When You Need A Quick House Sale…
These days, the only people who may be having a field day in the housing market are the few fortunate ones who have the cash or excellent credit standing to be able to buy houses. With so many foreclosures and home sellers competing on the same level, it’s probably the best time to buy a house.
For first time buyers, or for most buyers actually, any plan to buy a new home may have to be put on hold as mortgage lending has become tighter than ever. In fact, with the economy still in turmoil, homeowners are more likely looking to sale house fast , and they need a quick house sale at that.
But the deep economic crisis has slowed down the housing market considerably (and vice-versa – the end of the housing boom actually pulled the economy down), and so if a quick house sale seemed like a daunting task before, it must feel like mission impossible now.
Just a few years back, when it was relatively easy to avail of a mortgage even to those who we now know could not sustain monthly payments, you put your property on the market and you’ll get multiple bids in no time, and then before you know it, you’re getting offers and accepting one in just a few weeks. And you’re actually selling at a profit.
That actually was just a short time ago, but how quickly things have turned upside down. It’s not unusual these days for homes on sale to stay on the market for weeks or months, in fact it’s becoming the norm. Despite occasional price increases, house prices on average have dropped year after year. And it’s a buyer’s market – with far more home sellers than buyers – so your house is worth only what buyers are willing to pay for it.
That price is more likely going to be lower than your expectation, and most probably lower than the price you bought your house for, especially if you bought your house during the height of the property boom. The first step to achieving a quick property sale is accepting this fact, and to know that property markets are local.
So you can’t just go by national averages when pricing your home. You actually have to do a little digging and find out how much similar homes in your neighborhood sold for in the past few months. Visit open houses to find out how much your competition are pricing their homes. And then consult estate agents and even friends. You should be able to come up with a reasonably low price then. If you’re not getting any offer in the first month or so, make a decision as to how much you should take off your asking price, but do it once because if you keep on decreasing in small amounts multiple times, your house may linger in the market, and your asking price will fall even further.
There are a few other things you can do to sell house quick , and which in fact property experts would say are necessary. First, the ever important curb appeal – you have to impress buyers from the get-go, so make sure your front yard is picture perfect (new paint, new flowers, trimmed grass and bushes). Then you have to deep clean, declutter, and de-personalize your home, in other words, make it look like a model home that everyone can relate to and imagine as their own.
Still, there’s no guarantee you can make a quick house sale, unless you sell to a cash home buyer. Only cash home buyers can guarantee closing a sale in a matter of a few days because they do not have to wait for approvals for loans, they actually have the cash to be able to make a direct purchase of your house. You’ll have to mark down your price, but that’s what you’ll have to do in any case anyway.
You actually even save more by selling to a cash home buyer because there’s no estate agent to give a commission to. You also don’t have to spend on home improvements as they buy houses in any condition. And as you very well know, repairs, replacements, and remodeling can cost a fortune.
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