Want to Sell Your Home Fast? Read This.
You say, "I want to sell my home fast." But do you understand what a “fast sale” in real estate means? In the hottest markets, a fast sale typically means you have money in your bank account 30 to 60 days from the time you list your home. Understanding this point and the conditions that can make your sale appreciably longer is the subject of this post in our Learning Center. If you have not read it, do! Then read on for quick sale tips.
Once your expectations are realistically set, focus on the aspects below to accelerate the pace of your sale.
Focus on A+ marketing:
Be sure that you have great real estate photography for your home. If not, you are likely to significantly lengthen your days on market. Without great pictures, you are reducing the number of internet buyers (which today means more than 9 out of 10 buyers) who will click on your home and actively consider it. Clicks lead to showings, and showings lead to offers. The more clicks you get, generally the faster you get activity on your home and the quicker your home will sell. Great real estate photography encourages clicks.
If you're not sure what great real estate photography looks like, scan through the pictures on Photographing Your Home So Buyers Want It. If your photos need some help, focus your efforts there. If you already have great pictures, keep reading.
Focus on price:
The single biggest lever you can pull to shorten the sale process is pricing. If your home is truly a “deal” relative to what else is on the market, buyers flock.
When banks repossess homes, they almost always adopt a strategy of pricing low to sell fast. Banks take the asking price down to 70 to 90% of the home’s true market value and a flood of activity occurs. Buyer competition often bids the price of the home to an amount close to or above fair market value. Sellers in high demand areas of the country, such as Silicon Valley, also frequently adopt this strategy.
Learn how to price your home accurately and fairly to attract more buyer traffic.
Focus on the right buyer:
If you receive multiple offers, favor buyers who can close fast. How? First, eliminate buyers who make a contingent offer, i.e., an offer that requires that they first sell their home. Then, favor all cash buyers - who are not slowed by the bank's timeline.
Focus on getting the general home inspection done:
There is much you can do in advance of listing or shortly after listing to speed things along. Notably, have real estate inspections done immediately. First, complete a general home inspection and termite inspection.
If there are notable issues shown in your general home inspection, have a specialist come out for an estimate. For example, if the general inspector says the roof may be leaking or ready to be replaced, have a roofer or two out to inspect and make a repair estimate.
In effect, you can inspect as a buyer would. When you provide these inspection reports and estimates to buyers, you can dramatically shrink escrow times. Request a list of recommended general home inspection services in your area.
Focus on completing your seller's disclosure packet.
You should also complete your seller's disclosure in advance so that buyers can examine it prior to submitting their offer. You can thereby substantially shorten the typical contingency period in your area. In most areas in California, for example, the contingency period is 17 days. If the seller's disclosure and real estate inspections are done in advance, however, you can often shorten the contingency period to 10 days or less.
Focus on the going forward game-plan.
If you have correctly focused on the aspects described above, you have done the best you can to "sell my home fast." At this point, let the process take its course. Remember, you do not control which buyers at your price point are out there at precisely the time you list your house. So don't don't let anxiety consume you. Instead, pre-set a schedule to review your activity level and correlate it to pricing.
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