Sell My House Now!
Now in late 2024, more owners are listing their homes.
Everyone’s anticipating the unthawing of the market, and with that, you’ll have more competition for a good price. Prices have plateaued and could fall as a bit of recession takes hold.
They all want to sell fast, yet buyers are reticent, wary, cautious and have a strategy to get you to sell quick at a lower price. Given the growth in home prices in the last 5 years you’re likely going to come out profitably if you do sell. Selling fast doesn’t mean being careless or non-strategic. It means using a compressed period of time to generate more demand and a higher price.
In this Post we Cover:
Why you’re Wise to Sell Fast
More Reasons You Should Sell Your House Right Now
Selling to unload your property
Faster, Less Work, and You’ll Probably Get Your Price
Sell Your House Fast to iBuyer
Regular Channels May Not be Expedient
Compare iBuyer to Realtor
Why Other Sellers Need to Sell Quickly
Set the Right Price
9 Steps: How to Sell a House Fast
How about Winning a Bidding War?
The Art/Science of Bidding Wars
Realtor.com on Overasking Prices
Companies that Buy Houses
Selling Fast and Avoiding Trouble
The longer it takes to sell your home, the more stress-inducing issues could arise. If negotiations are complex due to mortgage qualifications, inspections, and contingencies, you could get stuck. So when a Realtor pushes for a quick sale, it’s likely they’re thinking about these problems.
If you follow the traditional sales process, it can drawn out. When you sell your home quickly, it creates a sense of urgency in buyers too. They need to ready to buy, which helps encouraging strong bids, and getting them focused on their real desire to own a home. Many buyers, particularly Millennials are eager, and willing to pay current home prices, as long as they get their lending situation primed. Many are ready and awaiting the right property.
If they’re not buying the current properties for sale, they’re not interested in them. They don’t want them. So, in a sense the competition might not be as brisk as expected.
More Reasons You Should Sell Your House Right Now
- housing prices are reaching their peak because of a surge of end of pandemic buying frenzy and there is less inventory
- what are the comparables in your neighborhood selling for and are they trending down?
- buyers are heading back to work and are entering bidding wars and you’ll receive an incredible price
- you could sell then rent somewhere else including Mexico, Costa Rica and Spain
- vaccinations are speeding ahead and you can finally move somewhere you like
- demand is intense and you’ll have no trouble finding buyers, so you can negotiate with your Realtor
- buy your next house at a low fixed mortgage rate
- start enjoying life again instead of just dreaming about it
- use the extra funds to buy property in the Ex-urbs or cities with the lowest home prices
- use the extra funds to start a new business — good time for startups in 2021
- you’re ready for a nice vacation before you get back to your regular life (post pandemic life)
See these tips on ways to sell your house for more, ways to improve the selling price, timing of selling home, and whether to sell fast or slow.
Selling To Unload It
If you’re selling because the home can’t be renovated or fixed for value, then it’s time to get it exposed to renovators who have the funds to turn that home around. They are the only ones who will recognize the property’s value. You’ll have to get them to bid up the offer too.
Tarek el Moussa of Flip or Flop TV fame is one of those instant buyers. His company in Los Angeles, California called Tarek Buys Houses is just one of many companies that will buy your house now for cash. A guaranteed offer, no commission and he may pay for some of your moving expenses means Los Angeles area sellers might get a sweet deal close to market value.
With housing shortages so severe, Millennial buyers so persistent, and mortgage rates at record lows, the demand for homes is still intense. Selling direct to a fast cash buyer means you may be able to skip hiring a Realtor and sell the house for cash on your own. You can get much more of the potential price.
Selling a house for cash fast bypasses many of the traditional pains of listing, showing, negotiating, and closing. However, some Realtors, you’ll need to search on Google to find that specific expertise, may be talented in selling quickly via a bidding war and strong marketing capabilities. Attracting 200 buyers might be more reward than a handful of pocket buyers.
You can view the list of cash-buying companies throughout the US and Canada below. There are many and you’ll still need to do your due diligence about them.
Faster, Less Work, and You’ll Probably Get Your Price
So within this arrangement of selling your house yourself to these professional buyers, you’re getting this stressful process of selling out of the way. A lot of sellers fear the process more than losing a few thousand dollars. Buyers don’t like long drawn out processes either.
People may not realize it, but in this era of digital real estate marketing, selling fast yourself might be the next evolution of real estate sales. This process answers a lot of seller needs including:
- avoiding having days or weeks of window shopping buyers coming through your house
- save your time
- avoiding big Realtor commissions
- negotiating with regular home buyers
- it’s fast and can be done online (at least initiated, as selling right away online is possible but not wise)
Sell Your House Fast to iBuyers?
Right off the bat, there are what are known as instant home buyers. Companies such as Redfin, Offerpad, and Opendoor use computer algorithms to generate a fast cash offer, perhaps within one day. That’s quick!
Just like a good real estate agent they have the power of good real estate marketing and reach to buyers to help them sell it for a profit. They’re more creative and can do more than you can with the property.
If you used a Realtor your selling commission costs can vary from 4.5-7% of the final sale price, and you may have to pay closing costs (2% to 5% of the home’s sale price). With an iBuyer however, your cost could range from 6% to 14% of the final sale price. iBuyer selling fees, convenience fees, and repair fees may range from 5% to 13%. And there will be closing costs of 1% to 2% of final selling price. That’s the cost of convenience and speed.
It isn’t a cheap alternative, but more homeowners are choosing this route to sell their property quick.
Redfin is buying houses in Boston, Austin, Dallas, Denver, San Antonio, Las Vegas, Los Angeles, San Diego and Houston. Very hot markets.
iBuyer companies are seeing their usual market of customers return as the economy recovers.
“Business really started ramping up in January and February. Since then, we’ve just had a constant barrage of deals. We’re back to full speed and are buying more homes than we were last year.” said Allister Booth, an acquisitions specialist at RedfinNow. — from Redfin report
iBuyer fast cash buyer market returning. Screenshot courtesy of Redfin.
Compare iBuyer to Realtor
Old Republic Title compared the selling cost of Realtor vs iBuyer and it found a trade off between final selling price and time to sell.
There are other Internet-based selling services such as Offerpad which might be an effective option, yet you do run the risk of complications. Getting a cash offer quick is the result you may want.
The Regular Channels Aren’t Expedient
Real estate agents often speak of fast sales simply to hide the actual complicated delay of closing on a home sale. They’re not really fast. Sales have to be closed carefully with the buyer who may need many weeks to wrap their mortgage financing up, even if they’re prequalified. A Realtor’s real value they deliver is to take the selling work away from the homeowner, control legal liability, and possibly, if they possess excellence in real estate marketing, to capture a higher selling price.
Why Other Sellers Need to Sell Quickly
There’s not much holding you back from selling fast. You want to unload it now because:
- you’re getting divorced
- you don’t want a lengthy sales process and open houses
- you’re avoiding potential legal issues
- the home is irreparably damaged and just needs to be sold as is, with no legal recourse for buyers
- you can’t afford the mortgage or costs anymore
- need to settle your own debts fast,
- don’t want to haggle with a bunch of mortgage squeezed buyers who can’t really afford it
- it’s a fixer upper or as is
- you’re a landlord whose tenants won’t pay rent or leave
- or it’s the kind of situation where maybe you inherited an old property and you’d rather get it done quickly.
Sometimes landlords who have tenants behind on rent are pressed for income, can’t afford repairs, and have little faith their tenants will pay their back rent or future rent. And the tenants are squatting on the property with legal Covid pandemic protection. Obviously they must sell and sometimes as fast as possible.
Set the Right Price
Whether selling fast, or slow, you have to set a price and be able to justify it to a prospective buyer. You need to deal with the legal sales transaction and not get burned on it. There are “cash for houses” buyers who could take the house off your hands soon. They may be the fastest route to a sale. But how do you know they’re honest? By the way it is illegal to sell your house for actual, physical cash so the term is actually misleading.
With them, you’re paying for convenience and speed, so you won’t get the best selling price. Some may pay all the closing costs and you won’t have to pay a Realtor’s commission. It could work okay. You’re selling the house as is and perhaps with an inspection. If you’re happy with the amount the cash for house buyer’s offer, then you just need to prove you own the title and find a real estate lawyer to get the deal inked.
Sometimes getting rid of it is the right solution. There are buyers who will take it off your hands for cash, but they’re wanting it at a bargain to flip it quick to another buyer. And you really don’t know if they’re honest and on the up and up. Advertising on street posts and lawn signs on street intersections isn’t the mark of a professional. Maybe they smell blood?
But selling it fast opens up opportunities for losses and attracts undesirable elements. Sell house fast of them may be a code word to take advantage of you. They could see as a big sucker. And if you do take your time, hire a Realtor and or use a strong real estate marketing strategy, you could access the bidding war frenzy that sees some get millions above asking price for a shack. Today sales to asking price ratios are up to 110% again.
The point here is that you may not really know what your property is worth, or what it could be worth if the right crowd knew it was up for sale. In one city, people sold a garage in a downtown area for a million dollars. Please ensure you take enough time to discover what it might actually be worth. Treat it as though it as piece of rare, fine art and get it properly appraised.
Of course, just for conversation sake, selling after marketing it well might be wiser. It could take a little longer given someone will need to get it ready to show and to launch the marketing effort. Below, you’ll find a discussion and tips on how to sell your house for more and even create a bidding war. Yes, taking control of your own selling price!
9 Steps: How to Sell a House Fast
- clean it up and show it yourself
- list its selling features and be ready to explain its value and promote it so you get a better bid
- get it appraised and keep your asking price realistic (you’re going to have much fewer buyer prospects to sell to)
- contact an FSBO realtor and get their low commission help and access to the MLS listings
- do your own advertising online and try to encourage them to show up in the next weekend to bid against each other
- hire a real estate lawyer to handle the transaction and legal aspects
- rank the buyers carefully, ask about their ability to pay now, and choose one that has the money to pay (even pre-qualified buyers can be turned down by their bank)
- agree to a deal , set the closing date and close through a state-regulated title company who can insure the transaction
- hire a Realtor and ask them what is the fastest they can sell it or how many buyers in the market they can reach
2025, America is Ready to Move
A lot of homeowners/families are ready to sell and move now that the kids are out of school. All the hot market needs is a negative shock/event to send it plummeting the other way. More workers are quitting their jobs lately which tells you the mood has changed. People are on the move to a better life.
See these top 10 tips below to get the best price for your home. If you’re a buyer, there are also tips for winning a bidding war. And there will be a lot of bidding wars this summer.
Right now, selling is a good idea. First and foremost, this is when the most buyers are out house hunting, and this could mean a bidding war. Second, there are fewer homes for sale on the market even though more new listings are appearing. The reopening with buyers going back to work means more sincerity and opportunity to buy. Summer is the best time to sell your home.
Unfortunately, for buyers, this may be the worst time to buy, given the high home prices. Yet they can’t wait another year or two. They’re at their wits end and rent prices are climbing fast, and many of them can’t even find a rental.
If you consider what happens at auctions and weekend open houses, such as bids 10% to 50% over asking price, you know that professional marketing of your home can ensure you’re getting the maximum market value – what buyers are willing to pay. So again, consider hanging on for a bit and accessing that extra value. What if it’s $100,000?
This is an unusual market an historic bull market that’s brought home prices to record heights. If you’re buying and selling homes, the need to smart marketing and smart sales strategies is paramount.
The steepness of the price curve shown here is your biggest signal. The real estate market will take a downturn as fewer people can afford them. With few buyers, the flash crash begins.
Timing is Everything in Selling
This spring and summer, home prices will peak at astonishing levels. You’ll be selling at the ideal time when the most buyers are coming onto the market. Many have good amounts of savings and will pay cash. There is almost certainly going to be a bidding war. If your real estate agent is competent, then the bidding war will be intense. The extra amount their selling strategy generates will pay for their commission. You’ll take away a better price.
And you’ll need that money to buy again. If your strategy is to sell, rent, wait, then great. A few years of vacation would be nice, or just simplifying your life with in a condo or apartment nearby is good too. But if you’ve decided to move far away and work remotely, congratulations. You’re going for a great life and it’s definitely the right time to make that change.
Intense Bidding Wars
Buyers really want your home. Many will be young and trying to get their new families launched, while others are trading up or down to a house that fits their needs.
If you’re a buyer, you need to understand the seller’s motivation and mindset. They want the great price for a home that rarely comes up for sale. The rarity of the event means more buyers are going to jump into the bidding war.
Redfin reports a 9th consecutive month of a 50%-Plus Bidding-War rate. The recovery combined with stimulus money plus a little “fear of missing out” demand will ensure the bidding war curve steepens.
“The number of homes for sale is at an all-time low and the supply shortage only seems to be getting worse. With so few new listings hitting the market, I expect bidding wars to become more common and involve even more potential buyers as we head into the spring homebuying season.” said Redfin chief economist Daryl Fairweather.
redfin.com/news/real-estate-bidding-wars-january-2021/
And with such low mortgage rates, intense demand from buyers with financing, and a severe shortage of housing, bidding wars will be driving up home prices in most US housing markets and Canadian housing markets this spring and summer.
How about Winning a Bidding War?
Buyer agents have the tough challenge of trying to win a bidding war. Here’s some tips from Cathy Naiser of Keller Williams Realty.
Comps don’t tell you what a house is worth. The buyers you reach dictate the selling price. And who doesn’t put up the sold over asking sign after the sale?
It’s definitely worth it to manage a bidding war intelligently and get that higher selling price. that your client wants.
Realtors are using the typical negotiating game, or building blitz type campaigns to build a buying frenzy, but they don’t have to do that this year.
The Art/Science of Bidding Wars
No one has produced a definitive book on the art/science of bidding wars, although there are lots of tips for buyers. If buyers should be able to game the process to avoid paying the true value of the property, then sellers should be able to ensure the full value of the property is on the table. The key would be to turn the buyers strategy against them, by proving/marketing the home’s value, thus attracting more buyers. Then by bringing more buyers all together on a specific weekend or auction date, the pressure is on them to beat each other.
The buyers bidding war strategy is to either ensure they win the deal, or to undercut the real price.
For sure, bidding wars will happen this coming spring. And if a selling agent isn’t building a bidding war strategy, are they really creating awareness and representing the true value of the property? Are all other selling strategies simply offering up the property for a lower price?
Realtor.com on Over Asking Prices
Realtor.com‘s advice is nothing new to you:
“The most fruitful strategy.. is to aggressively price the property roughly 5% to 10% below the going market rate. This will always generate more traffic to the property and give buyers a chance to fall in love with the home, when a higher purchase price might have kept them away initially.”
Here are a few More Over-Asking Price Tips:
- hold back and tell buyers there are other offers, even though their offers aren’t huge
- approach investors to look hard at the property
- get the seller to update the house to eliminate negatives and play up the main selling value proposition (in Vancouver it might be the views, or just the location (tear downs or flips). You may even decide to change the style of the home (brick facades, or Asian, or Arabic styling could really pay off). See what the most attractive styles in Kelowna BC are right now.
- be proactive, and like you’re in charge: do the landscaping or roof repair yourself and deduct that from your commission which preempts any attempt by the seller to cut your commission.
- do blitz real estate marketing with Google Adwords, remarketing, select outdoor ads, and play up the property to all your Linkedin, Facebook, and Twitter connections. If your site is ranking well on Google and you’re getting big traffic as well, you can actually create the bidding war climate. Timing is everything so think about how you can market strategically.
Companies That Buy Houses for Cash
Make these company’s websites a part of your fast selling strategy.
United States
www.ibuyer.com
www.offerpad.com
www.simplehomeoffer.com/
asapcashhomebuyers.com
California
www.tarekbuyshouses.com
www.socalhomebuyers.com
sellquickcalifornia.com
mrspropertysolutions.com
www.premierpropertybuyers.com
westcoasthomebuyersaj.com
www.jackbremen.com/ibuyer-instant-cash-offers-for-your-la-home
Florida
www.floridacashhomebuyers.com
www.househeroes.com
www.thebuyguys.com/locations/florida/
Texas
www.cashfortxhousesnow.com/texas
www.highestcashoffer.com/texas
www.cashhousebuyersusa.com
Massachusetts
www.ocbuyshouses.com/ma/boston
www.sellfastboston.com
www.apexinvests.com
www.winterhillhomes.com
Illinois
www.kendallpartnersltd.com/
www.we-buy-houses-in-chicago.com/
www.ibuyil.com/
Canada
Simcoehousebuyers.ca
homeflippers.ca
gtahousebuyers.com
housebuysos.com
www.kindhousebuyers.com
www.bchousebuyer.ca
bridgedalehomebuyers.ca
www.ibuyhousesmontreal.com
Selling fast shouldn’t be done out of desperation, nor connect you with unscrupulous people. It should be a strategy of building value and marketing it to a qualified group of eager buyers.
Good luck in selling in the 2025 housing market and in using great real estate marketing strategy to get the best return on your real estate investment.
