Selling a home is one of the highest forms of stress an individual can experience in their lifetime. It has been noted by several publications to be “the most stressful event in modern life.”
After knowing that then why would you want to sell your home fast? To put it simply, some sellers have “no choice” but to pick up the pace and sell their home quickly. Sellers are known to do this because of financial difficulties, a new job in a different city or state, or even major life changing events.
Before you go making any rushed and unguided decisions, it is important that you review all the options you have. The last thing you would want to do is make a rushed decision that could negatively affect you in the future.
With that in mind lets review the options you have to sell your home fast.
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List your house with a real estate agent.
According to the National Association of Realtors 89% of buyers recently purchased their home through a real estate agent or broker. It’s almost always advisable to use an industry professional that knows the entire selling process. They are highly valuable when it comes to knowing the documentation needed, keeping in communication with all parties, and other processes that help sell your home fast.
They take the guesswork out of selling your home by hiring a real estate professional.
The NAR has another great fact that states, for sale by owners (FSBO) sell for significantly less than homes that are sold through a real estate agent. By using an agent you can sell your home for around 30% more than FSBOs.
Real estate agents are also great tools for home sellers wanting to sell their home fast by tailoring their services to that specific need. They can help recommend the seller to address areas of the house to prepare it for listing it on the market. Specifically, they can help point out repairs, staging, marketing, negotiating with buyers, and more.
Hiring and having an agent to sell your home fast puts more effort into the selling process. You now have a real estate professional whose goal is to successfully sell your home. This is what they do for a living. The agent will help you avoid any time wasting errors and help make the selling process as smooth as possible.
Pick an experienced agent in your area.
If you’re wanting to sell your home fast, it is ideal to seek out a real estate agent that has the capability of selling your home quickly. They should have a strong record of selling homes in your particular area. These local experts know what buyers are wanting in the area of the home and could lead to a faster sale.
You can find agents track record online on sites like Redfin, Zillow or Trulia. A good indicator to find out if an agent can sell your home fast is by looking at the number of homes sold within a certain time period. If they have a high frequency of sales then it is a good indicator that they will be able to sell your home at a fast pace.
Accept cash offers.
If speed is your top priority when selling your home, then accepting a cash offer might be the fastest option. Though it may be a faster option it can come at a price for the homeowner.
All cash offers can come from local property investors to buyers looking to leverage the appeal of only using cash. And typically with all cash offers there will be little to no contingencies in the offer making it an ideal option for a fast sale.
If your aim is to attract buyers with cash offers and don’t have time to repair or remodel then you might want to look up local property investors. These property investors can be looking for their next “fix and flip” property. They are already expecting homes to need repairs and would most likely waive any request to fix them. So if your home looks outdated and or needs a few repairs then you’re a prime candidate for these types of buyers.
Let us not forget that cash offers from property investors can be substantially less than the average selling price in the area.
FSBOs sells faster.
The NAR reports that FSBO homes sold more quickly on the market than those listed with a real estate agent. They go on to state that 58% of FSBO homes sold in less than two weeks. In most cases it was sold to someone the seller knew.
Thinking you can sell your home faster than a real estate agent? You probably can. Reach out to friends and family to see if someone you know might be interested in purchasing your home.
However, if you recall this article mentioned there are downsides to this option. FSBOs typically sell for less, a lot less than agent represented homes. And you would still have to go it alone when it comes to all the required documentation that is designed to protect you and the buyer.
The chances of the transaction running smoothly and quickly can seem very unlikely when you aren’t knowledgeable about selling real estate.
Sell your home at auction.
Home auctions aren’t just for selling foreclosure homes. Selling your home at auction can be a very fast solution for homeowners looking to sell their home fast.
The greatest thing about selling your home on an auction is that you will know exactly when your house will sell. Knowing the closing date can be a positive but it’s important to note that this option can take longer than you might expect. The time frame for selling at auction can average between 45 to 60 days.
The other negative of this option is that you don’t have much control over the sales price since you are bound by what buyers will be bidding for the home. You can typically see homes selling a few percentage points below current market value.
Choosing this option isn’t recommended for every home seller. It is suggested that only sellers with at least 25% equity in their home consider this option. If this is sounding like the ideal option then the NAR has eight helpful benefits for you to think about if you want to sell at auction.
- Eliminates extensive negotiations
- Create urgency among buyers
- Exposes your home to potential buyers
- Sells within a short period of time
- Seller can establish the terms of sale
- There is no ceiling on price
- Reduces the number of open houses and showings
- Seller has control of the marketing process
When selling your home fast, know your options.
As you gathered so far there are a few options you can choose when selling your home fast. Each option has both its positives and negatives. But when knowing your options ahead of time it can give you time to think each option through and help you decide what option is best for you.
Are you a real estate agent or seller that needs assistance on your transaction? Then feel free to submit your transaction to us!