (NAR), the majority of homeowners choose to work with a real estate agent when selling their home. Realtors can help you with the listing process, and can market your home to a wider audience through the Multiple Listing Service (MLS), social media, and other professional networks. According to NAR, homes sold by agents sell for a higher price than For Sale by Owner (FSBO) homes, with the typical FSBO home sold for $200,000 compared to $265,500 for agent-assisted home sales. Know what your home is worth, get a free Home Valuation Estimate.

Show your home

Once your home is listed, you will need to show it to potential buyers. This can include open houses, private showings, and virtual tours. A study by the National Association of Realtors (NAR) found that virtual tours were used in 44% of all home sales in 2020.

Receive and review offers

Once you have interested buyers, you will receive offers on your home. It’s important to review each offer carefully and consider factors such as the price, the terms, and the buyer’s qualifications.

Negotiate and accept an offer

After reviewing the offers, you will need to negotiate with the buyer to come to an agreement on price and terms. Once you have accepted an offer, you will need to sign a purchase agreement and move forward with the sale.

Complete the sale

The final step in selling your home is completing the sale. This can include scheduling and completing a home inspection, arranging for the transfer of ownership, and completing the closing process. According to NAR, the median time from contract to closing was 42 days in 2020.

In conclusion, selling a home is a complex process that involves several steps, including determining the value of your home, preparing it for sale, listing it, showing it, receiving and reviewing offers, negotiating and accepting an offer, and completing the sale. By understanding the process and working with a real estate agent, homeowners can increase their chances of a successful and profitable home sale.

Please keep in mind that the statistics and information are from the time of my knowledge cutoff and may have changed since.

You may also want to read: “Why FSBO can be a Bad Idea