If you’re trying to sell your home, you probably want to close the deal as quickly as possible. Whether you’re relocating and trying to avoid a long-distance sale, or need the proceeds to buy a new home, the faster you can sell, the sooner you can move on to the next stage of your life. Fortunately, it is possible to speed up the often slow real estate process.
This is how you sell your house quickly
If you want to sell your home as quickly as possible, there are a few things you can do to get things straight. Here are some quick sale strategies and options to consider.
Find the best broker
If you choose to hire a real estate agent, make sure you make an effort to find the right one for your situation. A good real estate agent will give you valuable advice that can help you get the best price for your home and make sure the sale goes smoothly and quickly. An inexperienced person can delay the process.
A good practice for finding the right real estate agent, according to Kevin Bazazzadeh, founder of Houston-based home buying company Brilliant Day Homes, is to ask for references. This will help you find someone you can work with easily. “Knowing their work history will help you understand their work ethic and how they communicate and negotiate with clients,” he says.
According to data from Redfin and Ellie Mae, it can take about 76 days from listing to closing if you work with an agent. It takes an average of 18 days to receive and accept an offer after the offer and then an additional 58 days from the time of offer acceptance to close the deal.
Sell to an iBuyer
iBuyers are real estate technology companies that buy homes online. You give the iBuyer your proprietary information and it uses an algorithm to make an offer for you to accept or decline.
With an iBuyer, you may not get as high a price as a traditional offer, especially if there are competing offers. But the process is usually smooth and fast. Selling with to an iBuyer can take just a few weeks from start to finish.
If you don’t want to pay a broker’s fees or get a low offer from an iBuyer, you can list your home for sale by the owner (FSBO). Knowing what you’re doing can speed up the sales process because you don’t have to wait for someone else to get things done.
However, this process involves considerably more legwork, as you don’t have the helping hand of an agent. In most cases, it pays to work with a broker. They can help you get a higher price for your home, while also keeping things moving faster than you might be able to on your own.
Price to sell
If you’re really short on time — or money — and need to sell ASAP, there are a few things you can do when pricing and listing your home to help attract offers. Here are some aspects to consider.
Fair Market Value
One thing that is very important to know before you put your home on the market is its fair market value. Your real estate agent can help you look at comparisons of comparable homes in your area to get an idea of what your home could be worth.
If you want to sell quickly, try to estimate your home at or just below its value. That gets people interested in making offers right away — and can even help you get a better price by starting a bidding war.
Sell as it is
If your home is not in good condition and you don’t have time to make repairs or updates that can help you earn a higher price, you can list your home for sale as is. You’ll probably have to accept a lower price for a sale as is, but this could spark the interest of real estate investors and others looking to buy a refurb, meaning it can be picked up quickly.
Think of your local market
In order to sell your home quickly, it is important to find out whether you are in a buyer’s market or a seller’s market. In a seller’s market, you don’t have to make many concessions because buyers are at a disadvantage. This is where most of the country currently stands, given the current low housing stock. In a buyer’s market, you may have to give up something to get your home bought quickly. That may mean offering it at a lower price or taking other steps to generate interest.
Consider sales incentives
Sales incentives are a great way to attract more potential buyers, especially if you’re in a rush. For example, you can offer a credit to pay the buyer’s closing costs to make the deal more affordable. You can also offer to sell with no contingency on your side, such as a contingency finding a new home before completing the sale. If your home is on the older side, you can also offer to include a home warranty, which will cover certain repair costs if problems arise within a certain time frame.
Decorating your home is important, both to sell your home quickly and to get higher bids. Effective staging helps buyers see themselves living in your home and how to use the space. While staging can cost money and time, it is well worth the effort.
According to data from the National Association of Realtors, the average cost of a staging service in 2021 was $1,500. But many real estate agents reported that the sales prices of staged homes rose by 1 to 5 percent. On a $250,000 home, a 3 percent increase is $7,500, giving the seller a huge return on that investment. In addition to getting a better price, more than 53% of brokers noted that phased homes also stayed on the market for less time, which equates to faster sales.
Also, don’t discount the value of a good, informative listing description and professional online photos. These are also essential tools – the more information potential buyers have, the better.
Be aware of these tactics and scams
Selling a home can be stressful, and if you’re really in a rush, it’s all too easy to fall prey to real estate scams. Scammers use the promise of quick and easy money to find clues and target people who are desperate and emotional.
A common thing to look out for are “we buy houses for cash” signs posted nearby. There are many legitimate companies that buy houses for cash, usually fix them up to flip or rent them out, but they don’t usually advertise with a cheap sign on a street sign or telephone pole.
It is important to do your due diligence on any potential buyer, especially if there is no real estate agent involved. Listen to your gut and don’t sign papers until you’ve had a chance to discuss it with a lawyer.
More tips to sell a house faster
If you want to sell your home quickly, consider these tactics as well.
A thorough cleaning can make your home more attractive to potential buyers. Hiring a cleaning company before sprucing up your home can give it that extra boost to help you get more offers faster.
Many buyers are looking for a turnkey home with few problems to repair. If there are minor repairs that need to be done or minor updates that you can do to make your home more attractive, you can get it to sell faster before you are listed.
Don’t neglect the exterior of the house! The exterior is the first thing buyers will see, so you want it to look inviting and have a nice look. Even small things, like mowing the lawn or planting flowers, can have a huge impact on how someone sees your home — and how many offers you receive. Here are a few other simple and affordable things you can do to increase the appeal:
- A new coat of paint on the front door
- Clean the windows
- Upgrade the letterbox or light fixture
- Clean up the porch and walkway
Frequently Asked Questions
What it comes down to:
If you want to sell your home quickly, it’s important to be realistic. You’ll probably have to trade something for speed. However, if you follow the best practices listed here, you can make your home more attractive to buyers, speed up the sale process, and (hopefully) help you earn a higher price too.