If you have ever been in a situation where you need to sell real estate quickly you probably understand how frustrating it can be. You wait for days on end hoping that the perfect buyer will show up and make an offer that you cannot refuse.
Luckily, it is possible to speed up the sale of your property without having to sacrifice profit. Read on to learn about 6 effective tips for selling your property fast in any real estate market.
How To Sell Real Estate Fast In Any Market
You probably understand that real estate markets vary considerably depending on your location. Currently, most of the real estate values in the United States have generally rebounded from the historic lows of 2008/2009. In addition, cheap mortgage rates and rising rent values are constantly pushing more renters to think about becoming homeowners in various markets.
Based on the current economic climate, it is not that bad of an idea to consider selling your property. However, before you put up your property up for sale you need to follow the following six tips to ensure that you sell it as fast as possible and for the best price possible.
1. Improving Your Curb Appeal to Sell Real Estate
It is said that nothing beats a first impression. It is therefore important to consider what a potential property buyer may think while he or she drives up to the property for the first time.
Walk out into your street and examine your property thoroughly to find out its shortcomings. Is it well-kept, clean, and attractive or is it in dire need of maintenance you have been putting off?
Once you have been in your property for a while, you may find it difficult to view it objectively. It is thus a good idea to take suggestions from friends, real estate professions, or prospective buyers about ways of making it even better.
If you have placed your property on the market, it is important that the landscaping be properly groomed and that the lawn is mowed regularly. In addition, exterior porches, the driveway, and exterior walls all need to be clean.
If you invest the time and money into cleaning up the exterior of your property you can rest assured that buyers will be more likely to want to have a look inside. Curb appeal is responsible for drawing buyers in and ensures that they maintain their interest and will set your property apart from the competition.
Always keep in mind that unless you are ready to discount the price of your property well below market value, potential homebuyers will not generally want to buy a house which requires too much work to fix up.
2. Making Upgrades
What is the appropriate amount of money you should spend to upgrade your property before you sell it? Well, you need to always keep in mind that ROI on home improvements is usually below 100 percent.
For instance, assuming that your home is worth $400,000 and you spend $50,000 to fix it up. Most people mistakenly believe that the property is now worth $450,000. This is simply wrong.
Even though a remodel will add some value, it is comparable to buying a new vehicle that depreciates in value as soon as you drive it out of the dealer’s lot.
Therefore, even though small upgrades such as replacing old water heaters and replacing the kitchen sink faucet are recommended, major remodels are not recommended. If you have a seriously outdated bathroom or kitchen, it is simply better to discount the asking price so that the buyer has the option to choose the finishes he or she finds best.
Most of the buyers will make a purchase only after receiving a satisfactory report from a qualified home inspector. The reason behind this is that most home lenders require it and depending on the state you live you may require extra inspections such as a termite report.
It is therefore important not to ignore critical repairs that can be a red flag to a mortgage company or a home inspector. They include major problems such as a leaky roof or an outdated electrical system and minor problems such as leaky faucets and sticky windows.
If you fail to address the necessary repairs, you risk the potential buyer walking away once problems crop up in the report from the home inspector. Depending on your contract’s wording the buyer may walk away or call for the necessary repairs to be carried out within a particular period to proceed with the purchase.
3. Depersonalizing The Property
Once you have made the necessary repairs and improved the curb appeal, it is now time for the main event.
Depersonalizing your property is the best way to get your home ready to show prospective buyers. Removing family photos, vibrant paint colors, quirky art and collectibles are all ways of depersonalizing property. The aim is to create a soothing space that enables buyers to visualize their own lifestyle and family as opposed to yours.
Understand that besides you nobody likes your movie collections, over-stuffed closets, pet accessories, and clutter. Neutralize and simplify your home as if it were a model home since this is exactly what it is while it is on the market.
Hiring a rent storage unit for de-cluttering and removing closet junk and excess trinkets will be well worth it. Once you do this, it makes it easier to freshen up paint on interior walls and toning down any bright colors with beige or off-white.
Ensure that your home is like a welcoming, clean, and bank canvas any buyer can use to paint their individual dreams upon. It probably will not feel like your home for a while but after you sell your property and move into your subsequent place, you can decorate it in your preferred way.
4. Pricing Property Competitively
Pricing your home appropriately is one of the important tips for selling it fast. If you price your property too low, you will be obviously leaving money on the table. If you price the property too high you will receive very few or no offers and watch it getting stale on the market.
In many cases, sellers attempt to sell property without involving a real estate professional since they assume that it saves money in the end. The reality is that good real estate professionals save both time and money (You can read more on the subject: Mistakes To Avoid When Hiring Real Estate Agents, Top Twenty Questions To Ask A Real Estate Agent Prior To Hiring Them To Sell Your House ).
Considering that a real estate agent usually charges a percentage of the selling price, it is in their best interest to price it just right. They will obviously want to get the highest commission possible but will also wish to earn the commission within a reasonable selling time.
Real estate professionals understand the local real estate market well and will review comparable sales to ensure that they help you set a realistic price. While it may be tempting to start with a high price, overpricing can backfire.
Once the property has been on the market for an extended period, many people simply assume it has not sold because it has some faults. Buyers and agents can mistakenly assume that an old listing has a poor interior layout or it cannot pass inspections.
Do not let your property become stale since it is overpriced.
5. Hiring A Professional Photographer
Most potential property buyers usually begin their search online or even in local property magazines. This means that it is important to have amazing quality images that highlight the best features and selling points in your home.
Once you have made the necessary upgrades, improved the curb appeal, and depersonalized your home, you should consider hiring a professional photographer to take high quality images.
Having great images inspires potential buyers to come to request a tour. Ensure that either your realtor or you post the listing online using free property buying websites.
You can read more about Real Estate Photography on this link: http://realestatecompanies.info/for-buyers-and-sellers/ways-get-help-real-estate-photography/
6. Choosing The Appropriate Time To Sell Real Estate
Spring is historically the most popular season for buying homes. The weather is amazing and families that have children help to make a smooth transition during the impending summer break. Therefore, while a serious home buyer can shop all year round, it is best to have your property ready for sale by March or April.
Selling real estate can seem like a daunting task especially to those that have never undertaken such an endeavor before. However, this need not be the case. Selling real estate is quite simple with the right kind of advice.
This article has looked at some six tips to help you sell your property quickly in any market. Always remember that selling real estate takes time and that you must never lose heart when attempting to find a buyer. After all, for most buyers it will be the greatest investment that they will ever make and it is therefore good to approach the situation from their perspective.
If you follow the six steps discussed in this article you can be sure that you will have a massive advantage over your competitors. Your property will also attract as many buyers as possible for the right price.