The urgency of selling a house quickly has now too been added to the mix of plights in today’s real estate market. Homeowners everywhere have had to figure out how they can avoid going through the consequences of the following possibilities associated with not being able to sell their house quickly:
- Interest rates go up; the economy crashes
- The house gets sold too slow, resulting in a price decrease and an increase in upkeep
- The house does not get shown to the right clients
- On and on and on…
Some of those who have found themselves in the listed position above, yes, have considered Cash offer for sale as one of the approaches.
And, yes, they do exist! Not only do they make it possible to be able to close a home much, much quicker in a matter of days, not months, but they are all executed just how this one single function makes it possible — cash! Gone are most of the uncertainties of waiting for some approval or other tedium of steps that seem to get worn away or wasted.
Also, another possibility some may not have realized exists are others who say, We Buy Houses For Cash! By working with a company similar to that described above, their team of experts will visit the home and property ailing a sale, describe its faults, skin textures, etc. to only fairly offer, then — a check for $CASH$! Some clients don’t do too well with that idea at first, but considering the supposed sizeable amount of money as a cash-downed offer, some people’s expressions can soon change!
Understanding the Market
Without understanding market trends, it would be difficult for anyone to sell a house fast. The dynamic real estate market varies greatly based upon various factors. Things like the economy, interest rates, and local demand will all play a huge role in how fast you sell your house. Understanding the type of market, it is beneficial for homeowners who need to know how much to sell their house for when the time is of concern. Are we in a buyer’s or seller’s market?
Knowing this information can help you sell your house faster and also keep you from selling yourself short. Homeowners who are considering selling during a seasonal market are doing themselves a favor. With increased buyer activity, why not sell when everyone is in the market to buy. This will give you a greater chance of getting your property seen, and the fact that you can sell your house faster is also a positive. (What to do if a Realtor won’t show your home)
Just as developing trends play a huge role in your decision on which clothes to wear and which car to buy, housing prices are also a factor. Currently, the average price of a median listing is somewhere just north of $300,000. From my perspective, anything that costs that much deserves some serious consideration and patience. The idea is that you should take some time to think about the best ways to attract hopeful buyers.
Preparing Your Home for Sale
Home staging and making repairs are essential for homeowners seeking to maximize their return in a competitive real estate market. Both efforts typically have a lasting impact on potential home buyers. A well-staged home could give a warm, “lived-in” feeling, while simple repairs, like fixing leaky faucets or touching up painted walls, could enhance the overall appeal, and perceived value of the home. Thus, helping to sell it quicker and for a better price.
But what if you have to sell your house fast and can’t afford the costs of hiring so-called home staging experts or a team of general contractors? In this case, the option to sell a house in an as is condition-looking rather unlivable-is preferable. That said, selling a house as-is often means selling it a little less than market rates.
A homeowner should be in a position to decide whether investing more in a property before selling it is beneficial or not. That really depends.
Pricing Your Home Competitively
To determine the most competitive price that will help you maximize your profit, you primarily research the local real estate market. First and foremost, research other homes, or “comps,” in your neighborhood that have sold. After that, analyze the features of the homes sold. What kind of space are they working with and what type of square footage do they have? Additionally, understand if the market is either a buyer or seller market because that can contribute to how you competitively price your home.
You want to price your home accurately. If you price your home too high, fewer people will come to see the property and your days on the market will be extended. On the other hand, if it’s too low, there may be some money left on the table. The perfect price will gain attraction from home buyers and will most likely end up having a buyer frenzy just to get more offers. Then, other offers from different buyers will come in and that will ultimately determine what price point you settle on. This will also give your property more leverage to get more money.
If the house is priced too high, then it won’t get too many looks. If the house is priced just right, then it might actually sell very quickly.
Marketing Strategies for a Fast Sale
When trying to sell a house fast, you can use a few different marketing approaches to your advantage.
- Online listings. Platforms like Zillow or Realtor.com provide a digital marketplace where you can post photos, list relevant property specs, and communicate with potential buyers. Many will be in the “actively searching” phase of the homebuying process, so playing the numbers game can be very beneficial for your situation.
- Social media outlets. Almost everyone has a Facebook, Instagram, Snapchat, or similar account. These platforms are used much less by older generations; however, they can be a great place to advertise the sale of your home for those “digital native” buyers. They reach a broad audience, can be run for relatively cheap prices, allow you the ability to alter the ad’s photo/wording quickly, and can be targeted/explicitly shown to certain audiences. Use this to your advantage to highlight your property in the best way!
Working with an agent or broker can provide you with a few key advantages. Real estate is likely not your primary industry of focus or expertise, so having an “expert” help guide you on pricing, negotiations, how to interact with buyers/sellers, and how to understand the continuous flow of housing market data (that they likely have access to) can be extremely helpful. Outside of the “educational” aspect of this process, many agents also know the “what,” “how,” “when,” “where,” and “why” to property selling/buying in a given neighborhood, county, or city. They’ve worked in this area for years, know it quite well, and know the direct implications that some of these geographic characteristics may have on you and your home sale.
In some situations, you may not want to work with an agent—perhaps you’d slice too much off the top in agent commissions, you think you can do it better yourself, or you simply don’t like the particular agent/broker you’re working with. Whichever the case may be, this might be a great opportunity for you to “skip the middleman” and find another interested homebuyer in your local or neighboring town/city area. Posting this on billboards, flyers, or even “For Sale By Owner” signs that people can see when they pass your home could be a great idea.
Another route you might consider would be to sell your home to a company that buys these properties back (on cash). No, you unfortunately can’t sell your student dorm housing back to your college or university. However, you may choose to go through a financing company or group that buys your home! Some of these cash offers are provided only by specialty housing market companies, so if you did see a “We buy houses for cash” sign posted on the side of the hill (where you live), this might not be a bad idea—especially if you expected to leave this area in 30 days or less due to some upcoming job, career, move, or vacation situation. Specifically for that particular buyer/buyer’s agent, and that would be a completely different beast and strategic play.
Considering Cash Offers
“Cash offer for sale” refers to a proposal from a buyer to purchase a property with liquid payment, meaning there is no need to wait for financing or the (often tricky) mortgage approval process. Sellers may see this as a break in the clouds of complexity! No paperwork, no waiting for other parties or institutions, with whom it can take weeks or months (seriously) of back-and-forth communication to make any progress.
Companies advertised by something to the effect of “We Buy Houses For Cash” often waive the need for you to do ANYTHING, including making a repair list, achieving per-yard-outdoor-landscaping perfection, or going through the thousands of little (or not so little) things that any “other buyers in your situation may want.” To add some more icing to the cake, because there are no financing contingencies, almost any seller can feel that the deal is “not quite an” impending disaster. If you’ve done it before, picture almost always getting to the “closing table” with few delays and almost no hurdles to jump over.
It’s not about being at the mercy of the next person who comes along to view your home and hoping they will make an offer. It’s about knowing that when the person calls to set up a showing, you are already approved to move forward when that offer comes in. You command your ability to sell, not the buyers or their agents.
Cash = Fewer Contingencies. Cash also means quicker close times. That’s because banks are not involved in the financing. Instead of waiting the customary 30 days (or more, depending on the loan) for the deal to close, you can skip over those contingencies and close the deal faster. This immediately takes the stress out and away.
Exploring the option allows you to put yourself ahead and ensure you are ready to close when the time comes. If your home needs some repairs and you are not comfortable with people coming into your home for a showing, knowing you have other alternatives allows you to take a proactive stance, and move forward when you are ready with an approved buyer.