There are several steps homeowners can take to sell their house quickly. This includes working with a reputable real estate agent who can price the house effectively, staging the home to make it attractive to potential buyers, and utilising technology and social media platforms to reach a wider audience. One of the most respected websites for homeowners looking to sell their home fast is The Advisory, a resource outlining the best options to sell your house quickly for the best price possible.
Reasons to Sell Your House Quickly
There are various reasons why homeowners may choose to sell their houses quickly. Some may need to relocate for a job, while others may have inherited a property that they are not interested in maintaining. In most cases, fast home sales prioritise convenience and speed over maximising profit. One common motivation for quick home sales is avoiding foreclosure or financial difficulties.
According to a recent study, the average time spent waiting for a buyer varies by location and can range from 30 to 80 days, which increases significantly when dealing with traditional bank financing. This means that if you need to move quickly, a typical home sale may not be an option. However, there are multiple other situations where selling your house fast could be an excellent path.
For instance, one homeowner had decided to divorce and needed to sell their house as quickly as possible. After browsing through some fast house buying companies, they were able to sell their home in under two weeks. The couple stated that although they did not receive the full market value for their house, the convenience and quick sale made it worth the tradeoff.
Another example could be someone who has inherited a property far away from where they live and they do not want to spend money maintaining it while trying to sell it traditionally. Selling it quickly will save them expenses on maintenance such as repairs, insurance, etc., which can easily add up over time.
Assessing Your Home’s Market Value
Assessing a home’s market value can help set a realistic expectation of how much the house may sell for in the current market conditions. Potential home sellers can begin the process by comparing market values of homes that are similar in location, size, age, condition, and other features.
For example, if your house has four bedrooms and two bathrooms, research sales prices for comparable homes with similar square footage and room count in your neighbourhood. You can investigate recent sales through public records or real estate websites to get an idea of what buyers have recently paid for homes like yours.
Another way to determine your house’s worth is through hiring a licenced appraiser who will provide an objective estimate of your property’s value. These professionals consider various factors such as square footage, lot size, upgrades, and current market trends to reach their conclusion.
Some homeowners might be tempted to use estimators online. These do-it-yourself valuation tools give ballpark estimates based on public tax records or available data on recent home sales, but they should not be relied upon solely. These computer programmes do not have access to any specifics about the quality of materials or upgrades made to the property.
Comparing Market Values
When preparing to sell your home, it’s essential to research the current market and understand where your property stands. One critical factor is comparing your home to similar ones in the area to determine its value accurately.
Consider a hypothetical situation where you’re trying to sell a two-bedroom condo. You find two relatively similar condos: one that recently sold for $200,000 and another that’s listed at $225,000. The recently sold condo was smaller than yours by 100 square feet, while the other is slightly larger than your unit. Based on this data, you could price your unit between $210,000 to $220,000.
While comparing market values is crucial in determining an accurate asking price for your home, keep in mind that every property is unique. Your property may have features and upgrades that the comparable properties don’t have. It would be best to consider all of these factors when pricing your home.
However, sellers sometimes tend to overestimate their property’s worth due to sentimental attachment or improvements they’ve made over time. Always trust the market data more than what you think your home might be worth.
Determining Your Home’s Worth
Determining how much your house is worth can be a tricky task as various factors come into play. To get an accurate idea of how much your property is worth follow these steps:
First, consider the size of your property and its location. A four-bedroom house located in a wealthy neighbourhood will likely be worth more than a two-bedroom house located in a rundown area.
Also, pay attention to recent sales in your neighbourhood of similar properties. Look at homes with similar square footage, the same number of bedrooms, and overall condition. Finding comparable properties is critical to establishing a baseline for pricing your home.
Determining your home’s worth is similar to determining the fair price for buying a car. You may love the car you’re selling, but it’s ultimately worth what someone will pay. Similarly, while determining your property’s worth keep in mind that it’s only worth as much as someone is willing to pay for it.
Pros and Cons of Fast Home Sales
Selling a house quickly has its pros and cons, just like any other event in life. Let’s take a look at what they are.
Firstly, one of the most significant advantages of selling your home quickly is that you can get cash in hand faster than through traditional sales. All-cash offers typically take about a week to close, while financed sales may require up to 43 days for a purchaser to get approval for their purchase loan.
Even though fast home sales simplify the process of selling the house, sellers might not get top dollar. Cash buyers aim to make profits by buying low and flipping for more once repairs are completed. If the property is in poor condition or needs work done before it can be listed, sellers should expect lower offers. On the other hand, some platforms like Sundae offer both competitive pricing and instant offers for homes in need of repair.
Advantages of Selling Quickly
There are clear benefits when it comes to fast home sales that weigh out against drawbacks.
Fast transactions offer convenience and reduce stress levels for sellers because they don’t have to wait around for potential buyers or have strangers coming in and out of their home for showings. .
In 2020, the pandemic put a lot of potential homebuyers on hold due to travel restrictions, social distancing rules and overall economic uncertainty. Platforms such as Opendoor and RedfinNow provided an efficient solution by allowing homeowners to sell their properties without in-person visits or open houses. During that time, OpenDoor pivoted its strategy from flipping homes to primarily buying homes from sellers online. They experienced rapid growth in pandemic-stricken markets where remote transactions became more important than ever before.
These advantages may differ based on the seller’s situation and priorities, so it’s crucial to identify those factors before deciding if fast home sales are right for you.
Potential Challenges
Selling a house quickly can be an attractive proposition, but it does not come without its challenges. One of the most significant potential challenges is the possibility of not getting top dollar for your home. When you sell your home at lightning speed, you may need to accept a lower price than what you initially thought your property was worth.
Another challenge with quick sales is that they can limit the number of buyers interested in the property. For example, when selling via cash buyers such as HomeLight’s Simple Sale or Opendoor, potential buyers are limited to those who can afford to pay cash. This can reduce demand and result in lower offers.
In addition, when selling quickly, there may be less time for due diligence on the buyer’s part. Buyers may be less likely to scrutinise a property’s condition, which could lead to legal issues down the line. As a seller, it is essential to ensure that all proper disclosures are made upfront, so there are no surprises after the sale.
However, these potential challenges shouldn’t deter you from exploring fast home sales strategies. The key is to weigh up the pros and cons carefully before deciding if a fast sale is right for you.
An anecdotal example of someone who sold their home quickly:
John faced a job relocation and needed to move across the country promptly. He researched fast home-sale options and reached out to HomeGo. Within hours of submitting his information online, John received an all-cash offer that was higher than he had expected. He accepted it immediately because he wanted certainty in his move and did not want any added stress.
Studies show that homes sold via cash offers tend to close faster:
According to data from Redfin, homes sold via cash offers spent an average of 23 days on the market compared to homes sold via financing which remained on the market for 40 days on average. This proves that selling your home through a cash transaction not only speeds up the process but can be an effective way to sell at a fair price.
Is staging necessary for a quick sale?
Some think that staging is critical to achieving top dollar on their home sale, while others believe it’s unnecessary. Although there are pros and cons to home staging depending on the property, in most cases, real estate agents suggest that staging is beneficial when selling quickly. When you stage a home, you make it easier for potential buyers to envision themselves living there, enticing them to buy quickly. However, staging can also be costly and time-consuming. Ultimately, it’s up to the seller to decide if home staging will work best for their specific needs.
Strategies for a Quick and Successful Sale
One of the most important strategies for a quick and successful sale is pricing your home correctly from the start. Sellers who overprice their homes face longer times on the market and lower offers. It’s essential to research comparable homes in your area and price your property competitively.
Another effective strategy is preparing your home for sale. A well-maintained home shows better and increases the chances of selling it quickly. In addition, sellers should aim to declutter their interior space and remove personalised items such as family photos.
Finally, working with an experienced real estate agent can help maximise exposure to potential buyers and ensure you get optimal results. Real estate agents are experts in positioning listings online through photography and digital marketing campaigns, ultimately attracting more potential buyers.
By implementing these strategies effectively, sellers can significantly increase their chances of a quick, successful home sale.
