Selling a House in 2024: 7 Expert Steps

If you’re thinking of selling your house now, you’re on the right track. All the numbers are in your favor. 

Home prices are around $438,706, up 3.9% YOY. 478,444 homes sold in July 2024 alone, up 6.1% over last year. Several factors have contributed to this recent uptick of buyers and home buying activity in the market.

The most prominent one being that mortgage rates currently stand at 6.35%, down from recent numbers as high as 7.79%. This has made homeownership more affordable for buyers. Combined with the high home sales, the housing market is tilting towards house sellers. 

Now that buyer commissions are also negotiable, you get to keep more from your home sale proceeds. So don’t delay! List on the MLS today to capitalize on skyrocketing home prices!

7 Steps to Selling a House

While home selling process can be complex, we have listed down 7 simple steps for you to navigate through your real estate transaction:

Step 1: Price Your Home Correctly

The market price at which your home will be sold is called fair market value. You can find this yourself using a free house value estimator.

If you need more assistance pricing your home, you can opt for a Broker’s Price Opinion or a CMA Report. Remember to account for any known defects when pricing your home.

You can also opt for a home inspection to understand what property defect might lower your profit. It will cost between $300 and $500. Based on the home inspection report, you can choose the repairs to make for a lucrative sale.

» Fair Market Value: Check how much you can sell your property for.

Step 2: Choose the Best Way to Sell Your Home

There are 4 options for you to sell your home. The time it takes and the amount you receive differ based on each option.

1. List Your Home on the MLS for a Flat Fee: Flat Fee MLS companies get you listed fast, typically within 24 to 48 hours on your local MLS. This is your best chance to get top dollar for your house.
2. List With a Discount Real Estate Broker: The best discount real estate brokers offer all the services that traditional Realtors do but at discounted rates. They usually charge 1.5% to 3% commissions to list your home.
3. List With a Full-Service Realtor: We do not recommend a full-service agent as they can charge you nearly 5% to 6% of the closing cost. This will cost you thousands of dollars.
4. Sell to an iBuyer or Cash Buyer: A cash buyer can make a cash offer instantly and help you sell your house fast. iBuyers have strict purchase criteria but can make cash offers as high as 80% of the Fair Market Value.

🏡 Have a Distressed Property? Sell to cash home buyers. They majorly deal in distressed and rental properties. Cash home buyers typically offer 50% to 70% of the property’s fair market value.

Step 3: Stage and List Your Home on the MLS

Staging a home to sell can help you get up to $40,000 over the listing price. Additionally, professional photos help you sell your home 32% faster. You can hire a home stager and a photographer to showcase your home’s best features.

Your next step is to list on the MLS. If you opt for a Realtor, they charge a 2% to 3% commission. However, with Houzeo, you can sell your house for a flat fee and skip the commissions.

Step 4: Complete Your Listing Paperwork

The paperwork would mainly consist of the listing agreement and the seller’s disclosure.

• Listing Agreement: A listing agreement will be signed between you and your local MLS agent. It will allow them to list your property on your local MLS.
• Seller’s Disclosure: A seller’s disclosure is a standard checklist form. It allows you to disclose material defects and property features that may negatively affect the house’s value.

» Paperwork for Selling a Home: Here is a list of documents you need for a home sale.

Step 5: Manage Showings

Once you list on the MLS, get ready for the offers to pour in. Traditionally, agents host open houses or arrange private showings. If you are selling your house by owner, you can use online tools to manage showings.

Step 6: Review and Negotiate Offers

The next step would be to compare the offers. Most house sellers go with the highest bid. But here are some additional factors you must consider before settling:

• Is the buyer making a cash offer on your house?
• Has the buyer applied for a mortgage? Are they pre-approved or pre-qualified?
• Is the buyer willing to waive off some contingencies like home appraisal?
• Are buyers offering to negotiate the closing costs?

Keep these questions in mind when comparing offers. As a FSBO seller, you can use offer management tools. With Houzeo Offers, you can make counter offers, call for the best offer, and more.

» Highest and Best Offer: Make the smart choice in multiple offer situations.

Step 7: Close the Sale and Celebrate

Traditionally, title companies or real estate attorneys act as closing agents. As a guide, complete these milestones for a successful closing:

Pay Taxes and Closing Costs

You will need to pay the following taxes while selling your house:

• Transfer Tax: Transfer tax is a one-time fee (generally costs less than 1%) you pay at the time of transferring ownership.
• Property Tax: Property tax varies by county. It will be approximately 1% of the total home sale value. You can claim a rebate if you pay your property tax a year in advance.

You and the buyer both pay separate closing costs. Seller closing costs consist of HOA, escrow, real estate attorney, and home warranty fees.

Sign Documents Needed to Close a Sale

The end of the home sale usually involves signing the escrow and title documents. You will also sign the deed and the closing disclosure.

After signing all the documents, the new homeowner’s name is registered in the public record. The buyer then signs a check or wires the sale amount, and your home is sold.

How to Sell My Home in Florida?

Tips to Sell a Home in 2024

To ensure you sell your home faster, follow these tips to guarantee a smooth sale:

1. Improve Curb Appeal: 97% of real estate professionals believe curb appeal is important to attract buyers. You can do this by mowing the lawn or painting the exterior.
2. Use Advanced Tech Tools: Learn to manage the sale of your home using Showings Management and Offers Management tools. They will help you track your listing and stay updated on your home sale.
3. Provide Seller Concessions: With the current high mortgage rates, home buyers are reluctant to purchase homes. As a house seller, you can offer seller concessions such as title insurance or HOA fees.

» Tips for Selling Your Home: Check these 9 powerful tricks to sell your home!

Bottom Line

Selling can be daunting, but this is the best time to sell a house. Summer is around the corner, and home buyers are back in the market. Moreover, it is better to sell FSBO, as hiring a real estate agent will cost you a 3% commission.

If you are looking to save thousands in commissions, sell your house with Houzeo.com. Houzeo is a legit tech real estate platform that gives you access to tools only real estate agents have for an affordable flat fee.

Eager to Know More?

We’ve got you covered. Check out the following video to understand why Houzeo is one of the best for sale by owner websites in the U.S.

» Need More Clarity? Read these exclusive Houzeo reviews and learn why it is one of the best FSBO sites in America.

FAQs about Selling a House

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