Finance
February 2, 2024
Selling your home to start a new journey has its ups and downs. You may feel excited to move into a nicer house, but you can’t entirely forget the good times spent in your old home. Some people want to move closer to their grandkids, and others need to be near their workplace.
Whatever the reason, many people want to buy a home instead of paying monthly rent. Often, newbie home sellers make several mistakes with little knowledge in their hands. Some tend to close the deal with a lower price, while others sell their homes out of sheer frustration.
In 2018, 21% of sellers reported that selling their homes within a specific time frame was the biggest challenge they faced. So, if you want a quick way out, we will discuss four ways to sell your home in seven days or less.
Preparing Your Home for Sale
Selling your home is no easy task. Here are the first steps to selling your home:
Staging
In real estate language, “staging” refers to decluttering your rooms before listing the home on the market. Not surprisingly, Coldwell Banker reported that staged homes sell 25% faster than non-staged homes.
To make your home appealing, you have to:
- Put all the unnecessary items away and organize your rooms to show the actual space of your home.
- Contact a professional cleaning company.
- Set the furniture in a neat and eye-catching pattern.
Do quick repairs that may become a bummer for potential buyers. After all, 36% of homeowners reported in 2019 that their biggest regret was unexpected repairs or maintenance.
Choosing the Ideal Selling Strategy
Typically, you have to choose between two sales strategies — selling for sale by owner (FSBO) or through an agent.
FSBO
If you have a clear insight into how things work in the real estate market, you can go for FSBO and save the 5% or 6% an agent asks for the commission. But this strategy may take more time than hiring a real estate agent.
A Real Estate Agent
No matter how much you study the housing market, you can’t be as experienced as a real estate agent. They know how to finish all the paperwork, negotiations, and deal-closings quickly.
So, search for an agent with a good reputation in the market — of course, if you can pay the asked commission.
Planning a Pre-sale Home Inspection
A precise pre-sale home inspection identifies issues with your home you may fail to notice. A report by NAR Home Buyers and Sellers Generational Trends showed that 14% of buyers prefer purchasing brand new homes, while 86% buy previously-owned homes. An inspection team will alert you of all the things that buyers see as red flags.
Going Online
In today’s world, you can’t do business without creating online demand. The National Association of Realtors reported in 2018 that 51% of the buyers purchased their homes online, while 28% bought them through their agents.
Use Professional Photography
The next step is to hire a photographer to capture realistic photos of your home. A professional photographer knows the right angles and light effects to make your home look more appealing.
Listing Your Home on the Right Time
After following all the above steps, you can now list your home on the market. However, keep in mind to watch out for the right time to catch more buyers’ eyes.
According to the 2019 Redfin report, Thursday is a preferable day to list a home. On Thursdays, the listed properties sell for $3,015 more than those on Mondays.
Thursdays may be the best day for the listing to sell home fast.
Setting the Most Realistic Price
Whether you put your home in a saturated market or an unsaturated one, the key to speeding up the selling process is setting a realistic price. Underpricing will cost you hundreds of dollars, and overpricing will take more time to sell — either way is not what you want.
4 Ways To Sell Your Home in 7 Days
If you want to sell your home in 7 days, here are four ways to boost your selling process:
Contacting a Wholesaler
Wholesalers work differently from traditional real estate agents.
Most real estate transactions happen through cash. The wholesalers gather cash buyers who keep them updated about their needs and interests. When you sell your house to a wholesaler, he flips it to an interested cash buyer.
This process is comparatively faster than contacting a traditional agent but may not earn you top dollar.
Dropping the Price Dramatically
First, check the prices of the homes listed in your neighborhood. Then, reduce the price of your home dramatically with a significant amount of money. Keep in mind, we are not talking about $5,000 or $10,000 here; go for a $40,000 to $50,000 change.
Believe us; buyers love a dramatic change that comes with a good deal.
Going for a Short Sale
A short sale occurs when you sell your house for a price less than the amount owed on the mortgage. However, a short sale requires the approval of all mortgage lenders. If you have multiple mortgages on your home, this could present a challenge.
If you want to sell your home fast due to a financial crisis, you can simply contact the largest mortgage holder and the bank to inform them about your situation.
Sale-Leasebacks
Sale-leasebacks are a win-win situation for both the homeowners and buyers. It allows a homeowner to get cash for their home without moving immediately. Meanwhile, the investors/buyers can buy the property with quick cash, supported by a long-term lease.
This allows you to sell a home fast and get the money without moving out.
Wrapping Up
Selling your home can be tedious if you go in without necessary prepping and knowledge. But with a competent real estate agent and the tips mentioned in this guide, you should not have any difficulty selling your home in just a week or even less.
Key Takeaways
Many people want to buy a home instead of paying monthly rent. Often, newbie home sellers make several mistakes with little knowledge in their hands. Some tend to close the deal with a lower price, while others sell their homes out of sheer frustration. If you are still unsure of options for selling your home quickly, after reading this article, consult a financial advisor to discuss your options.
