How to Sell Your House Fast in Any Market!
We buy and sell a lot of real estate in the Raleigh – Durham NC market, and it’s very important that we are able to turn our inventory over quickly. So, we decided to put together a quick list of 6 house hacks on how to sell your house fast in any market. I know how frustrating it can be when you’re trying to sell your home. You hope the perfect buyer will come along and make you a great offer, or that after all the real estate commissions, attorney’s fees, closing costs, holding costs, and taxes you’ll have something left over for yourself.
Fortunately, there are ways to speed up the sale of your house without losing your shirt on a remodel and all the other hidden costs of selling a piece of property.
I’m sure you are aware that all real estate markets can vary drastically depending on where you live. For instance, in Clayton NC, where I’m at (just South of Raleigh), the current median sales price is around $274,000. Whereas, the median sales price in San Francisco is around $1,262,000, and that’s comparing modest 3 bedroom, 2 bath homes. I know, insane sticker shock! You could buy a mansion for that price in Clayton.
In most of the US the real estate values have rebounded considerably from the lows we saw in 2010 and 2011. Plus, the rising cost of rents are pushing many renters toward home ownership, so if you’re considering selling a property, it may be a good time to sell. But, before you put out the for sale sign, here are some solid tips to help you sell quickly.
#1 Improve Your Curb Appeal
Nothing is more important than a first impression, so consider what your home buyer might think as they drive up to the property for the very first time.
Walk out in to the street and look at your home, really look at it. You have to be able to see your properties shortcomings with an open mind. Is the property attractive? Have you been putting off any exterior maintenance?
When you’ve been in a home for a while, or perhaps it was your parents home that you grew up in, it’s hard to look at it objectively. So, take suggestions from friends, real estate professionals, or even potential buyers on how to improve it.
When your property is on the market, it’s critical that your landscaping is well groomed, and your lawn is mowed 24/7. Plus, your driveway, porches, and exterior walls must be clean too. How old are your windows, and is your roof more than 20 years old? These are all the first things buyers see as they pull up to your property.
If you put money in to cleaning up the outside of your property and taking care of deferred maintenance, I can guarantee you buyers will be more likely to schedule an appointment to see the inside. Curb appeal helps draw buyers in, helps maintain their interest, and sets you apart from your competition.
Remember, that unless you’re willing to discount the home well below market value, home buyers generally won’t buy a house that still needs a lot of work.
#2 Make Upgrades
So, how much should you spend to upgrade your home before selling it? Well, remember the return on investment, or ROI, on home improvements is usually less than 100%.
Lets say you have a home that’s worth $250,000 and you spend $30,000 to remodel the kitchen. Many people mistakenly believe that home is now worth $280,000. That’s completely wrong.
While a remodel certainly adds some value, it’s like buying a new care that depreciates in value the moment you drive it off the dealer’s lot.
So, while I recommend making small upgrades, like replacing the kitchen sink, faucet, or updating an old water heater, I don’t suggest doing any major remodels. Leave that for the professionals. If you have an outdated kitchen or bathroom, you’ll generally come out ahead just by lowering your asking price, so the buyer can pick their own finishes, rather than undergoing a major remodel.
The vast majority of buyers make a purchase offer that is contingent on receiving a satisfactory report from a certified home inspector. Why? Well, most home lenders will require it, and also may require additional inspections, such as a termite report, depending on the state you live in.
So, don’t ignore any necessary repairs, that will surely raise some red flags to any home inspector or mortgage company. These include major problems, such as an outdated electrical system, leaky roof, as well as minor problems like sticky windows and leaky faucets.
If you don’t address needed repairs, you risk a potential buyer walking away when problems turn up on a home inspector’s report. Depending on the wording of your contract, the buyer could walk away, or require you to complete the necessary repairs within a certain period of time, in order to go through with the purchase.
#3 Depersonalize Your Home
After you improve your curb appeal and make necessary upgrades and repairs, it’s show time, baby!
The best way to get your home ready to show prospective buyers is to depersonalize it by removing family photos, quirky art and collectibles, and vibrant paint colors. Your goal is to create a soothing space that allows buyers to visualize their own family and lifestyle in the home–not yours.
Don’t take it personally, but no one likes your pet accessories, over-stuffed closets, movie collections, and clutter, except you.
Simplify and neutralize your home as if it were a model home, because that’s exactly what it is while it’s on the market.
If you have to rent a storage unit to de-clutter and remove excess trinkets and closet junk, it’ll be worth it. Then it will also be easier to freshen up the paint on interior walls and tone down any bright colors with off-white or beige.
Make your home like a clean, welcoming, blank canvas that any buyer can visually paint their own dreams upon. I know it won’t feel like your home for a little while, but once you sell your house and move into your next place, you can decorate any way you like.
#4 Price Your Property Competitively
Choosing the right listing price is one of the most important tips for selling your home quickly. If your home is priced too low, you’ll obviously leave money on the table, and if it’s too high, you’ll get few offers and watch it get stale on the market.
Many times, sellers try to sell property without hiring a real estate professional, because they believe it will save money in the long run. I can tell you that the good ones will save you both money and time.
Since a real estate agent is paid a percentage of your selling price, it’s in his or her best interest to price it perfectly. They want to earn the highest commission possible, but they also want to earn a commission within a reasonable amount of selling time.
Real estate pros know the local market like the back of their hands, and will review comparable sales to make sure you set a realistic price. While you might be tempted to start with a high listing price to see what happens, overpricing can be a bad strategy.
After a home sits on the market for an extended period of time, many people will assume that it hasn’t sold because something is wrong with it. Agents and buyers may mistakenly assume that an old listing can’t pass inspections, or that it has a poor interior layout.
So, don’t let your home become a stale listing because it’s overpriced.
#5 Hire a Professional Photographer
Most home buyers start looking for a property online or in local home magazines. That means you need to have great images that accentuate your home’s best features and selling points.
After you’ve improved curb appeal, made necessary upgrades, and depersonalized the interior spaces, consider hiring a professional photographer to take high quality images, in the best light.
These great images will inspire buyers to come to your open houses or request a tour. Make sure you or your Realtor post the listing online, using a free home buying site like Zillow.
#6 Choose the Right Time to Sell
Historically, spring is the most popular home-buying season. The weather is good, and families with kids can make a smooth transition during the upcoming summer break. So while serious home buyers will shop year-round, consider having your property spruced up and ready to sell by March or April.
If you follow these tips, you’ll have a leg up on the local competition and will attract as many buyers as possible, for the right price.
There you have, our best tips on how to sell your house fast in Raleigh / Durham NC, or any other market in the US.
If you have a property to sell and, for whatever reason, you are not interested in dealing with any of it, contact us now, we will buy your house in it’s as-s condition, and make you a fair offer in the process.
Best of luck to you in selling your home.
Merrick L. Loveland
“The Triangle’s most innovative Real Estate Solutions Specialists”
ph: 919-747-3662 ext. 803
My husband and I are thinking about making a last minute move, but we aren’t sure if we’ll be able to sell our house before it’s too late. It is really good to know that choosing the right listing price can have a huge effect on a house’s ability to sell because we’ll most likely need a professional realtor to help us do that. In my opinion, the less time a house spends on the market, the better. I’ll be sure to share this information with my husband!