Tennessee Real Estate Tips: Buying & Selling Made Easy

Selling your home can be a complex and emotional endeavor, but understanding the process can make it far less daunting. Whether you are a first-time seller or have sold homes before, having a clear grasp of each step involved will help you navigate the journey successfully. Your Realtor will also be a partner and advocate for you during the whole process. Here’s a comprehensive guide to understanding the home selling process.

Step 1: Prepare Your Home for Sale

Before listing your home, it’s essential to prepare it for potential buyers. This phase includes:

• Decluttering and Cleaning: Clear out personal items, unnecessary furniture, and deep clean to create a fresh, inviting space.
• Repairs and Maintenance: Address any repairs or maintenance issues, such as leaky faucets, squeaky doors, or peeling paint.
• Staging: Consider staging your home to highlight its best features. This can help buyers envision themselves in the space. This doesn't necessarily mean hiring professional stagers. As the seller, you can stage your home by removing pictures of your family and anything that identifies your children (think safety reasons). You can make sure that everything you haven't packed away when decluttering has a place to belong where it looks tidy. If you have well loved or brightly colorful bedspreads or bathroom towels you can replace them with white. Efforts to stage your house are important but they don't have to be super expensive or difficult.

Step 2: Set the Right Price

Setting the right price for your home is crucial. A competitive price attracts buyers, while overpricing can lead to prolonged listings and reduce interest. Your realtor can help you:

• Conduct a Comparative Market Analysis (CMA): Evaluate similar homes in your area that have recently sold to determine an appropriate price range with your realtor to make sure your list price makes sense.
• Consider Market Conditions: Keep in mind whether it's a buyer’s or seller’s market and adjust your pricing strategy accordingly.

Step 3: List Your Home

Once your home is ready and priced correctly, it’s time to officially list it for sale. Your realtor will:

• Create a Listing: Your realtor will likely write an enticing description and take high-quality photos to showcase your home.  Since you know your home the best you should review the listing and offer feedback and suggestions.
• Advertise:  Your realtor will utilize various marketing platforms, including MLS, social media, and real estate websites, to reach potential buyers.  If you can, also share their marketing on your own social media platforms. 
• Provide Disclosures: You may be required to provide disclosure statements regarding the condition of your home or any known issues. Tennessee does require this from most residential sellers.

Step 4: Show Your Home

After listing, your home will likely be shown to interested buyers:

• Schedule Showings: Your realtor will coordinate times for potential buyers to view your home. Make sure the property is clean and presentable for each showing.  It is best to remove pets if at all possible to allow for a better experience for the pet and the potential buyers.
• Open Houses: Consider hosting open houses to reach a larger audience. Your realtor can help organize and promote these events.

Step 5: Receive Offers

As interested buyers view your home, you may receive offers:

• Review Offers: Your realtor will present all offers received, outlining important terms and contingencies.
• Negotiate: Your realtor will respond with a counteroffer, accept, or reject offers per your direction. Your realtor will guide you in negotiating favorable terms.

Step 6: Accept an Offer

Once you find an acceptable offer, the next step is to officially accept it. This involves:

• Signing the Purchase Agreement: This legally binding document outlines the terms and conditions of the sale.

Step 7: Prepare for Closing

Once an offer is accepted, there are several tasks to complete before closing:

• Home Inspections and Appraisals: The buyer may request inspections and the lender typically requires an appraisal to confirm the home’s value.
• Address Repairs: If any issues arise during inspections, you may need to negotiate repairs or credits with the buyer.  The repairs are often part of a negotiation process that your realtor will help with.

Step 8: Closing the Sale

The final step is closing the sale, where ownership officially transfers from you to the buyer:

• Review Closing Documents: Before the closing date, review all documents carefully. Your realtor will help ensure everything is in order.
• Sign the Papers: On closing day, you will sign all necessary documents, and the funds will be transferred.

In most cases, the buyer will get the keys and can start moving into the property on Closing Day.

Conclusion

Understanding the home selling process empowers you to take control of your sale and make informed decisions. Partnering with an experienced realtor can simplify this journey, ensuring you navigate every step with confidence. By preparing your home, setting the right price, and being engaged throughout the process, you can successfully sell your home and move onto your next adventure.

Happy Selling!