Getting rid of your house quickly while simultaneously getting top dollar for it might seem like an impossible dream. Especially if you find yourself asking: how can I sell my house in a down market?
Sale prices are often lower when the real estate market is struggling, such as during a pandemic or economic downturn. However, it’s still very possible that you can sell your house quickly and obtain the full market value you expect.
In times of disaster, only the prepared survive. During a time like ours, sell your house quickly for a good price by following the 4 tips below.
Sell Fast With A Realtor
In the time it takes to go up and open the front door, buyers can make a snap decision on whether or not to buy your home. Make the most of those precious seconds by hiring a top-notch agent.
Fix Everything In Advance
Prior to the sale, address any issues with the property. You may turn away home buyers seeking a turnkey house if you do not address issues ahead of time. If you want to prevent pricey surprises once the house is under contract, you should get your home pre-inspected before putting it up for sale.
Boost Curb Appeal
A well-maintained exterior tells potential buyers you’ve taken pride in your property, which in turn gives them confidence that the inside has been similarly well-cared for. Cut the grass, clean up trash, store tools and recreational equipment, and add a few potted plants. Make sure your doorstep is clear of debris and add a pop of color with a bright doormat. First impressions are everything!
Stage The Home
You might want to hire a professional home staging service to help you show off your home’s best features, wow potential buyers, and sell your house fast for the best price. The National Association of Realtors (NAR) predicts that when you stage your home, selling it fast will not be a problem compared to selling non-staged properties. Although staging isn’t inexpensive, the NAR also calculates that it results in a better return on investment.
Price To Sell
Homes that are overpriced seldom sell. Real estate brokers believe that overpricing is the most common error you can make when selling your home.
Can you sell your house below market value? Don’t be concerned about starting at a low price. Starting on the lower end rather than the higher end is certain to attract several offers and cause the price to ride up, eventually reaching the home’s true market worth. Underpricing your house at first can be an excellent tactic for increasing interest in your listing, and you can always decline a low-ball offer.
Pick The Right Time
How do I get the market value of my home? Timing matters. You can sometimes struggle in finding a buyer because of current market conditions.
People look for a house during the traditional selling and buying season (which is June for Texas). When demand is great, you may sell for more than planned. Look to put your house up for sale at a time when you know buyers are on the market.
Request All Cash Offers
A property may be listed as a “cash only sale” and marketed to individual investors, or the homeowner can sell it to a large-scale investor who will pay cash within days or weeks.
There is no need for additional time spent on mortgage applications, assessments, and final approvals when selling a house for cash. In most cases, after a homeowner accepts a cash offer, they can finalize the transaction in approximately two weeks.
Consider selling a house for cash if your house needs a bit of work. An investor can buy your home at market value and allow you to move on to your next chapter.
Pick An Experienced Real Estate Agent
Having a real estate agent on your side can help you avoid issues that might delay the quick sale of your house. Realtors carry out the essential research to ensure that the listing price is competitive, and they will offer advice on how to sell a house fast, what closing costs to pay, and what small repairs or staging you need in order to attract the most possible homebuyers.
| How Quickly Can You Get An Offe:r | Varied |
| How Fast Can You Close: | 30 to 45 days |
| How Close Is The Offer To Market Value: | 100% |
| How Much Should You Expect In Fees: | 6% (plus any cost of repairs) |
Sell At An Auction
Auctioning your house might bring a slew of advantages. On top of the list is that you’ll learn precisely when you will close on the sale.
Can you sell your house fast in an auction? You won’t have to go through the lengthy procedure of listing and contract negotiations for sure. However, remember that it will take 45-60 days to go from listing to closing, so plan accordingly.
The final bidders must also be pre-qualified for the asking price at a real estate auction, ensuring that the transaction will go through once the final offer is approved.
The possibility of a bidding battle, which raises the selling price, is another advantage. This is particularly true in a seller’s market, like the present real estate market circumstances in Texas. In this situation, a well-publicized auction might result in high bids and a reasonable profit for the seller.
The simplicity of the auction sales process appeals to sellers, who prefer it over other selling methods. With no open houses or showings, you won’t have to leave your home, you won’t have to worry about keeping it spotless in case someone drops by at the last minute, and no strangers will be roaming through your house.
There will also be no sign promoting the property for sale in the yard, and the advertising will be modest. Auctions are an excellent option for home sellers who want to keep their identities secret.
| How Quickly Can You Get An Offe:r | Depends on the auction |
| How Fast Can You Close: | 30 to 45 days |
| How Close Is The Offer To Market Value: | 85 to 95% |
| How Much Should You Expect In Fees: | 1.5% to 4% |
Sell To An IBuyer
Consider selling your house fast to an iBuyer if your house doesn’t require a lot of work. These companies buy homes to resell quickly and make a small profit.
What will you get for selling your house to an iBuyer? iBuyers’ offers are much closer to fair market value because the homes they buy are usually in better shape. iBuyers are large, venture-backed companies that buy houses for cash and resell them on the real estate market.
iBuyers offer a higher percentage of the fair market value than home flippers, and they can often close in as little as seven days after the offer is accepted. You don’t have to pay commissions to buyer’s agents, and you can avoid the hassle and uncertainty of a typical home sale.
With an iBuyer, you don’t have to fix up your home or make it available for showings, which can be great if you own property out of town or have pets or small children that make it hard to leave in a hurry.
The only downside is that iBuyers charge 5 percent or more service fees, plus costs for repairs. This could mean you get less than if your home sold with an agent on the open market, even if you pay the full agent commissions.
Aside from the fees, iBuyers have stringent rules about the homes they buy, such as the neighborhood, age, condition, and type of property. They also only do business in certain places.
| How Quickly Can You Get An Offe:r | 24 to 48 hours |
| How Fast Can You Close: | 7 days |
| How Close Is The Offer To Market Value: | 98% |
| How Much Should You Expect In Fees: | 5% to 13% |
Sell To An Investor
When wanting to sell quickly, the first group of individuals to approach is the real estate investors or cash buyer group. Many investors work closely with real estate companies in the country to find good properties to buy. Since this group has the money to invest in real estate in a big way and doesn’t need a mortgage, you can be sure that your house will sell for market value or even more if it’s in a good area.
If you’re asking: what is the best way to sell my house? You should have no trouble selling your house for fair market value if the price you’re asking for is within the range that most investors anticipate it will sell for. Some investors have their own internal calculators to determine the current market worth of homes in various areas.
| How Quickly Can You Get An Offer: | 24 to 48 hours |
| How Fast Can You Close: | 1 to 3 weeks |
| How Close Is The Offer To Market Value: | 85 to 95% |
| How Much Should You Expect In Fees: | 0 |