Let’s face it: while the American housing market has been showing some signs of improvement, it’s far from fully recovered. It’s still a buyers’ market out there, prospects for sellers are still lukewarm, and supply still far surpasses demand. That being said, what can you do when you need to sell fast?
There are two basic ways to achieve this and what sets them apart is whether or not you’re willing to spend money. Join us as we examine some strategies and tips for generating the best price your home can get.
How to sell your house fast? To sell fast, sell cheap
This is by far the surest way to sell your home as quickly as possible. However, it’s important to know how low to go. Don’t severely underprice your home, because you’ll live to regret it. Work with real estate professionals, who can advise you on what makes a competitive price, for your kind of home, on your specific local market.
Real estate agents and brokers are highly motivated to get you the best price, because their commission is a percentage of what you sell the home for. As such, they want the offer to be competitive, but also reasonable in terms of how much time the listing is expected to stay on the market. Pro tip: don’t overprice the home at first, ‘to see what happens’. If the home spends too much time on the market, this will make prospective buyers wonder what is wrong with it. Try to sell the home in spring/early summer, as the weather would be on your side, as far as open homes go.
Spending money to make money: Make your home stand out to sell fast
It’s common knowledge that listing prices vary widely depending on where you live—and where you want to own. Check out a screenshot of the current median listing price heat map for the U.S. to see how various counties match up against each other.
Image source: Trulia
As a would-be seller, you might also be glad to learn that the housing market seems to be on a definite rebound. In the 3rd quarter of 2015, median single-family home values increased by 5.5% on the year, up to $229,000, says the U.S. National Association of Realtors. Rental expenses are also on the up and up and, with more customer-centered mortgage regulations in place, it looks like a good time to consider owning a home. So here’s how to sell yours, if you’re willing to spend some money in the process.
#1 Curb appeal boosts still work
It’s a truism and it can also be a source of big expenses, but it works. Your best bet at convincing an undecided potential buyer to actually shell out the cash on your home is their first impression. You only get one shot (and a few seconds) at doing this right, so treat it with the importance it deserves.
Step outside, go in the street and look at your house. What stands out? What are the first things you see? What are its biggest problems? Try to look at the home as if it were not your own. Is the yard clean and properly maintained? How chipped is the paint on the walls? If you find that you can’t be truly objective, try to get the opinions of family, friends, and even a real estate professional like the ones at SellMyHouseDallas.com
After you’ve put your home up for sale, it’s crucial that you maintain its boosted curb appeal. Hopefully, a lot of people are going to be crossing its threshold, so make sure the lawn is mowed, the bushes trimmed, and the porch and driveway debris-free. Investing in landscaping and clean-ups can take its toll, so you can substitute money for elbow grease/sweat equity, if you’re strapped for cash.
#2 Upgrade—a little
While we, at Sell My House Dallas, encourage sellers NOT to invest in certain upgrades and remodels, we also advise them to bear in mind the fact that the ROI on upgrades is never 100%. In other words, if you pump $20,000 into a bathroom remodel, don’t expect your $150,000 home to be worth $170,000 after the renovation. The 2013 average ROI for bathroom remodels actually stood at 58%, according to Realtor magazine.
Image source: Red Beacon
To be on the safe side, only invest in minor remodels, like a new water heater or bathroom sink faucet. If your home is in sore need of bigger updates, you’ll generally come out better at the end of the day if you offer the buyer a price discount. This way, they get to decide how they want their future home to look like, when it comes to actually remodeling some of the bigger things.
Finally, remember that buyers will care a great deal about the home inspection. They need that report to come out positive, because most banks only hand out mortgages to homes that pass the standards and expertise of a licensed inspector. As such, make sure your home doesn’t have any issues that an inspector would frown upon. These include proper electrical wiring, leaky taps, bad roofing, and plenty more. A failure to make these repairs can even cause the buyer to walk away from the deal—depending on the contractual terms between the two of you.
#3 Turn your home into a blank slate
SellMyHouseDallas knows you’ve invested emotionally into your home. It’s a place you wanted to call your own, so you painted its walls in funky colors and collected weird knickknacks. Your kids have grown up here, so there are pictures of them all over the place. As much as this would pain you, it’s time to gather all of them up and reverse the personalization process.
The goal is to get the would-be buyer to see the home as one they could call their own. To this end, it needs to look neutral, decluttered, and soothing. You need to make it look like a model home, even if this might entail renting out some storage space for your stuff and repainting its walls. Once you’re done, work with a pro photographer (or at least with a friend who knows his way around a DSLR camera), to make it look its best in pictures.
Image source: CG Architectural Photography
How to sell your North Texas home in 7 days
If you’ve fallen behind on your mortgage payments, want to settle an estate, making two house payments,or are experiencing unforeseen personal difficulties, you’ll be happy to know that selling your home fast is an option. This often life-saving solution needn’t be a hassle or a bargain for the buyer. SellMyHouseDallas.com is the no. 1 fast home selling company in the entire North Texas area – and we can’t wait to tell you how we can help.
To get a quick offer from one of our investors, expert real estate brokers, and educational resources, simply fill in this form with all your details. You can also call us at 972.412.8100, for the fastest service possible. One of our representatives will gladly take on your case, and help you sell your house in a matter of days. Let us sell your house today!