Home Seller Guide
Step 1: Choose agent
Selling your home could be the next chapter in your story.
Homes are our business—and selling them can take a lot of time and energy. Sellers are facing pretty high expectations from buyers: well-priced, staged rooms, natural lighting, negotiated closing costs, repairs, beautiful photos, and more.
With Coldwell Banker, we want to break down the process so you can be as hands on (or hands off) as you want, while ensuring our real estate agents are doing the most they can to get your home sold.
Your REALTOR® will:
• Promote your best interests and maintain confidentiality;
• Conduct an in-depth seller consultation to identify your needs and wants;
• Analyze the current market conditions and features that may affect your property’s value;
• Schedule showings and open houses for your property;
• Navigate the transaction process: review of necessary documents, prepare/negotiate the offer and contingencies, work with you to ensure terms/ conditions/deadlines are met;
• Schedule home inspections;
• Attend the final walk-through and closing;
• Negotiate on your behalf to protect your interests;
• Be your resource after the closing of your property
• Navigate financing solutions with the lender, work with attorneys, and see if your home owner’s insurance will cover any necessary repairs;
10 WEEKS:
HOME-SELLING STATS OF NOTE: How long typical home buyers search for a home.
4 HOMES: How many homes the buyers viewed online only.
7 homes: How many homes buyers visit before making a decision.
100: Percentage of home buyers who used the internet to search for a home (most valuable content were photos, detailed information about properties for sale, floor plans, and agent contact info).
Step 2: Prep Work
Sellers are facing pretty high expectations from buyers: well-priced, staged rooms, natural lighting, negotiated closing costs, repairs, beautiful photos, and more. We’ll try to break down the process so you can be as hands on (or hands off) as you want.
It Costs Money to Sell a Home
The total cost to sell a home can amount to much more than the 5-6% in agent commissions most people expect to pay. When you account for preinspections, prep work, closing costs, repairs, and other concessions to the buyer, the costs of selling can be closer to 10% of the sales price.
Here’s some of the fees you might see on your balance sheet:
• Real estate agent commissions (5.8% national average. Includes both agents)
• Inspections and repairs (varies)
• Closing fees (1-3% of sales price)
• Title fees
• Escrow fees
• Recording fee
• Prorated property taxes
• Seller concessions (2-6%)
• Mortgage payoff (Varies)
From valuation and elbow grease to listing price and marketing strategy.
Easy Repairs to Make Before Selling
It’s recommended to get pre-inspections done on a property before listing for sale. While you’ll pay a bit more up front for these, this will identify any major repairs that your home may need in advance (costly repairs can often slow down the selling process).
In addition to what shows up on the preinspection report, we recommend also completing the following:
• Update cabinet/door handles throughout
• Clean all appliances inside/out; keep clean
• Regrout/clean grout in sinks, tubs, showers
• Use WD40 on squeaky/stuck doors
• Install smoke detectors & LED light bulbs
• Scrape/repaint peeling or fading paint, as well as trim and boldly-painted rooms
• Identify & fix any broken, stained or chipped flooring
• Professionally clean all carpeting
• Clean all curtains, shutters & blinds
• Clean interior/exterior windows
• Prune any existing bushes, trees & flowers
• Replace bare spots in lawn with seed/sod
• Declutter all counters & flat surfaces
Step 3: Valuation
Before your home is even listed, you’ll need to agree on the list price of your home. Your agent will determine your home’s value by:
• Assessment information
• Recent appraisals
• Online valuation tools
• Local comparable sales
• Experience in the market
• Cost basis vs. market value
• Days on market vs. % of list price obtained
The #1 question any real estate agent is asked is, “What do I need to do to get my house to sell fast?” The answer is going to always be to ensure your home is priced right for the market today.
Benefits of Proper Pricing.
Correctly pricing your property at its market value is among the most important factors of a successful selling process. Results from properly pricing your home from the beginning include:
• Faster sale. The proper price gets a faster sale, which means you save on mortgage payments, real estate taxes, insurance, and other carrying costs.
Getting the numbers squared away before listing in the MLS
• Exposure to more prospects. Pricing at market value will open your home up to more people who can afford it.
• Better response from advertising. Buyer inquiry calls are more readily converted into showing appointments when the price is not a deterrent.
• Quality offers. When a property is priced right, buyers are much less likely to make a low offer, for fear of losing out on a great value.
• Reduced cost to sellers. When a property is priced right, the excitement of the market produces a higher sales price in less time. You NET more due to the higher sales price and lower carrying costs.
Based On:
Today’s real estate market
Today’s competition
Today’s financing
Today’s economic conditions
The buyer’s perception of its condition
The property’s location
Is Not Based On:
The contents or investment you have in it
The amount you want/need out of the property
The appraised value of the property
What you’ve heard a neighbor’s house sold for
The amount the tax office says its worth
How much it is insured for
Home prices in the area you are moving
What a quick Google search popped up
Step 4: Listing it
KITCHEN
Photo-Ready checklist
Clear countertops as much as possible
EXTERIOR
Close garage doors
Part of your listing will include professional photos. Since this is the first impression many people will have of your home, it’s important they are done right. Check out the checklist to complete before photos are taken.
Once ready, your agent will list the home on the MLS (Multiple Listing Service). The MLS is a series of connected databases and online property portals like Realtor.com and Zillow. When a home is listed within the MLS, other approved property sales websites and databases can pull info directly. It’s an easy way for your home to get additional exposure. Note: When a listing is updated in the MLS, it’s updated on Realtor.com, Zillow, Homes.com and other sites, too.
Clear outside of refrigerator
Hide garbage can
Remove dishes in sink, clean dishwasher
Remove rugs, dish towels & pot holders
BATHROOMS
Clear countertops completely
Put toilet seat down
Remove shampoo, etc. from shower
Remove floor mats
Remove plungers/cleaning items
BEDROOMS
Make the beds
Remove photos/names/personal items
Remove clutter from flat surfaces
Put away toys and clothes
Declutter closets
Remove toys from yard
Pressure wash driveway/steps
Remove cars from driveway
Clean up landscaping & mow grass
GENERAL
Remove pet bowls, toys, accessories
Clean whole house (& windows/mirrors)
Turn off ceiling fans
Turn off all TVs
Open blinds/curtains for natural light
How other people
are
Step 5: Marketing
finding your property
96% of homeowners are searching online for their next home (according to the National Association of REALTORs), and more of them are visiting Coldwell Banker sites than any other real estate brand, which means your property gains better exposure and more qualified buyers.
Online exposure is critical to getting a competitive price and fast sale for your property. Here’s some of the digital options we offer (these vary by agent):
Multi-Website Listings. When you list a home with Coldwell Banker, you automatically get a single-property website on PropertyEx.com, and listing exposure through our partners: HomeFinder.com, Hotpads.com, Realtor.com, Trulia.com and Zillow.com.
3D Video Tours. These are typically done when your listing photos are taken. It can be helpful for those browsing online to consider your home before they step foot in it.
Social Media. Facebook, Instagram, Nextdoor, YouTube, and TikTok are some of the ways agents are posting videos, photos, floor plans, and your overall listing with potential buyers.
Email Blast. Many agents have a database of potential buyers they send regular email newsletters to. Often, these will include new and upcoming listings.
Digital Ads. Whether it’s through social media (Meta, Nextdoor and YouTube) or a search/ display ad through Google, digital ads are very sophisticated and can target home buyers on specific sites as they look for homes.
Agent Promotion. Agents will not only meet during the weekly Coldwell Banker office meeting (to review in-house listings), but they’ll also attend the local Cheyenne listing meetings (where they can talk about their listings with agents from other brokerages).
Open Houses. It’s always recommended to have an open house the first couple weekends after the property is listed to generate buzz.
Direct Mail Marketing. Postcards are typically mailed in the neighborhood of the property— neighbors may be keeping an eye out for a property close by to mention to friends and family.
Photography. Professional listing photos (taken after the home has been decluttered, depersonalized, light repairs made and staged) ensure your home is marketed the best it can be.
Property Brochures & Yard Sign. Once listing documents have been signed, both of these will be placed in your front yard for curious passersby to take.
Step 6: showings
OPEN HOUSE STATS
As part of showing your home, your agent will likely want to install a lockbox and a sign on your property. A yard sign lets potential buyers in your neighborhood know that your home is for sale, while a lockbox allows agents to show your home without compromising the security of your property.
What to Expect. In many cases, your listing agent will ask you to leave the home while it’s being shown and during open houses. Buyers need to have a distraction-free experience and are sometimes put off by a seller following them throughout a showing. If you’re able, it’s a good idea to take your pets with you. But if you can’t remove them, it’s a good idea to put them in a kennel, portable carrier, or the backyard. Note: Potential buyers are going to open and close all doors and cabinets.
Open House Tasks. If your agent is holding an open house, they’ll give you a heads up what items you need to take care of ahead of time (mowing the lawn, snow removal, garbage pick-up, etc.). Make sure you’ve picked up and tidied the home for day-today maintenance tasks, made the beds, cleaned less-used rooms like the furnace & utility rooms, garages, sheds, etc. These are often overlooked but should be cared for and cleaned like the other spaces.
Getting a lock box, yard sign, and advertising your property
Before Each Showing. Consider doing the following:
• Open all drapes and window shades
• Turn on all lights
• Open doors between rooms
• Make sure your home smells inviting
• Store valuables in a locked closet
• Make beds
• Pick up toys and clutter
• Clear off counters & tables
• Ask a friend to do a walk-through (in case you overlooked anything)
• Ensure home is free from pet messes and odors. Secure animals in a room or crate.
• Anything you don’t want people to see should go with you when you leave the home.
• De-personalize so buyers can see themselves there.
Deadlines for Open House Advertising. Typically Wednesdays at 10 a.m. to get listings in the local paper (Wyoming Tribune-Eagle) and Trader’s Guide.
Role in Home Searches. Approx. 48% of buyers have used open houses as a resource during their home search process.1
Income Brackets. Buyers with a median income between $250,00 and $499,999 are more likely to find their home through an open house compared to those in other income brackets.2
Age Groups. Buyers aged 25-64 are more likely to attend an open house in their home search, with 49% attendance, compared to 42% for those aged 65 and older, and 23% for buyers aged 18-24.3
Weekend Traffic. Most open house traffic occurs on Saturdays and Sundays, typically between 12 p.m. and 4 p.m.
Preparation. Homes staged for open houses typically sell 88% faster and for 20% more than unstaged homes.
1 National Association of REALTORs®. 2 National Association of REALTORs® 3 National Association of REALTORs®
Step 6: An Offer
You’ve got these three options to decide between to begin the negotiation process until a sale price is agreed or negotiations collapse. Ask yourself these questions:
• Which offer is highest?
• Are you willing to accept a lower offer?
• Do any of the buyers have a mortgage pre-approval? (they’ve already secured financing to make a home purchase)
• Is there an all-cash offer to consider?
• Are they asking you to cover closing costs?
• Are there any contingencies on the offer?
• Do they have a previous home they have to sell?
• When is the potential closing date?
All sellers should expect a buyer to come with possible negotiations and contingencies for any home purchase. This isn’t a personal attack on you or the property–and it shouldn’t be taken as such.
Negotiating the sale is easily the most difficult stage of the process, & it can also be the most creative, too.
Will you accept, reject, or make a counter offer?
Your agent will have worked through many, many different negotiation scenarios, so he/she will know instinctively what to do in situations you may not.
A buyer who wants to make an offer on your home will make it through their real estate professional, who will present the offer to your agent.
This offer will be made under the terms and conditions of the selling contract set out by your local real estate association and legal counsel.
Once your agent has an offer, they are legally required to present any offer to you, for you to think about and discuss.
It’s important that you review the offer thoroughly and carefully. Your agent can answer any questions you have and help you to decide the next move.
Once you come to an agreement with the buyer on price and concessions, you’re officially under contract. Congratulations!
Common concessions
Negotiations are a normal part of a real estate transaction. According to a report from Redfin, nearly a third (35%) of sellers offered concessions during 3-month period ending October 31, 2023. Before buyers even have a chance to negotiate with you about repairs, you first have to come to an agreement on price and concessions (a benefit or a discount offered by the buyer or seller to help sell a home and close a deal). There’s typically 3 types of concessions you’ll see thrown your way:
1. Closing Costs These include a range of fees that include appraisal, mortgage insurance, property taxes, title and origination fees, escrow, title insurance, and more. Sellers might cover all, a portion, or none of these. While having this covered won’t put cash directly into the buyer’s pocket, it’ll reduce the amount of money they have to bring to closing.
2. M ortgage-Rate Buydown. This can help lower the buyer’s interest rate and, as a result, their monthly payment. Sellers can permanently buy down their interest rate by buying points— each point generally costs about 1% of the mortgage amount and lowers their interest rate by approximately .25%. You can cover all or part of the cost.
3. Temporary Rate Buydown. There’s 3 common types: 1-0 Buydown, 2-1 Buydown, 3-2-1 Buydown.
Information related to concessions are meant to be a high-level overview. If you have specific questions about these or other items related to selling a home, please consult your agent as well as your chosen mortgage professional for additional details. Items stated here are subject to change and are not final.
Single-family Homes in Cheyenne for 2024
Step 7: appraisal
Once an agreement has been made on the purchase price of a home, the appraisal is scheduled by the buyer’s lender. The appraiser will coordinate a time for a home visit with the seller.
The purpose is to see the worth of your home, so the better maintained your property is, the higher the value. Overall, cleanliness is essential for selling your home as well. Signs of pests, unkempt landscaping, chipped paint, and cracked windows are areas you can fix before an appraiser visits.
What an Appraiser Does
• Inspect the interior and exterior of the property.
• Research county and municipal records for documentation about the property and market area.
• Review recent sales and listings of comparable properties (similar utility, quality, age and amenities).
• Review living area of the home, land area, style, age, quality of construction, number of beds & baths, garage and outbuildings, etc.
• Consider what it might take to rebuild or construct a reproduction of the existing property.
• Determine how many living units are present (in the event of a duplex, triplex, etc.)
Appraisals are scheduled by the buyer’s lender. So sit back and enjoy!
Inspections. Depending on the offer you’ve accepted, you may have to deal with one or more inspections and/or appraisals. You may also need to wait while the buyer completes financing for the purchase.
Home Inspections. An inspector’s job is to visually inspect and evaluate the conditions that are present at the time of the inspection. They examine everything in the home that can reasonably be accessed – without moving appliances, puncturing walls, pulling up carpet, or anything invasive.
The areas and systems usually inspected:
1. Inside: attic, basement, ceilings, doors, floors, interior water penetration, structure, ventilation, walls, windows, appliances
2. Outside: crawlspaces, driveway, exterior and siding, foundation, garage, grading, roof, sidewalk
3. Systems: electrical, plumbing, heating and air conditioning systems
Other Inspections. This could include pest, moisture, lateral service lines and more. The terms of your contract will determine which inspections the buyer would like to have done, or which are required by the law in your area.
After the Inspection. Based on the inspection results, your buyer may want to move forward, walk away, or negotiate with you on repairs to items noted by the inspector. Your agent will help you by placing terms and remedies in your sales agreement. If you opt to make repairs, your real estate agent is an invaluable resource. Although unable to endorse or recommend any one particular vendor, they have experience working with service professionals.
Step 8: Closing
USEFUL
Pack up the house, sign the documents and hand over the key!
When it comes to moving out of a home you’ve sold, it can be tricky to decide what to take and what needs to stay. In general, all fixtures need to stay with a home. That includes any items that are immovably mounted or placed in a home, such as:
• Fences, sheds, shrubs, and other outdoor elements (including landscaping)
• Outdoor items affixed to the ground, like swing sets and basketball hoops
• Built-in furniture, including window seats and shelves
• Blinds, including custom blinds
• All lighting fixtures that were present in the home when it was shown
However, items that are removable can go with you, like:
• Curtains
• Lamps and any special light bulbs, light smart bulbs or daylight bulbs (though it would be kind of you to replace them with regular bulbs afterwards)
• Unaffixed plants in pots or containers
• Outdoor patio furniture & grills
And, as with much of life, there are some gray areas. Some of these items may have been included in your contract. Other items, you may wish to discuss with the buyer. Your agent will be able to guide you with regards to items like:
• Appliances, which may have been included in your sales contract
• Custom draperies specifically designed for the space
• Larger plants in container gardens or window boxes
• Swing sets, basketball hoops, and other outdoor play equipment that isn’t attached to the ground
• Pianos, extra refrigerators and other appliances, washer & dryer, etc.
When in doubt, make sure you itemize belongings you will be removing from your property upon moving.
There’s far more pomp and circumstance for the buyers than there is for the sellers. Most of the time you won’t be present at the title company when the keys are handed over. Instead, you’ll review the budget document (what you owe based on the agreed-upon contract) with your real estate agent, and you’ll sign the final documents ahead of time.
You’ll want to make sure you have a government-issued photo ID. You might also be asked to bring the deed to your home (if the home is paid off and has no mortgage or liens) and a certified check (if required) in the amount told to you by the title or escrow company. And finally, the keys and any security codes for the house!
