- The market has been cooling off from the years of bidding wars and houses selling within hours of being listed.
- Fortunately, there are still options available that will get your house to sell as quickly as possible.
After years of a strong, steady housing market complete with bidding wars and homes selling within hours of being listed, uncertainty seems to be the common denominator in the current real estate landscape.1 This is especially true when selling single-family properties.
As a seller, you want your home to be sold as quickly as possible to get on with your future plans. The following strategies can help you sell your home as fast as possible.
Request a Cash Offer
Even though most buyers receive financing, there are multiple benefits to requesting cash offers only — especially if the goal is to sell the home as soon as possible. With a cash buyer, you won’t have to wait for mortgage approval. Perhaps more importantly, you negate the risk of the sale falling through, forcing you to start the process again. You’ll also save on real estate commissions and closing costs. Once you accept a cash offer, you can close the sale in a matter of days.
It’s important to always be ready for showings, even at the last minute. While this can be inconvenient, the showing you turn down may be the one that sells the home.
Hire a Top Agent Who Sells Homes Fast
Like all other professionals, real estate agents tend to excel in certain aspects of their jobs more than others. If selling your home as quickly as possible is your top priority, an agent with a good reputation for fast sales is your best bet. When talking with others about your plans to sell your home, tell them you’re hoping for a quick sale, and don’t be afraid to ask others in your community for recommendations for local real estate agents. Along with getting as many prospective buyers to see the property as possible, a professional agent also knows how to streamline the red tape involved in selling a home.
Working closely with your agent also helps facilitate a quick sale. Be prepared to stage your home, take professional photos, and allow open houses.
Go For Sale by Owner
Selling a home without an agent doesn’t make sense for every homeowner, but some situations can facilitate a quick, fairly trouble-free sale. If you have a wide network, good marketing skills and are willing to spend time and effort selling your home, the For Sale by Owner (FSBO) route may have some advantages. Many homeowners who choose this option sell their property to someone in their extended friends and family network. If you already have someone in your circle interested in purchasing your home, going FSBO could mean you won’t have to market the property and can handle the associated red tape on your own.
Even if you don’t have a viable buyer waiting in the wings, FSBO may be a good choice in a high-demand market. However, be prepared to spend a lot of your time marketing and handling the showings yourself if you decide to use this approach.
Be Smart About the Listing Price
Even though much of the country remains a seller’s market, there is no guarantee of a quick home sale. Although it’s not necessary to drastically lower your home’s cost, you should price it to sell if a fast sale is important to you. If you need to move quickly because you’ve been offered an attractive job in another location, for instance, knocking a few thousand dollars off the asking price will likely be worth it to you. A good initial strategy is to check what similar homes in your area are selling for and price yours a little lower.
Also, set a timeline for reducing the price. If it doesn’t sell within a certain period, knock off a little more and see what happens.
Make Quick Repairs, But Don’t Over-Renovate
Chipped paint, stained flooring, leaking faucets, and other obvious signs of disrepair can signal to prospective buyers they should look elsewhere. Giving your home a superficial facelift prior to putting it on the market can make a big difference in how quickly it sells. Scraping and replacing peeling paint works wonders to brighten up a home interior, and replacing plumbing fixtures, cabinet knobs, light fixtures and making other minor repairs and cosmetic improvements creates the impression of a well-cared-for home. Additionally, ensure the ceilings are free of water stains, the carpets are clean, and the window screens are free of rips and tears.
Stick with the basics; focus on curb appeal and avoid making any major renovations. Going overboard may result in not being able to recoup your investment.2 If at all possible, after making the basic repairs and cosmetic improvements and amping up the curb appeal, move out of the home prior to putting it on the market.