How Can I Sell My House Quickly?

Real estate is a unique product. It sells differently than anything else people buy. Real property is scarce, immobile, customized, and cloaked with emotion. If you want to sell your house quickly, a low price usually gets the ball rolling. If you want to sell your house quickly and for a nice profit, hire an experienced Realtor.

The Nuances of Price

Pricing is first on the list because it can make or break the transaction. Sellers sometimes underestimate the importance of a properly priced listing. According to recent statistics from the National Association of Realtors (NAR), professional pricing is one of the top three reasons sellers hire a Realtor. (source: https://cdn.nar.realtor/sites/default/files/documents/2020-profile-of-home-buyers-and-sellers-11-11-2020.pdf)

Pricing a home takes skill, experience, and research. Price it too low and you may sell quickly but you’ll be walking away from the closing table with less money than you should have. Price it too high and your home will sit on the market and develop a stigma, increasing the likelihood that you’ll net below market value in the end. An experienced listing agent (Realtor) knows the market and will apply statistics, trends, and experience when making a pricing recommendation. Your agent will also know what needs done to prepare your home for marketing. Which updates will pay off in the end? Does your home need a professional cleaning? Should you price your home higher than recent sales in the neighborhood or would this dissuade serious buyers from looking?

In today’s fast-moving real estate market, some sellers assume that any price will generate an offer. Not so. Homes that are overpriced still sit on the market. Even a few weeks without an offer can drastically drive down the price potential of a property. The contrasting mistake – and maybe worse than underpricing – would be overpricing the home only to get burned by a lower appraisal. This can delay the closing or even kill the deal, causing you to have to relist the property and explain the situation to future buyers. Getting the price right from the beginning ensures that you’ll get the most from your investment in the shortest time possible. Hire a pro and price the home right from day one.

Is Cash Really King?

The term “cash is king” gets thrown around all the time. Yes, cash is nice from a seller’s perspective, but it doesn’t guarantee a smooth transaction. A preapproved offer from a speedy lender is also king if you want to close quickly. What matters is that your buyers have the capacity and representation needed to get to the closing table on time.

For more on preapproval and what it means to a seller, check out www.ruoff.com.

The Purchase Agreement

This is where representation is essential to a speedy transaction. A purchase agreement is a legally binding contract. A good listing agent will get the contract right and will be present to advise you from beginning to end. If you want to sell quickly, the purchase contract should be executed properly. First, decide if you will agree to a general home inspection and/or other inspections. These are usually done at the expense of the buyer. Depending on the terms of your contract, the time period for obtaining inspections could extend from 10-15 days after the offer is accepted. There may also be a negotiated grace period for repairs or for further inspection. While it may seem like the easy way out to decline the buyer’s option to inspect, selling a home “as is” could reflect poorly on the product, thereby lowering the marketability of your home. Your Realtor can advise on the best way to approach this. The necessity and time needed for inspections are factors of recent and historical market trends and the overall marketability of your real estate.

The purchase agreement will also include a closing date. This is a deadline, not a requirement. Sometimes closing dates can be moved up if all parties are ready and willing. If all the moving parts do not happen as planned, the seller may be asked to extend the closing date beyond the deadline. Your Realtor can advise on whether a closing extension is in your best interest should the situation arise. An experienced Realtor can often prevent closing extensions by recognizing issues before they turn into all-out delays.

The appraisal, if one is required, will also need to be scheduled in advance. If the home appraises for less than the agreed-upon sales price, the offer may need renegotiating. If the purchase agreement included a lender-approved contingency to account for a gap in the appraised value and purchase price, renegotiation may not be necessary.

Key Takeaways

• Favor buyers who are preapproved or can provide proof of funds.
• Work with an experienced Realtor.
• Price your home right from the start.
• Know the terms of your purchase agreement.
• Cash is nice, but it doesn’t always result in the quickest closing