If you’re wondering how to sell your house fast, consider the for sale by owner alternative and ensure that your home shows at its very best. When you’re in a pinch, selling on your own may be the answer!
In any industry, especially in real estate, the most fundamental business formula is defined by supply versus demand. In a seller’s market, supply of resale homes is often limited while there are many buyers looking to buy. When this occurs, homes sell quickly and most often above asking price.
On the flip side, a buyer’s market is defined by an oversupply of resale homes and a lack of buyers to buy them. In such market conditions homes are still selling, but only those that are most competitively priced.
Yet, in both cases, regardless of market conditions, if a home is overpriced it will not sell. Period. So, what determines how fast a house sells? No matter what the market conditions may be, it always comes down to value. How well does a home show versus how much it is being sold for.
In real estate, staging, means making your home look at its very best. In essence staging is that part of the formula which represents value. Taking the time to stage your home is a sure way to increase the value of your property, thereby, allowing you to not only sell for more money but sell your house much faster.
Before you begin this step, make a list of all home improvements that you think would add value to your property. Keep in mind that unless you flip homes for a living, have access to cheap materials or you are a skilled contractor, major renovation projects will unlikely offer favourable return.
The general rule of thumb in home staging is to stick to basic cosmetic improvements, which you can carry out yourself. Adding value without spending a whole lot of money is the name of the game. Cleaning, painting, and decluttering are the most common forms of high yield staging tactics that most homeowner can do on their own. Here are a few more home staging tips to consider.
It does not take much to beat the competition! If you are in a hurry to sell, pricing your home by a few thousand dollars less can make a big difference. Before you decide on the price take some time to evaluate what your market competition may be. Look online at comparable properties for sale in the area, and price your home a few percentage points less.
When setting your price, consider rounding off your asking price closest to the nearest ten thousand. For example, if you feel that your home is worth approximately $450,000, price it at $449,900 or $439,900. Most buyers define their online search by such increments, and a near number always looks better than the whole.
Perhaps, one of the best ways to sell your house fast is to take matters into your own hands. Consider selling your own home “For Sale By Owner” without a Realtor. There is no secret here, a buyer is always looking for the best value. The best home for the best price. They do not care how or who is selling a home. A real estate agent cannot ever sell home for more than it is worth, and a buyer will never pay more for a home just because it is being sold by a pretty face.
If you choose to sell your own home, you will automatically increase your residual value formula, by preserving your equity. Bypassing the services of a real estate agent, will save you thousands of dollars in real estate commissions. Assume a commissionable saving of 5%, by selling on your own. You now have the room to be highly competitive on your asking price.
Selling a house fast does not require you to give it away. If you are in a pinch, pricing your home a few points below the competition is all that it takes. Combining “for sale by owner” with a competitive price point is the winning formula. Here you can price your home a few points lower, while saving as much as 6%. Not only will you sell faster but you will still walk away with more money in the end!