Even in a hot real estate market, when “for sale” boards perish rapidly, you need to make sure your home will sell quickly. There are a number of methods to sell your house quickly; the one that is right for you might be determined less by your precise timetable and more on what you value above all else, in addition to speed. Here are four strategies to get your property sold faster.
Sell to an iBuyer
A cash offer from an iBuyer is a direct sale of your property. The “i” in “iBuyer” isn’t just for the sake of sounding like a Apple product; it also means “instant.” You can usually expect an offer from an iBuyer within a few days depending on the company.
However, there are some significant drawbacks. For one thing, iBuyers do not service all regions of the country and only purchase specific sorts of homes. When you provide your address, an iBuyer site is typically able to tell you whether or not it is qualified.
You may select your closing date on Zillow. This might be useful if you’re simultaneously purchasing and selling, but it also allows you to go fast. You may close with an iBuyer in as little as 7 to 10 days without a mortgage. The average closing time will differ depending on the iBuyer, where you’re located and other aspects of the home sale. You’ll also be charged a service fee to the iBuyer, which is usually between 5% and 12% of the total offer amount. Any expenses the iBuyer incurs in making repairs will also be subtracted from the final amount you receive.
The primary disadvantage of selling to an iBuyer is that you don’t know how much money you’d have received for your house on the market if you didn’t sell. However, if getting out quickly is more important than long-term profitability, you may be prepared to give potentially higher earnings in favor of a certain deadline.
Find a top-notch listing agent
Do you want to sell your property as quickly as possible while still making the most money? A top-shelf agent is likely to be your best option. They’ll assist you in correctly pricing your home, staging stunning pictures, writing an effective listing description, and advocating for you when it comes time to evaluate offers and negotiate.
The seller’s real estate agent might cost you a lot of money, since commission fees for real estate agents differ. You’ll generally anticipate to pay about 6% of the total home sale price in commissions, with half going to the buyer’s agent and half going to your listing agent. However, if you buy a property without the assistance of an agent, you may be charged extra fees (for example, an 8% commission for the seller’s representative, 3% to the buyer’s agent and 5% to the listing agent). You should inquire about this when searching for possible listing agents.
Go the FSBO route
A for-sale-by-owner sale of your property may help you sell your home faster. One reason FSBO properties sell quickly is that they are typically sold to a family or friend, which is why the National Association of Realtors’ data revealed that FSBO houses had a median time on the market of one week, as opposed to three weeks for agent-assisted sales.
What are the disadvantages of selling your house without an agent? If you don’t already have a buyer in mind, you’ll have to look for one. It’s possible that word-of-mouth advertising will bring you a ready buyer at a “friends and family” price rather than market value. You’ll also be responsible for things like marketing (whether it’s a yard sign or an internet ad), buyer walk-throughs, and negotiations.
While FSBO properties spent less time on the market in 2020, NAR figures reveal that they sold for lower prices. The median price of agent-sold houses was $295,000 in 2020, while the median price of FSBO homes was $217,900. Although this may be partly due to the types and locations of houses sold — manufactured homes in rural areas, for example — that $77,100 difference is worth reflection.
Choose a cash buyer
Whether you’re working with a real estate agent or selling your house on your own, accepting a cash offer from a buyer is another option to speed up the closing process. The money is already there, so there’s no need to worry about whether their financing will fall through or how long mortgage underwriting will take.
The average time to close a mortgage in April 2021 was 49 days, according to information from ICE Mortgage Technology. Closing activities, such as the title search, should still be completed. However, removing buyer financing from the equation can significantly reduce the time it takes to close a home sale. With a cash offer on the table, you may be able to close in as little as two weeks.
Cash buyers who aren’t iBuyers (in other words, regular people) can be pushy. They may try to lowball you because they believe cash is king. Then again, if your goal is to sell your house quickly, you may be willing to lose some money for the sake of a mortgage-free transaction.
More tips to sell your house fast
Before it’s time to sell, you may take some basic steps that will get you up and running.
- Do a thorough cleaning. You don’t need expert home staging, as long as you do a deep clean along with some decisive decluttering. Removing personal items allows buyers to picture themselves living in the home and might prevent them from being treated differently. Minimalism (even storing a piece of furniture or two in a friend’s garage) can make a tiny house look larger by reducing clutter.
- Make a fresh start. Exterior improvement is no longer limited to siding and trim; it also involves the front of your property. (And, since many online postings begin with an exterior photograph, they are effectively the same.) Changes like these, including pressure washing your siding, trimming and weeding any messy landscaping, and freshening up decorative elements, may all make a difference. Taking care of minor repairs if you’re selling to a iBuyer can help you save money on your evaluation.
- Create a demand. When your home goes live on the Multiple Listing Service, you may be able to gather more offers faster if it is marked as “coming soon.” It’s not the same as a pocket listing, which is when a home is put on the MLS but kept off the market. The “coming soon” period generally lasts no more than 30 days — and after it’s over, you’ll hopefully have buyers eager to see your property in person and make an offer.
The quickest way to sell a house is to sell it to a cash home buyer
If you’re looking to sell your house fast, the quickest way to do it is to sell it to a cash home buyer. Cash home buyers are investors who buy houses for cash, and they’re usually looking to buy properties quickly.
The benefits of selling your house to a cash home buyer include:
- You don’t have to wait for a bank to approve financing-You don’t have to do any repairs or renovations
- You can close on the sale in as little as 7 days
- You don’t have to pay any real estate commissions
If you’re looking for a quick and easy way to sell your house, selling it to a cash home buyer is the best option. Contact a local cash home buyer like us today to get started!
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