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When it comes to selling a home, nobody wants their property to sit on the market for months on end. The reasons for selling a home are wide and varied, however, it is rare that someone isn’t in a reasonable hurry to see a sale go through.
Some individuals though have a need for a very fast house sale. And in 2022, this isn’t looking likely so far.
The NAR, or National Association of Realtors, reports that house sales have fallen in 2022. In February house sales were down by 7.2% meaning that it is getting harder to shift a property easily.
How much time is taken to sell a home today?
The time to sell a property does vary, and many conditions can affect the speed at which it sells. For instance, there is the state of the property, will it need repairs? There is also the location to consider, and whether the valuation is competitive.
In 2020, houses were selling like hotcakes. Zillow reports that the average time it took to market a property that year was just 25 days, which was 5 days less than in 2019.
Yet, that isn’t the whole story. Once a buyer has made an offer and had it accepted, there are many other processes to be carried out before completion can occur.
According to Zillow, it can take up to 70 days for a house to go from being marketed to actually being sold. This includes the closing period and all the other procedures such as inspections.
So, how can you sell a property fast if you need to, and what are your options? Well, below are several ideas for selling a home quicker than 70 days hopefully.
Sell for cash
The ideal buyer is someone who has ready cash. That could be an individual, or it could be an investment company. Many businesses specialize in purchasing property for cash.
If you sell for cash it means that you won’t need to wait until the buyer arranges their finances. And, you won’t have the worry that the buyer is refused a home loan and pulls out of the sale.
Selling for cash still means that you have to have inspections and involve lawyers though. So perhaps the better option is to find a house buying firm.
Searching for something similar to House Buyers Texas – Sell my house fast! will bring up firms that purchase homes for cash and do so very quickly.
These firms generally make an offer on any property, and they forego many of the usual procedures. The time from offer to money in the seller’s bank account could be as little as just one week.
Sell to a relative
This isn’t a choice for everyone, but if you know a relative with cash who is interested in property investment it may work.
This way you can reduce the sale time by removing the marketing aspect. The process would still likely take several weeks and is dependent on knowing someone who wishes to purchase your home.
Swap your home
Not a very common way to move a property on, but many people have done this. Firstly, you need to find someone who either has a property of equivalent value or is looking to upsize or downsize.
You will avoid estate agent fees by using this method, but contracts will still need to be drawn up.
Of course, the big downside here is that you aren’t actually selling your home, just swapping it. If you downsize, you may receive some funds but if you need a full sale then you will have to follow some of the other methods here.
Sell for less than the market value
There are several ways to sell your house fast, and one of them is to be flexible.
If you are willing to take a hit on the valuation then you could sell your home quicker. This means dropping a significant amount off of the asking price.
This can be an effective way to sell a home quickly but there may be some downsides to it other than just losing money. Ironically, dropping your asking price might slow down the sale.
Estate agents work on commission, depending on which realtor you choose, yours may be less interested in marketing your house if you are trying to sell it very cheaply.
Carry out repairs
One way to shift a property quicker is to carry out all the minor repairs that need doing. One easy way to put off a potential buyer is to ignore leaks or dripping taps. Small things that could easily be repaired may put a buyer on alert for other bigger hidden issues.
There are some DIY must-dos before selling a house, and carrying out simple repairs is definitely one of them. Replace cracked windows, weed the driveway, fix cracks in walls, and cover over peeling paint.
Make renovations and upgrades
This is a far bigger investment than carrying out simple repairs. Nonetheless, Adding certain upgrades or features to a home can add value, and improve the curb appeal of the property.
Simple things such as fencing and a gate at the front can improve how the home looks. Especially for first impressions.
Decking can add value to a home, as can a new kitchen. Although you should expect to take a hit on your investment, you will reap some rewards. You will raise the value of your home, and you will make the property more marketable.
The easier it is to market a home, the quicker a realtor will find a buyer.
Go to auction
Similar to a cash buyer in that you can miss out on the realtor, and you can avoid the fees associated with marketing a home that way. A property auction is a fast way to sell a home, and avoid many aspects of the traditional selling route.
Unfortunately, there are still some cons to selling this way as you can see below.
Pros and cons of some of these options
Cash sales
These are the quickest option, and they avoid realtor fees. However, you may be selling for lower than the market value.
Selling to a relative or swapping a home
Takes out a lot of the red tape and removes the need to market through a realtor. Yet, these options aren’t easy to come by and may not be practical.
Make renovations and upgrades
Your home will certainly be worth more and be more attractive to buyers if you carry out this work. But, you will need to spend considerable time and money doing so.
Property auctions
A fast way to sell a home but this method suffers from a few faults. There is no real guarantee that you will sell, and if you do, it could be for significantly less than the market value. If you don’t sell, you may not be able to list the home again for some time.
Summary
With house sales slowing down, finding the best route for a quick sale will be essential to some people. The fastest and most certain way to sell a home is for cash through one of the specialized house buyers.
Before you choose any method of selling your house though, do some homework, and make sure it is right for you.
