Are you wanting to sell your home fast, and not sure where to start? Well, you’re in luck. Reports from the National Association of Realtors (NAR) show that with rising job growth, and falling interest rates, and inventory have created a seller’s market throughout most of the U.S.
Even with it being a seller’s market, there is no guarantee your home will sell fast.
Real estate can have a lot of deciding factors that will determine when a sale will close or not. Most of which are out of the sellers control, such as a fluctuating market, the current pool of buyers, and especially contract delays.
You could always sell your home to an investor for pennies on the dollar or turn the property over to the bank in lieu of paying off the mortgage. But without sacrificing equity on your home there is no other guarantee of a fast sale.
Don’t fret though, because you’re in luck!
At New Door Residential we stay informed about all things regarding local Las Vegas real estate. This information was cited from Homelight.com.
With a professional real estate agent, short escrow period written into the contract and careful planning, sellers can have their home off of their hands on average six to eight weeks.
Here are the do’s and don’ts to increasing your chances of selling your home fast, but do keep in mind, you won’t be able to control all aspects of your home sale.
Don’t: Try to Sell On Your Own
We all know putting up a “For Sale By Owner” sign is tempting when it means you get to keep 100% profit of your home sale, but it could cost you in the long run.
Meaning once you deduct the normal 6% realtor fees from your sale, you will more than likely be left with more, than you would if you sold it on your own.
Recent numbers from the NAR show that those who had a real estate agent assist in selling their home, netted an average of $55,000 more than owner home sales.
If you decided to sell yourself, you would have to invest almost all your time in photographing your home, researching homes in the neighborhood to find a reasonable price point, getting the home appraised, finally starting the listing, and then most importantly showing your home to potential buyers.
Once you have a possible buyer, things will get even more complicated. You will have to handle the offer, negotiations, forms, and you will have to hire a lawyer.
Do: Partner with an Outstanding Agent
A top real estate agent should be your go-to when wanting to sell your home, especially fast. They can help you every step of the way, like determining asking price or just filling out all necessary paperwork.
Full-time agents have all the knowledge you could ever need about the fluctuating market, and it’s all information that a FSBO seller wouldn’t have access to.
Real estate agents also have a whole network of other agents that have unlimited buyer pools that could assist in selling your home fast.
Don’t: Overprice Your Property
A house can be one of the most expensive things you own, so it’s understandable to want the most money you can get out of it. Especially if you’ve upgraded your home and put money and hard work into it.
But asking for top dollar or more is guaranteed to slow down your sale.
According to The Washington Post, how long a home lingers on the market is directly related to overpricing.
Overpriced homes will get few to zero showings and will likely go for 30 days or more without an offer.
As the days without an offer tick by, you’ll end up reducing your price anyway and scare away a chunk of buyers who’ll see the reduction as a red flag that your home has major flaws.
That price reduction will also attract another subset of buyers—ones who recognize the price lowering as a sign of desperation. These buyers are looking for a bargain, so they’ll come with low-ball offers that you’ll be tempted to accept just to get your home sold fast.
Do: Price Just Below Comps
If you’re wanting to sell your home fast, you don’t have time to test different asking prices to see which one will get a bite. It’s best to look at houses for sale in your neighborhood(Comparables) and price your property just below the median.
In a seller’s market, a home that is “on sale” could get multiple offers, which in turn could drive up the final price of the home.
The actual digits in your asking price play a big role in how fast you’ll sell, too.
Have you ever wondered why retailers list products on sale for $19.99 instead of $20? It’s because that one cent reduction makes buyers feel like they’re getting a good deal, and there’s nothing consumers like better than a bargain. This same philosophy applies to real estate.
According to NAR research, buyers were more attracted to homes priced at $199,000 than to the rounded $200,000. Their data suggests that this “just below” pricing strategy may result in a final selling price that’s up to three percent higher than homes listed with a rounded number.
But not everyone agrees with this strategy. Some real estate experts suggest that pricing just below a rounded number can remove your home from pricing brackets in online searches. Meaning that buyers looking for a home in the $200-275K range will not see your home priced at $199,000.
It all boils down to your home’s category and the types of buyers interested in it. For those selling a starter home to first-time buyers, a just below bargain strategy is the way to go. But if you’re selling a luxury property, then you’ll need your pricing strategy to match the value of your home.
With some solid data from the Federal Housing Finance Agency’s House Price Index Calculator as a starting point and the guidance of a top-notch agent, you’ll find the best pricing strategy for you.
Don’t: Make it Difficult for Buyers to See Your Home
If your home is priced right and your stellar agent has spread the word, you’ll quickly be inundated with requests for showings from buyers’ agents. Once that starts to happen, it feels like you’re getting an unending stream of unexpected guests that you want to impress.
Showing a home that’s clean and uncluttered is key to attracting the best offers fast. And making yourself scarce during those showings is just as important.
When sellers ask Bunch if they can be present during showings, she gives them this advice: “Buyers attach easier when they feel they are potentially looking at a home that they might live in rather than a seller hanging in the background which demonstrates more that it’s their house.”
Since you’ll need time to get your home in show-ready condition and time to vacate, it’s natural to put restrictions on showings.
Some sellers offer only a limited window for appointment-only showings, require a day’s notice in advance of all showings, or refuse to allow a professional lockbox on their home. But excessive restrictions like these are guaranteed to reduce your chances of selling fast.
The harder you make it for potential buyers to see your home, the fewer offers you’ll get and your house will stay on the market longer.
Instead of setting guidelines based on your own convenience, you’ll need to focus on a strategy designed to bring the most foot traffic through your home if you want to sell fast.
Do: Be Ready to Show Your Home ASAP
Did you know that buyers only look at a median of ten homes before making an offer on a property?
If your home isn’t available for showing when buyers are out looking with their agents, you’ll miss out on offers. Those potential buyers will simply skip your home and make offers on the properties they were able to see.
Yes, it’s a pain to keep your home clean and uncluttered for weeks—especially if you’re still living in your house. It’s also inconvenient to drop everything and vacate your home for a showing on short notice.
But that’s exactly what you need to do if you want to sell fast. Real estate experts say you’ll need to show your home at least 10-20 times before you find your best buyer or even get any offers at all.
So increase your odds for receiving multiple offers quickly by making it incredibly easy for buyers to view your home. Allow the installation of a professional lockbox to make it easy for buyer’s agents to access.
Keep your home neat and organized so that you’ll only need an hour or two to straighten up before any last-minute showings. And find yourself a nearby park, restaurant or coffeehouse where you can hang out while your house is being shown. After all, if you’ve done the work to sell your house fast, you’ll only be inconvenienced for the few weeks it takes to receive and accept your best offer.