For a multitude of reasons, many homeowners desire to sell their homes as quickly as possible. If that describes you and you don’t want to hand over a huge chunk of your equity to Offerpad, Zillow, Open Door, or other investors, take a look at these three valuable tips to save time on your sale!
Pre-listing home inspection
When we look at the common obstacles along the way to closing a home sale, several steps loomed large, but none larger than the home inspection done within the buyer’s due diligence period.
Soon after you accept an offer to purchase your home, the buyer will send a home inspector to your house to inspect its condition. Soon thereafter, he or she will issue an inspection report to the buyer, and I’ve rarely seen one that didn’t have at least a few, even minor, problems.
Some problems, such as those that can impact health and safety, will need to be repaired. Even if the buyer doesn’t request it, the lender may, especially if the buyer is using an FHA-backed loan to purchase the home.
Depending on the scope of the work, this can significantly slow down the sale of the home.
Fixing items before putting the home on the market is a smart move if you need to sell quickly. It also shows potential buyers that you’re dealing in good faith.
Sure, your buyer will most likely have their own inspection done, yet I’m not really worried about the small stuff your pre-listing inspection uncovers. It’s not the small issues after all that generally kill a sale during due diligence. It’s the big ones! By doing your own pre-listing inspection, you have the opportunity of making sure heating and air, appliances (including the hot water heater), plumbing, and electrical are in good working order and the roof is sound with no leaks. This will dramatically reduce your risk that the sale might fail once you do have a contract in hand!
Don’t play games with your home’s price
“More than half of all closing problems are related to mortgages,” according to Peter Miller at MyMortgageInsider.com.
Slightly more than 20 percent of these problems are caused by appraisal issues.
Unless the buyer is paying in cash, he or she will be using a lender for financing. The lender will send a property appraiser to the home to determine the value.
Much of the time, the appraiser’s evaluation meets the price agreed upon. Sometimes, however, it doesn’t and negotiations reopen.
There are several ways to work around an appraisal problem but most of them take time.
Avoid appraisal problems by understanding how market value for a home is determined, hire a listing agent experienced in determining fair market value and avoid the temptation to overprice the home.
We are happy to answer any questions you may have on how to sell your home quickly and still get top dollar.
Don’t discount those early offers
It’s true that during the first week to ten days on a new listing that you have an initial excitement for your home that will wane over time the longer it sits on the market for sale. If you get a strong offer (or two) in the first week on the market, I’d encourage you to try your best in negotiating that offer to a contract!
As a side note, if you still haven’t gotten your home sold, when do you consider a price reduction?
Fellow RE/MAX agent and real estate blogger, Bill Gassett notes several factors to consider when considering when to reduce the price of your home.
1.There are not many showings – Not having much activity is a solid indicator that something is wrong and it more than likely is the price. If agents are not scheduling showings there is a problem! New listings hitting the market almost always see a significant amount of traffic right away if the market is decent.
In fact, the first few weeks your home is listed should be the busiest. Buyers want to get out and view the newest listing right away so they don’t get bought by someone else.
If your home is not getting this initial surge in traffic you may have priced it too high. All those potential buyers could be waiting out there, seeing if you drop your price. Remember today’s buyer with access to everything online is very educated on home values.
The reason why the first few weeks that your home is listed for sale will almost be the busiest time is easy to understand. Simply put the buyers have seen the other homes available for sale already.
When a new home goes on the market Realtors will get in touch with their clients right away and schedule a showing. Because of the internet and all the listing syndication channels, it is also likely that buyers will see the home immediately after it is listed for sale. This creates an initial burst of activity. This is why most Realtors will explain how imperative to price your home properly coming out of the gate.
2.You are running out of time – In some circumstances there may be a need to sell a home quickly. There are plenty of situations where selling as soon as possible is a goal. If you have a specific need to sell quickly due to some future event it is probably better to reduce sooner rather than later.
There could be any number of reasons including moving because of a job change, family, you are going through a divorce or maybe you found a home and need to sell before buying. It could be worth it to lower your price just to keep your life in order and have less stress.
3.Lots of attention, no offers – The flip side to having few buyers looking is having a lot of interest – only no one is putting in any offers. Your home may be really appealing in a lot of ways, but if the price isn’t right buyers will purchase elsewhere.
You don’t want your property on the market any longer than it has to be. If you are garnering tons of interest buy no offers, consider dropping the price of your home.
Couldn’t have said it better myself!