“Homes are now reportedly selling 30 percent faster than they did within the past year. This is already a pretty alarming statistic, considering that the need for people to get out of their homes has increased. Whether it’s because of financial reasons or a change in life, the need for them to pass the keys of ownership onto the next person is, to say the least, greatly understated.
And just think of the obstacles to overcome, to be able to make a quick sale! Putting the price of the house to attract potential buyers correctly. Letting intruders (or in this case, prospective buyers) inside your home, to show them what you’ve got! Show your house all day, in the curb, long enough for someone to be interested, and give it a look over.
Purchasing good looking paint isn’t going to be cheap, and it’s not the most impressive standard to choose from to buy that home.
Having to discuss the price of your home, convincing the next person that they’ve got a really good deal going. That their next home is going to last forever. Arguing that your house is a lot better than the other homes they’ve seen. With cash buyers, on the other hand, you’ll avoid having to argue with the other person! Nobody has the time for that! The best purchases are cash purchases.”
Analyze Your Local Real Estate Market
For a quick property sale, researching local market trends is extremely important. Not only do you need to know how the market is doing, but you want to understand the trends in your specific neighborhood. Monitoring the preferences of buyers (e.g., do they prefer granite counters or natural stone? Do they prefer stainless steel appliances or are black appliances acceptable?)Try to understand what can happen to pricing if the demand for real estate goes down. Understanding the economic indicators that lead to real estate development is also helpful. Performing this research will help you understand where your property is positioned within the market.
Similar to the last point, comp analysis is important for a few other reasons. Not every buyer will perceive the condition of a property the same, but if you can show justifying comps, they are often more likely to accept your asking price. Understanding locations and other amenities (e.g., some buyers will pay more for a view or a location near downtown, etc.)Ultimately, having a better explanation of certain property features will act as an adequate defense when negotiating with buyers. A better defense is often more winsome and convincing when negotiating.
Develop a competitor’s strategy (but understand why). This is not only a problem you that all sellers face during a negotiation, but consider the ways in which selling is also no different than trying to get hired. Chances are that many local real estate agents will be considered for the sale of hot-ticket properties, so maximize these areas only so that you can create a striking differentiation between your homes and others. Remember, you are what you present yourself to be—so be careful about what you present. Things like pricing and marketing (which tie such processes together) will also make or break getting homes sold.
Home Staging and Repairs
What is the difference between an owner selling a home in a matter of days and a home languishing on the market for months? It often comes down to an owner putting in the effort to showcase the interior and exterior of a home. How does an owner accomplish this task? The following steps often move the needle:
- Home Staging: A picturesque home does not often result from accidents. Typically, the owner has spent considerable time and effort picking up the odd ends of the home. Sorting through utensils, the laundry in the garage, and organizing picture albums all transform the home environment.
- Fix That: If you own a home for any length of the time, odds are that some of the components no longer operate. An owner can invest $100 in the feder and probably increase the home value 10X. What buyer prospective home owner wants to secure a home using that rundown desk on the side of the home?
- Landscape: A touch of greenery goes a long way in clothing the emotions for a homebuyer. More so, the average owner can afford to up the antioxidants a little bit if they’re serious about selling the home.
If you want to consider moving out of the information ‘how to sell my house’ tip-book, you can move to the front pages by increasing the appeal for your home.
Setting the Right Price for a Quick Sale
To attract buyers and get the ball rolling in terms of a quick sale, price the home competitively.
One of the best ways to do this is to thoroughly research market data to get a feel for pricing structures in the same location. Take a look at recent sales data and browse through similar listings in local advertisements to get a feel for where prices should be.
By pricing the home within range of what else is on the list, one is more likely to generate a sense of urgency among potential home buyers. And when time is of the essence — as it always is in the case of a selling house quick sale — generating urgency is imperative.
Then enlist the help of a trustworthy real estate agent.
Experienced agents know the competition and their local markets really well. Buyers and agents know each other, the community, and the data. Because of this, a good CMA (Comparative Market Analysis) can help one make a sound decision.
Only a “live” professional, who knows what they’re doing and brings data (comparables) to the table, can interpret the supply/demand buyer/buyer psychology conversation well. A well-equipped human agent maximizes offers and costs prospects nothing in benefits, all at the same time.
Additionally, learn to play the pricing game by staying one step ahead of the rest. Most real estate agents recommend pricing a home one or two thousand dollars below the established pay rate. See what everyone else is listing their homes for and take off 1-2k.
Leveraging Online Platforms and Social Media
To sell your house fast in today’s world, you have to effectively market it to home buyers where they hang out—on the Internet.
- The number-one quick home sale tip is to have a robust online listing. This means having descriptions of the home and its unique characteristics, along with other relevant details, like size and location. Use words that resonate with home buyers. If you don’t know what these are, think about who your potential buyers might be based on the price, size, and location of your house. This will help you create optimized listings that will get lots of eyeballs on Google and other real estate websites.
- Having excellent, professional real estate photography (thanks to point number 1) will help you make a strong first impression and set up the expectation that the home is move-in ready if it’s already vacant. If you’re still living there, use photo depersonalization. Photos that have lots of bright, lit-up rooms will help prospective buyers see that your home could be their possible dream home.
- Not all home shoppers can get to every open house. Make sure you have alternate methods for these home buyers to tour the house. You can set up a home video tour or a virtual tour with 360-degree photos.
- Maximize your results with social media.
- Listing sites are great, but you also need to share your listings yourself! The best way to do this is by building a following on social media (read: potential home buyers) and sharing your listings with your rarely used email lists. Do whatever you can to get your listings in front of as many online house shoppers as you can.
Why Consider Cash Home Buyers?
Cash home buyers are people or businesses who have the cash available to buy your home outright. This means that, instead of having to wait for them to get mortgage approval, you can have your home sold and the transaction completed in a matter of days. As such, a lot of homeowners are attracted to these types of offers.
Cash home buyers offer a much quicker process overall. Imagine if you were seven days away from your own quick sell home, rather than you having to keep your house on the market for six months or more, which is absolutely a possibility. Cash home sales will often take the house as-is, too.
As with all things of this kind, there are negatives and positives. Cash home buyers can be “portfolio people” who are simply trying to tack a few more homes onto their list so that they can flip them down the road. As such, expect the offers to often be less profitable than you would’ve originally hoped.
Some of these people are decidedly scam artists, as well. Because the process of getting these things done is so lax in many places, it often falls to everyone on both sides to try to verify what is happening through due diligence.
Navigating the Closing Process
The “closing” is the real estate term for the finalization of the transaction. It’s the finish line, where the buyer becomes the owner and the seller receives the agreed-upon price. The steps can be a bit messy and time-consuming, running the gamut from budgeting for your down payment to (reconsidering?) student loans or other forms of debt, to figuring out why—why did the previous owners decided to paint the garage such an ugly color?
If you’re interested in learning more about what exactly the closing process of buying a house entails when it comes to escrow and more, we put together a blog post on it.
Here, we’ll provide some tips and tricks that you can follow to better prepare for your personal CLOSING DAY!
Selling your home quickly comes down to incorporating the right strategies from expert advice. Here are the key takeaways:
- Price your home competitively. Unsure where to start? Look at similar homes (“comps”) currently on the market in your area to get an idea of where to land. When in doubt, pricing just slightly lower can generate more buyer interest—and potentially more profits—in the long run.
- Boost that curb appeal. Prior to hitting the market, enhance the outside of your home to make a better first impression on buyers. A little landscaping and a coat of fresh paint can go a long way!
- Declutter and stage the interior. Walk through your home, then remove product and furniture from it to best showcase its features to potential buyers. Again, what’s “quality” about your home should shine through! This way, prospective buyers can picture their life there, not yours.
- Take professional photos for the online listing. Let’s face it: humans are judged for their looks, which are often correlated to cleanliness, health, and other “positive” traits humans want in a partner. Good listing photos taken by a professional photographer do just that for a home, too.
- Always be prepared to show the home. The more frequently your home is being shown, the greater your odds of snagging a buyer. Wander for separate homes on the market every now and again when showing it to people.
If you’ve found success in applying the methods above, we’d love to hear about it. Plus, use the contact form below if you have related questions or want more advice on doing things in your situation.