How To Sell Your Home in 2024

Determine Your Timeline

If you’re looking to sell your home because you need the equity for a new one that’s already under contract, your selling strategy will be different from someone who is leisurely looking to downsize in the next year or so. 

Whether from an impending new job or you just want to get into a new place before the school year starts, the sales process will likely require more outside assistance for sellers with hard deadlines than for those who have time on their hands. 

If you know you need to sell your home quickly, budget for the help you’ll need from a real estate agent, contractors, a staging company and other professionals to get your home ready to sell.

Determine Your Strategy—FSBO or Real Estate Agent

When selling a home, you can hire a Realtor to help you advertise, show the home to prospective buyers, and negotiate the price, or you can take care of the process yourself. There are pros and cons to each strategy, so let’s break down what each one entails.

How to Sell Your Home With a Real Estate Agent

Using an agent is a popular choice; 89% of sellers in 2023 used an agent, according to the National Association of Realtors (NAR). Agents take care of most of the process of selling the home for you. This cuts down on the time you would spend showing your home, communicating and negotiating with sellers and filling out paperwork. 

An agent can also help you get a better price for your home. Recent sellers sold their homes for an average of 100% of the listing price when using an agent. That said, you’ll have to reserve a portion of the sales (typically 5% to 6% of the total price) for buyer and seller agent commissions. Whether it makes sense to use an agent will depend on the value you place on your time, your knowledge of marketing real estate and the cost-effectiveness of paying an agent’s fee.

How to Sell Your Home by Owner

If you don’t want to pay an agent to sell your home, there’s nothing prohibiting you from going the for-sale-by-owner (FSBO, pronounced FIZ-bow) route; around 7% of homes were FSBO sales in 2023, according to the NAR. Without an agent, you’re responsible for pricing, advertising, staging and showing yourself, which represents a significant amount of time and effort. 

But selling your home without a realtor can make the most sense in specific situations. For example, if someone you know is already lined up to buy the property (as is the case in 57% of FSBO sales), it makes little sense to pay a commission to an agent. FSBO is also more common in rural areas, where it makes up 14% of sales. 

Statistics from the NAR show that the median price for a FSBO home is $95,000 lower than for homes sold by agents, but this discrepancy could also account for price discounts between friends and family and the disparity between the size and quality of homes sold with agents versus those without.

Make Repairs or Improvements

After you live in your home long enough, you learn to ignore imperfections like a squeaky door or scratched paint. But these flaws come front and center when you’re showcasing your home to would-be buyers. 

Your home doesn’t have to be perfect to sell for a great price, but you should plan to take care of any issues that would be a turn-off to prospective buyers. Focus on anything that affects the function of your home first, followed by remodels that enhance curb appeal, such as replacing an old entry door or vinyl siding. If you’re using an agent, they can guide you on which projects will be worth doing and which ones you can afford to skip.

Make sure to account for the time it will take to make repairs and renovations.

List the Property

As with any product, you must advertise it if you want buyers to come calling. Listing your property is the process of advertising it. Around 86% of homes are listed on the multiple listing service (MLS), which gives your home exposure to agents and their clients all across the internet. The MLS can also syndicate to sites like Zillow and Trulia. 

Great photos are key to a great listing, so take the time and effort to make your home look its best for the shoot. This includes decluttering and removing any highly personal belongings, such as family photos, souvenirs, religious symbols and monogrammed items. Buyers should be able to easily imagine the house as their own, rather than feeling like they’re intruding into your house. 

Consider hiring a real estate photographer to take your photos. This service costs between $110 to $300 and can set your listing apart. Since 97% of buyers search for homes online according to the NAR, high-quality photos help you make an outstanding digital first impression.

Tips on How to Sell Your Home Fast

Every seller wants the highest price for their home. But there’s also a hassle factor at play as it can be difficult to keep your home kid-glove clean all the time in case your agent calls with a showing. Here are some ways to reduce the number of days your home sits on the market:

• Price it right the first time. Have your agent run a comparative market analysis (CMA) to compare your house against other recently sold properties that are similar in size, location, and condition. If you overprice your house, it could sit on the market for weeks with little interest from buyers. 
• Stage the property. This is renting or buying furniture to make your house look updated and put together. A report from the NAR shows that more than half of the real estate agents surveyed said that staging the property cut down on the time it spends on the market. 
• Declutter and clean. This is probably the cheapest, easiest investment of time and energy you can make when selling a home. Bright, clean homes sell faster than cluttered, dirty ones.
• Consider a 3D tour. This has the benefit of reducing the number of in-person showings to buyers who have already seen your place and are truly interested. It also gives out-of-state buyers more courage in making an offer if they must do so sight unseen.
• Be flexible with showings. The more available you can make your home for showings, the more buyers can view it and the quicker you can get to the person who will actually buy it. Rushing out the door at a moment’s notice isn’t convenient, but each showing you turn away represents additional time on the market for your home.
• Get a pre-listing home inspection. The buyer will likely pay for their own inspection, but by getting one before you list the property, you know what (if any) repairs you need to make in advance. This cuts down on time wasted on buyers who back out because of an undiscovered issue with the home.

Negotiate and Accept an Offer

If you’ve presented and advertised your home well, hopefully, you have a few offers to pick from. Keep in mind that as affordability continues to decline, you may not have as many willing buyers as you’d like. 

When you’re in a multiple-offer situation, weigh the terms—not just the price—of each one. Going with a cash offer can save you time and money in closing fees and eliminate the question mark of whether or not the buyer can get financing. No-contingency offers may also be preferable, as appraisals and inspections take time. You may also be able to eliminate offers if the buyer’s timeline for closing does not match yours. 

Your agent can help you navigate your offers and negotiate counteroffers if you want to make them. Real estate prices aren’t set in stone, and some of the back-and-forth dance between buyer and seller is to be expected.

Prepare for Closing

You’ll need to ensure that you’ve made any repairs you’ve promised the buyer and given them a chance to do a final walk-through before the closing day. Call your utility companies to notify them of the last day of service and give them a forwarding address for your deposits. Also, contact your mortgage lender to get a final amount for the mortgage payoff so the transaction goes smoothly. You’ll also need to gather all the paperwork required by your agent and the title company. 

On closing day, plan to bring the following:

• Personal identification
• The deed to your home
• Homeowner’s insurance information
• Closing Disclosure
• Mortgage payoff statement
• Receipts for repairs (if negotiated as part of the sale)
• The most recent survey
• A certified check for the escrow or title company (if required)
• Keys and garage door opener to the house
• Bank account info for transfer of funds

If you’re selling the home with a warranty, leave any pamphlets or other information about it in the house for the buyer. 

What Closing Costs Is the Seller Responsible For?

Sellers are responsible for some of the closing costs, though most will likely come out of the proceeds of the home sale. Typically, sellers are responsible for any liens or judgments against the home, title fees, Realtor commissions and transfer taxes, along with prorated homeowners association (HOA) fees and property taxes.

How to Avoid Capital Gains Tax on Real Estate

Not all home sellers pay capital gains tax on the sale of their home. This is due to an IRS rule that allows you to exclude up to $250,000 profit on the sale of your primary residence from your personal taxes ($500,000 for married couples filing jointly). 

To qualify for this exemption, you must have owned the home for at least two years prior to the sale date and have lived in the home for at least two of the last five years. 

Consider Hiring a Real Estate Attorney

Not all states require a real estate attorney to be involved in real estate transactions, but it’s usually a good idea to hire one, especially if you’re going the FSBO route or if you’re a first-time buyer. Your home will likely be one of the most expensive purchases you make, so ensuring that your interests and liability are protected is a wise move.

Make Moving Arrangements

Arrange for cleaning, packing and moving help well in advance of moving day. (Hint: This process usually takes longer than you think it will.) Depending on the availability of your new home, you may also need to arrange for a storage unit for your belongings.