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What to Expect After Listing Your Home

What to Expect After Listing Your Home

     
December 4, 2014  |  Real Estate

Selling a house is a test of patience, much like renovating or dealing with a teenager.

The process of selling a property can be emotionally draining coupled with its time consuming and costly factors, unless you are one of those homeowners who get multiple offers, particularly above the asking a few days after listing. At times though reality bites. Selling a home takes longer, costs more and is a real stress inducer.

Whether you are in the middle of the selling process, about to list your home or thinking about putting your home in the market, spare some time to know what happens once you sign a listing agreement.

 

Getting the House Ready

Listings

The basic initial step is marketing your home. Your Listing Agent will place your home in the local Multiple Listing Service (MLS). This notifies other realtors in the area that your home is up for sale. It will also be included in other real estate websites marketing its availability for home buyers.

Lockbox

Soon after a “for sale” sign will be placed in front of your house and a lockbox will be attached to your property, usually on the front door. This box gives access to local agents when you are not at home. This may trigger a paranoia alarm, but know that it’s important to allow agents to conduct showings even if you are not around. Just think about missed opportunities and time wasted if you only stick to “only show when I’m at home.”

If you do not have a lockbox, you will be most likely be put at the bottom of many agents’ list of homes to see for their clients. Imagine the hassle (and again, time wasted) of tracking down your realtor who,  in turn must get in touch with you to check your availability, which risks not meeting the potential buyer’s schedule. So instead of going through all the hassle, other homes will be prioritized in the viewing agenda.

 

Showing your Home

Open House

This is an essential method for home selling and should be done as soon as possible. This means that you have to make sure that your home is actually ready for an open house – clean and nice; attractive and worth its price.

There are two kinds of Open House – one is for Brokers, which happens during the work week so that agents with clients can come and see your home. The other one is a public open house traditionally held on a Sunday.

It is recommended that you are not present during open houses to allow freedom for buyers to go around your property and freely make comments. If you are at home when a potential buyer comes for a viewing, step outside while they tour your house and let the agent take care of the showing.

 

Responding to the Marketplace

Most of the buyer traffic happens in the first month after listing your home with the highest volume during the second and third week. Those looking for a home similar to yours will want to see it immediately. As the weeks go, expect the traffic to dwindle. Don’t panic, this is normal. As long as you have a Listing Agent who knows exactly what he or she is doing, then you are in good hands.

The average days on market (DOM) range from 60 to 90 days in a normal cycle (Source: Realtor.com). If you have buyers coming back to take a second or even third look, take it as a good sign. It means they are seriously considering your home. An offer even if somewhat lower in your opinion is still a chance to begin negotiating, which could possibly lead to a closed sale. So don’t throw a lowball offer right away. As buyers take their time, do the same in considering and weighing in the offers you get from interested homebuyers.

Having a Plan B

After about 6 weeks, the initial excitement of listing has dropped a notch and you’re probably too stressed out by that time of keeping your home magazine-worthy with all the housekeeping and maintenance you need to do for the showings. The decrease in potential buyers in a difficult market (or area) after 6 weeks is to be expected and you must thrive and strive to continue marketing and waiting. However, if you are in a promising market, it is time to meet with your agent to discuss selling strategy after this time of no positive results.

The real estate market can change in a snap, so you should always be on top of things to adjust the selling price and any physical improvements you need to do to your home. Your agent will be able to help you make adjustments to draw in more home buyers.

 

Knowing these things after listing your house can help you win half the battle of home selling. Remember to be prepared for the fast-changing market in selling and buying; the tedious process of closing a sale, and experiencing frustrations and disappointments along the way. It is essential to be working with a Listing Agent who will work closely with you through the process and make things easier and stress free as possible for you.

 

Selling your Colorado home? At The Blake Team, we are known for our expertise in selling homes within the Greater Denver/Aurora Area. We can also provide you with a free valuation of your home with absolutely no obligation. Check out our Free Home Valuation Form

 

About the author

The Blake Team is a full-service Real Estate team based in Aurora, Colorado specializing in working with Buyers & Sellers, foreclosures/HUD, short sales, and luxury properties. A team with years of experience and an impressive success rate that made it the No.18 real estate brokerage in the nation, as well as the No.1 Keller Williams agent in Colorado led by CEO & Founder Lisa Blake. The Blake Team is your No. 1 choice for getting your dream home!