Selling a home quickly is far from impossible. Quite the opposite, with the real estate market as it is right now, it is not too difficult to sell a house fast. However, selling quickly should not be done at the expense of getting a good price. As with everything else in life, rushing things can lead us to make some unnecessary mistakes.
And that’s what this article is meant to address – some common mistakes that happen when a person is looking for a quick house sale. We’ll explain what some of the most common mistakes are and offer solutions on how you can avoid them. Yes, you want to sell fast, but there’s no reason not to be smart about it. So, let’s get to it.
Don’t Set Too High a Price
The math in real estate is simple: the lower the price, the faster you can sell. Conversely, the higher the price, the longer your home is likely to be on the market. So, if you want to know how to sell a house fast – set a low price. However, that doesn’t mean you should go too low. The point is not to lose money, after all.
Take a look at the houses comparable to yours that are selling in your area. Look for homes with a similar lot size and comparable square footage. Ideally, they should be in a similar state to your home – as far as the need for repairs goes. Then, put your asking price a few thousand lower than those homes and you are more likely to attract buyers.
But Don’t Jump at the First Offer Either
However, just because you want to sell fast and are willing to lower your price doesn’t mean you should accept the first offer you get. When you want to close quickly, your instinct could be to accept the first half-decent offer you get. While that’s a normal reaction, you should still try to control yourself.
Where there’s one offer, there will be another. You just may need to wait for it a bit. Haggling is an essential part of trading and it also applies to real estate. When your buyers know that you have more than one offer, you can get them to try to outbid each other. That does mean you won’t sell immediately, but one more week is nothing compared to the money you can get.
And It’s Not Just About the Money You Are Offered
When you are selling a house, it’s not just about how much money you can get, but how much ends up in your pocket. And that applies regardless if you are looking to sell quickly or not. For instance, is your buyer contacting you through a realtor? The offer may be good and they may be willing to pay your asking price, but you have to think of the expenses.
A realtor’s commission, closing, and other associated fees can cost you upward of 7-8% of the selling price. On the other hand, if you find a direct buyer that is willing to cover the commission and fees, you may end up with more money, even if the initial offer is lower. Take that into account when you decide who you are going to sell to.
Still Take Some Time to Prepare Your Home for Sale
Sure, you want to sell your home fast. But there’s no reason not to get the most out of it. For one, if you prepare your home for sale, you will find a buyer more quickly. Even if it’s just a small thing, like cleaning and tidying up your home, it can still help. For another, the better you prepare your house, the more money you can get.
It depends on how quickly you need to sell, but do what you can in the time you have. Increase your curb appeal, even if it’s just mowing the lawn, and remove old furniture and electronics. If you have the time, make small repairs and paint the walls. In essence, invest some time in your home while you are looking for a buyer.
You Shouldn’t Be Afraid to Try Modern Marketing Tactics
Now we come to attracting buyers. Many people that are looking to sell quickly often focus on flippers and wholesalers. While this tactic may prove beneficial, it’s not the only one you should focus on.
Social media is free – announce that you are selling your home on any social media platform you can think of. If you don’t have an account, make it. It takes less than 5 minutes and can help you find a buyer. Of course, also tell your friends and acquaintances that you are selling and ask them to spread the word. Word-of-mouth is always advantageous.
How Are They Paying?
Finally, it’s also important to know how your buyer is paying. If you get a cash offer, then you have nothing to worry about. But, if a private buyer needs to take out a loan first, it could cause you issues. You are looking to sell fast so time is of the essence and taking out a loan takes time.
Worst case scenario, the financing falls through and you need to search for a new buyer. If you need to sell now, then maybe you should only accept cash offers. But even in such a case, ask your buyer for proof of funds before you start rejecting other offers.
Sell Fast but Smart
At the end of the day, it’s all about not rushing it. Yes, you wish to sell quickly, but a week here or there is unlikely to cause you too much trouble. Don’t set a high price, but also don’t accept the first offer you get. Do what you can to prepare your home for sale and market it. Selling quickly doesn’t mean you can’t make a good deal.