If you have been wondering, “should I sell my house now or wait till the next year…..?” We can tell you today would be the best time to start preparing to sell- and sell fast. The housing market is seeing an unprecedented boom. But selling a house in today’s modern world would not be as easy as ordering your favorite food. Despite advancements in technology, selling houses is still an old archaic process that takes months, if not years, to complete. One needs to go through several steps to sell a house.
So is there a faster way to sell a house? It all depends on how you define ‘fast.’ If fast means as instant as noodles, then no. If fast means ordering an Uber- then still a no. In the real estate world, commissions, agents, and never-ending fees make it impossible to make things as fast as a horse. But there are ways to make your slow process move quicker. Here is how.
Understand that Home Selling Has its Own Mechanics
The location of your house is probably the most crucial deciding factor in selling your house fast. If your house is located in a preferred neighborhood or you have a house near the water, your house will likely sell fast. Market forces also determine how people will react to your offer. A buyer’s market will favor buyers, and the prices will tend to drop, while in a seller’s market, the demand will soar, and the prices will adjust accordingly. As a seller, you can not change the dynamics except wait for them to become favorable for you.
Typically a house takes 68 days to sell, according to Zillow Research. Of course, the number of days directly reflects which market is prevalent and, more importantly, the price. If you are looking to sell for a good price, expect some time lag.
1. Declutter & Depersonalize
People tend to ignore, the power of decluttering, especially when they are residents of the same house they want to sell. Remember, the buyer wants to picture themselves inside the house. Present a picture they will not be able to say no to. This does not mean going above and beyond. Give your home a thorough cleaning and get rid of personal items or at least stow them away. Rearrange furniture so your house looks inviting, and buyers can move without bumping. Put away bulky items.
If affordable, hire a stager to showcase your house’s best assets. National Association of Realtors estimates that staged homes sell 88% faster and for 20% more than non-staged homes.
2. Make Repairs
Major renovations are not necessary and need a longer time to complete. Instead, make quick small repairs to problem areas across the house:
- Tighten any leaky faucets across the house
- Remove unsightly carpet stains
- Touch-up paint instead of painting the entire house
- Fix loose tiles and add new tiles where needed
- Swap out outdated light and door fixtures
- Repair any loose door handles
3. Reduce Price Dramatically
While you may think, “I should sell my house fast for market value,” know that market value may not always be the right price for selling a house. Confused?
It may be a good idea to get a quote from an agent, but if your house is not ideally located, you may want to rethink your pricing and reduce it. You may even want to price your house just a tad bit lower than the houses in your area, so it is competitively listed and starts a bidding war.
Another aspect is the timeline. If you have overpriced or market-priced your house and it has not generated interest in some time, you may want to set a date to offer a discounted price. Getting your home off the market and eventually selling it should be your priority.
4. Hire Real Estate Agents
While this may not be the fastest route, it is faster than selling the house yourself. To get an idea about how to sell your house fast with a realtor, you can approach qualified agents in the area your house is located and ask to enlist your home with them.
A realtor will know the local area and have the sales record to prove it. They will bring in a photographer to take professional shots of your house and will be able to negotiate the best price. They will also schedule the showings and market your property as well.
Alternative Ways to Sell Your House
If you want to by-pass the preparation that it takes to sell through estate agents, you can also sell your house through unconventional methods:
- Sell your house to a developer building on the land your house is part of.
- Sell your house at an auction. Auctions tend to bring lower price points than market rates.
5. Find a Cash Buyer
This may be the most lucrative and easiest method to sell your house. It may also be the fastest in the slow process of house selling.
Large house-buying companies offer full cash payments to house sellers for their houses. These large companies flip the house or renovate it to rent it out. The buyer skips all the preliminaries and purchases the house ‘as is.’ This means there is no inspection, no need for repairs, and no agent fees.
If your house is located in a good school district or would make a decent rental, then your house would be a perfect candidate for cash buying. Cash buyers offer simplicity, speed, and control over the outcome. However, according to research, over the past 40 years, cash buyers have paid 11% less on average than a buyer getting a mortgage and paying off a seller. So you need to decide if that is a trade-off you are willing to make.
6. Transfer Your Mortgage
Transferring your mortgage requires that your mortgage carries a clause of assumability. You will need to see if your mortgage terms and conditions were set out for assumability. If this is so, you have a good deal cut out and can transfer your future payments to a new owner. This also means you could sell your house and rent it back. This, however, is not a typical scenario, but it is one of the plausible outcomes.
Your buyer also needs to qualify to take on the mortgage. If you have debts to pay off, this might not be the ideal way to sell your house. Check with your bank if they will allow the mortgage to be transferred. Once they agree, find an eligible buyer.
When you are trying to sell your house fast and have a deadline it is quite easy to make mistakes. Especially if you are a first-time seller and have to quickly sell your house, things can get a little out of hand. Avoid pitfalls with a little know-how and get the highest possible price.
Mistakes to Avoid When Selling Fast
- It is easy to attach feelings and emotions to your house. Especially if it’s the first one or one that you have lived quite a while in. Try keeping your emotions in check especially when pricing the house. Look at your house from the perspective of a business person or a salesperson. Once you create a distance it will be easier to see the sale as a transaction of a property.
- Setting an unrealistic price. Most people assume highly of their abodes and why shouldn’t they? After all, they spent time in the house. But like every possession has a market value, so does a house, and overpricing it will not change reality. In fact, under-pricing can generate interest in your listing to which you can always say no.
- No photos or unclear photos of your house. There are so many buyers online these days looking to get a sneak peek of the house before they can make up their minds about a house. You will do yourself good service by posting clear and crisp photos of your house. And not just photos, a 360-degree view or a video that can make the buyer feel like they just stepped into your house would up interest in your listing.
We hear every now and then, “Is there anyone who can sell my house online for free?” If this thought has passed through your mind, too, then you are in luck. Technology helps you sell your house faster online. While it may not be a separate mode, it can help you market your home and put the word out. Use social media to tell people about your house. Look and connect with different agencies and buy houses, read reviews, and conduct thorough market research before signing the papers.
Selling your house can be a stressful deal- especially if you are working on a deadline. Fortunately, now it is possible to speed up this process and get it over with. If you don’t have the budget to show off your house, focus on impressing your buyers firsthand. Create a neat and tidy interior and make room inside the house. Buyers can make a decision as soon as they step inside a house.