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Common Reasons Why You May Want to Sell Your House Fast
It's a known fact that life has lots of twists and turns. In some circumstances, you may find yourself in a difficult situation that only calls for a quick sale of your house. Here are some of the common reasons why you may want to sell your house fast.
Death of a Spouse - Losing a spouse is sad and shattering. In such a situation, some of us sell their homes quickly to cover the funeral expenses or as a way of moving on from past memories.
Divorce - When face with a divorce, whether acrimonious or peaceful, it always makes sense to sell your house fast. In a typical home sale, you may have to wait for months on end and this can only heighten the pain that often accompanies a divorce. As such, the last thing on your mind is a divorce that will drag for months.
Inheritance - If you receive a house through inheritance, it's most likely that you already own a home. If you don't want the inherited home or the expensive maintenance cost of an extra home, you may want to sell it quickly. In some instances, the inherited home may have some problems that may need money or your time to fix and this may only make a fast sale sensible.
If you're getting out of Rental Business - The rental business is a superb way of making a living. However, managing rentals can be tiresome and may take a toll on you. You've probably been in this business for years and now want to try something different. Well, this can be a reason enough to want to sell your rental properties fast.
To avoid Foreclosure - It's a known fact that undergoing through a foreclosure is one of the worst things any homeowner can undergo through. Well, it can be a wise move to sell your house fast to avoid foreclosure and sort the issue with the lender as soon as possible.
Financial Stresses - Sometimes you can find yourself in a difficult financial situation that an immediate sale of your property could be the only option.
So How Can You Sell Your Home Fast?
Like many homeowners, you most certainly want the sale process to go smoothly and as quickly as possible while getting a fair price. Selling your house fast and at a fair price will depend on many factors such as the time of the year and the market. You should, however, keep in mind that the process of selling a house may take time and will, of course, not happen overnight.
Honestly speaking, it may not be possible to make an overnight sale. In a traditional sense, you'll have to deal with realtors, go through contracts, make changes, and most importantly, a fair price. This will take time and effort but this doesn't mean that you have to rest on your laurels. You should do everything right and accelerate the process without compromising your price.
Here's what you should do.
Choose the Best Time to Sell
Believe it or not, the time you choose to sell your house plays an important role in whether you succeed to sell your house fast. So before you put up that "For Sale" sign on your front door, you should take some time and do your research on the property market to know the best time to sell. This will not only increase your chances of making a quick and rightful sale but will also be helpful in knowing how to get the best offers.
In essence, it's of great importance that you take into consideration seasonal demands and know when it would be best to put up your house on sale and make a quick sale. We, however, have to note that waiting for the best season may be impossible, especially if you're in dire need to make a quick sale. For example, it may be impossible to wait until summer if you have a pressing issue that forces you to sell your house in winter. Nonetheless, let's look at the specific seasons.
Spring - This is traditionally the best time to put up your house on sale. This is because most markets across the United States tend to be quite busy with potential buyers in spring. Again, the weather tends to be much better in spring with light and sunshine boosting the appeal of your home.
That's not all; your garden will be blooming and your exterior will be gorgeous, which essentially boosts your chances of making a quick sale. More importantly, most families often buy homes during this time as it coincides with the end of the academic year.
Summer - This is a great time to enjoy the sun and some quality time with friends and family. Most people are on holiday and this can slow down transactions. For this reason, it's sensible to try to get a transaction as soon as possible.
Fall/Autumn - This is another good time to try and sell your house. Summer may be over but the weather is still superb and there are no major holidays. Again, most people don't want to wait until Christmas to transact and are more likely to make moves at this time.
Winter - It's generally very difficult to make a sale in winter. If it's not that urgent, it would be right to be patient a little and wait until the New Year. If you have to sell in winter or when the housing market is quiet, it would be advisable to readjust your price accordingly.
Overall, you should also keep an eye on your local housing market and also the national housing market. You can check your local council website to know what's happening in your area. For instance, find out whether there are proposed plans to build schools, roads, new transport, homes, and healthcare centers. Such projects will not only increase your chances of getting a quick sale but may also help you get the best prices.
Agree on an Appropriate House Price
Overpricing or underpricing your house can spell doom as it can turn away potential buyers. As such, it's critical to make sure that your house is accurately priced to sell fast. The best thing to do is to get in touch with your local house agent and get the right valuation of your home. While most house agents offer various services at a fee, they shouldn't charge you for the valuation.
You should get at least three different agents and compare their valuation. Don't just go with the highest valuation. Instead, use these valuations to come up with a price that's appropriate and will appeal to potential buyers. You should also do research and find the prices of similar houses in the area. This will leave you in a much better position to settle on a realistic asking price for your house.
When coming up with an appropriate asking price, you should consider the price ranges that most buyers search in your area. For instance, if most buyers in your area are searching for houses under $500,000, it would be unwise to list your house at $510,000 as it won't show up in the search results. In fact, you can price your home a little lower than similar homes in your area. This is essential in drumming up interest and causing a bidding war. This may, however, depend on your local housing market and how homes sell in the area.
Set Price Reduction Timeline
While it may be quite hard to determine the right time to lower the price of your house, you should take this into consideration. Whether you do it at the beginning or at a later date, you should decide on when and how much to discount if the house doesn't sell. Just have a date in mind and take action if that date arrives and you haven't sold the house. Such changes can depend on various factors such as the feedback you get from home tours.
All in all, your home shouldn't stay in the market for so long as this can lower your chances of selling at the listed price. To avoid this, you can lower the asking price to attract more potential buyers.
You can also consider including various sales incentives, especially if your home sale might be hindered by unfamiliar features or if you're in a slow market. In such situations, you should add incentives that might sweeten the deal. For instance, you can offer to cover a huge chunk of the closing costs.
Pick a Selling Strategy
When listing your home for sale, there are two common sale options; you can use a real estate agent or sale by owner (FSBO).
Seek the Services of a Good Estate Agent
While you can choose to go solo, seeking the services of a good estate agent can help you sell your house fast. Unsurprisingly, selling a house is challenging and not as easy as most of us might think. It always takes time, knowledge of the housing market, and negotiating skills and experience.
It's fundamental to find as much as you can about the agent before settling on him/her. You should find out about their skills, knowledge of the local housing market, experience, and fees. Here are some questions to ask.
- What type of contract do they offer?
- What's their fee and commission rate?
- What's their valuation of your home?
- Where and how will they market your house?
- What's their level of experience in selling homes similar to yours?
- Are they certified or affiliated to reputable trade and real estate bodies?
- Will they carry out the viewings?
These are just some of the questions that will help you establish whether or not the real estate agent is the right person to help you sell your house.
The main benefit of going solo is that you get to avoid the commissions that are often commanded by real estate agents. You should, however, be prepared to negotiate and carry various parts of the deal like a pro. You should know how to go through the contract paperwork, negotiate escrow account services, offer home tours, and appropriately carry out any responsibility that may have otherwise be handled by a real estate agent.
Preparing Your House for Sale
First impressions are of great importance when it comes to selling a house fast. This means that you have to prepare your house for sale, make a positive first impression, and ensure that the house remains top-notch to attract potential buyers. Preparing your house involves various things such as showing it off in the best way possible and accentuating its attractive features. Here's what you should do.
Consider Your Target Market
The most important question to ask yourself before preparing your house is; which type of buyers are you looking to attract. This means that you have to know the type of buyer that might be interested in your home. This is fundamental in the sense that it will help you prepare your home to appeal to your targeted buyers without isolating other types of potential buyers.
Give Your Home a Unique Character
Although you've probably designed your home to reflect your personal style, it may be wise to disassociate yourself from the home. The best thing to do is to give the home a unique character or a view that will attract potential buyers. How would you like the house to look if you were viewing it for the first time? You can consider removing some personal items to allow prospective buyers to visualize themselves in the house.
Clean and De-Clutter
You may be short on time given that you want to sell your home fast, but the house should be cleaned and de-cluttered to appeal to prospective buyers. You should make sure that the house is very clean and attractive.
You can consider securing a storage unit and pack away extra possessions that may make the house look messy or small. Buyers generally love spacious homes, so you should make your house look as big as possible. For instance, make sure that the closets are properly organized. The idea here is that buyers are looking for space and will most likely look in the closets. As such, avoid over-packing the closet with your belongings. Instead, you should leave enough space in the closet and other parts of the house to give the impression that the house has plenty of storage space.
You should also remove any unwanted item or anything that may divert buyers' attention and prevent them from visualizing themselves as the owners of the home. For example, you can remove family photos, religious items, toys, large pieces of equipment, or any unwanted item. Additionally, you can clear up the hallways and make sure that every part of the house including carpets, sofas, walls, windows, and all the surfaces are cleaned, dusted, and polished. Replace broken light bulbs, paint the walls, make sure that there are no dripping taps, creaking hinges, or cracked tiles.
In essence, it's important to make sure that every part of the home, whether exterior or interior, is spotlessly clean and appealing. While you can DIY, you can consider calling in some cleaning professionals to help you if you're short on time.
Stage and Add Curb Appeal
No matter the urgency, sprucing your home's interior and exterior will, without a doubt, enhance your chances of making a fast sale. Not only does it help you make a good first impression but it can also increase the value of your home. Here's what you need to do.
Create a Curb Appeal
Your home's exterior is the first thing prospective buyers will see when looking to buy your home. Whether it's in-person or online, potential buyers will be attracted to the exterior and it can play a great role in sealing the deal. As such, it's essential to make sure that the exterior of your home is tidy, well-maintained, and welcoming. If you're short on time, you can consider hiring a professional landscaper to carry various tasks but not limited to:
- Paint the front door
- Plant flowersReplace mailboxes and broken lights
- Trim hedges, shrubs, and overgrown tree branches
- Clear walkways and paths
Pack up and Hire a Stager
This is one of the most common strategies used in a real estate sale. Staging your house is an ideal way to define the best features in your home, make your rooms look larger, and speed the sale process. Hiring a professional stager will help in arranging and highlighting your home's best features.
Hire a Professional Photographer
While it may seem economical and time-saving to snap a few photos of your house using your phone, this could be a wrong move that may leave you waiting for months on end to make a sale. That being said, you should hire a professional photographer to take photos that will be used to list the house. This may cost you a few hundred dollars but it's certainly worth it and will help you make a quick sale.
Write a Superb Listing Description
This may be at the backend of your mind but a listing description plays a crucial role in speeding up the sale process. While this may be particularly important when you're selling on your own, it's also essential when using a real estate agent. Include the following when writing a listing description.
- The best features of the home
- Features that make the neighborhood very desirable
- Include your home's professional photos
- Include a sense of urgency
- Use keywords that will stand out to buyers
- Be Flexible
Whether you're selling the house on your own or using a real estate agent, you'd want to ensure that you're flexible on showing the house. The main aim is to sell the home fast, so you have to be as accommodating as possible. In other words, you should be flexible enough to accommodate buyers' crazy schedules. Keep in mind that nobody is going to buy a house they've not seen, so at least offer them the chance to tour the house even if it means doing it at odd hours. As such, you should be flexible enough to offer open house showing, private showings, and pocket listings.
Start the Process Early
There are a lot of processes involved in selling a house so it's best to start the processes as early as possible to make a quick sale. For example, you can start the legal transfer of the property by drafting a contract, applying for title deeds, and tackling administrative issues that might otherwise delay the process.
Accept the Best Offer and Choose a Swift Buyer
While the main goal is to make a quick sale, you should go for the best offer. Again, you need to choose a swift buyer, who is looking close and secure the house as soon as possible. To this end, sometimes the buyer with the money in place is the right buyer.
The Best Option By Far
Selling a house is never an easy undertaking but no one said it was. It's always a lengthy process that may take months on end to complete. So what happens when you want to make a fast sale? Well, this article has everything you need to make a fast sale. In most cases, you want a fast sale because you're short on time and can't wait.
Our partners can help you in such situations. We'll make sure that the process is quick, efficient, and worthwhile. All you have to do is contact (214) 441-7706. We'll help you make a fast sale and get the finances you need to move on with your life!