Selling a House in Tennessee: 7 Easy Steps

From pricing to staging and negotiating, every step is crucial when selling a house.

Step 1: Assess Your Property’s Condition

Issues like dripping faucets or foundation cracks can be a major turn-off for potential buyers. Conduct a pre-listing inspection to identify areas for improvement. A home inspection will cost you between $325 and $425. Or you can hire Leo to look over your home.

Step 2: Price Your Home Competitively

30.8% of sellers dropped the asking price for their TN homes in 2024. Inaccurate pricing led to increased days on market and potentially cost the sellers a few good offers.

Here’s how you should price your home based on market conditions when selling your Tennessee house:

Seller’s Market: Price your home up to 10% more than its market value to capitalize on the limited inventory.
Buyer’s Market: Lower your asking price to beat the competition.

In the current buyer’s market, price your home slightly below Fair Market Value to attract more offers. You can also get a realistic value of your home from Leo by having him do a CMA report.

Step 3: Choose How to Sell Your Home

There are 4 options you can consider when selling your house in Tennessee:

List With a Discount Real Estate Broker: They are real estate professionals who offer reduced services than a traditional agent, but for a lower fee. Some charge about a 2% commission.
List With a Full-Service Realtor like Leo: They are real estate agents that offer comprehensive services, including marketing, negotiation, closing assistance, etc.
Sell to Cash Buyer Companies: A cash buyer in Tennessee is the way to sell fast! But you may get only 30% to 70% of your home’s fair market value.
List Your Home on the MLS: You can get your home on the market typically for $499. With a flat fee option, your home will be on top real estate websites like Redfin, Zillow and Trulia, giving it maximum exposure. However, you won't get any other assistance from an Agent.

Step 4: Make Your Home Market-Ready

A visually appealing home increases buyer interest as it helps them imagine their future in that space. Here’s what you can do to create a market-ready home:

Stage Your Home: Home staging can help you get up to $40,000 over the listing price when selling your Tennessee home. That’s huge! Hire a home stager to create a great first impression.
Invest in Professional Photography: Have your agent hire a professional to showcase your home’s best features and attract potential buyers.
Conduct Virtual Tours: You can provide virtual home tours to potential buyers. This will allow them to explore the property, generating more interest.
Adjust Your Price: Analyze local market trends closely and modify your listing price accordingly. This will help you attract offers quickly.

Step 5: Market Your Property Effectively

Not marketing your home enough can lead to increased days on the market. Here are some strategies you should consider:

Host Open Houses: 92% of home buyers find an open house useful. Hosting an open house is an effective way to show your home to potential buyers.
Craft a Captivating Property Description: A catchy headline with an engaging statement can grab a buyer’s attention. Use popular adjectives like flawless, spacious, open-concept, etc.
Add a Yard Sign: 20% of sellers use yard signs to advertise their property. In fact, 48% of buyers found their homes because of these signs.

Step 6: Review and Negotiate Offers

The next step when selling a home would be to compare the various offers you get. Most home sellers go with the highest bid. But here are some factors you must consider before finalizing an offer:

Is the buyer making a cash offer?
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?

Step 7: Close the Deal

Real estate attorneys or Tennessee title companies act as closing agents when selling a house in Tennessee.

7.1: Pay Taxes and Closing Costs:

Transfer Tax: You need to pay a one-time fee when transferring ownership. The transfer tax generally costs less than 1%.
Property Tax: You are charged approximately 1% of the total home sale value. It can vary by county. You can also claim a rebate if you have paid your property tax a year in advance.
Closing Costs: You and the buyer pay separate closing costs. Seller closing costs in Tennessee include HOA, real estate attorney, and home warranty fees.