Sell House Fast
real estate

Should I Sell My House?

Sell My House Now!

Millions of homeowners are asking whether this is a good time to sell their home.  Prices at record highs, lots of cash buyers, you could sell your house now and go live somewhere else for a while to wait for cheaper prices.

A good number of homeowners want to, or need to sell now.  And real estate agents often speak of fast sales to obfuscate the complicated delay that selling a house generates.  Still, buyers are hungry and will agree to a quick purchase. There are ways to sell your house now.

Whether you aim to sell now or sell in 2021/2022, it’s important to read the tips below.

In this post, we’re exploring the opportunity to sell your house fast, which is likely why you’re reading. Also we can explore the other angle of finding ways to delay so that you can engineer creating a much higher prices for your property.  In your circumstance with your property, you may believe that no amount of marketing will raise the price. It is what it is, and needs to be sold immediately.

If you’re going to sell FSBO or use a Realtor, you’ll want to read the strategy below on how to increase the selling price, to get more than asking and even start a bidding ware.  It’s good info even for someone who intends to sell their house fast.

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 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.

Why 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 legal issues,
  • 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.

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!

How do You Sell Your House Fast?

To sell your home faster, you have to recognize the documentation and selling process. You can avoid the real estate brokers with their lengthy system and costs, but legally, you have to do it correctly. If you don’t know this stuff, you can go with an FSBO seller agent and a real estate lawyer so you’re covered by their insurance on the sale.

If scammers and criminals know you’re desperate to sell fast, they may move in on you. There are people who have had the house sold out from under them with no legal recourse, so a note of caution is appropriate here.

  • 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
  • agree to a deal and set the closing date
  • close through a state-regulated title company who can insure the transaction
  • hire a Realtor and ask him what is the fastest he can sell it or how many buyers in the market he can reach

Reasons to Speak with a Realtor?

You could hire a Realtor to take the whole thing off of your hands. That’s not a bad plan. Just it leave it with them, and they’ll only call you when they have the final bids. If they’re a decent Realtor, you’ll be fine. If they’re not decent then you could end up seeing them sell it cheap and you have to pay their commission.  You could lose tens of thousands of dollars and may even be legally liable for the home’s condition after the sale.

Of course, if you’re rental property owner, it is wise to keep your asset. Rent prices will rise and the tax benefits of owning are immense, and you won’t have to pay big capital gains taxes!

When the selloff of homes begins in 2023, the cascade will be steeper than most homeowners believe it will. Don’t get caught off guard this summer. You’d be smart to calm down and find a good Realtor. They’re worth their 2.5% commission on the sale.  If they are demonstrably strong in real estate marketing and have excellent reach beyond just the mls listings, then they can reach the great market and draw in more house hungry buyers.

A bidding war will happen whether you want it to or not. By selling your house fast, you might be just cutting out 90% of all those buyers.  But a word of warning however, is don’t let your property get stuck as a pocket listing.  Maximize reach, not just via the MLS where you’ll get hoards of poorly qualified buyers tramping through the house.

Some Realtors may not be strong in marketing so they could take a long time to get your price. Be wise in your selection.

2021, 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.

 

Selling in 2022/2023
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House Prices

Will home prices drop?  They aren’t yet, but as construction picks up and resale house listings grow, then there will be downward pressure on home prices.  You’ve got millennials desperate not wanting to miss out on a home to raise their kids. Apartments don’t cut it so they will be wanting your quick sale.  But how will they know you’re selling fast?

Case Shiller Corelogic predicted a strong decrease in home price appreciation and as Fed stimulus tapers off and interest rates rise a little, the sell off might begin. The 2022 housing market will be affected by these trends. Low mortgage rates allow sellers to buy a new property without big costs. 2022 might bring higher taxes to home sellers thus they’ll receive less on the sale. And then, if your house isn’t of the best quality/value, then it’s even more vital to let it go.  Yes Sell now.

Home Price Forecast. Screenshot courtesy of Corelogic.

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.

Many Buyers Can Afford the Price

Buyers number one reason for not buying a home?  They keep getting outbid. Yet that describes most of the market, not all buyers. The fact is, given the pandemic bailout, some buyers have a lot of money saved, and they’re seeing this as an opportunity to acquire homes that would never be put on the market. It’s only the high price that’s encouraging the listing of some real rare gems.

Many of the homes coming up for sale have not been on the market. Sellers have a good opportunity to get the price they want. If not for the high price, these homes would never be put up for sale. It’s introduced a lot of sellers to new real estate agents who have immense difficulties reaching homeowners who might sell.

Is It the Absolute Best Time To Sell Your House?

The answer is yes.  Home prices could fall much further than they could rise, so you’re into a zone (summer and fall) where you can get a record breaking price. Waiting too long is gambling.  Get your price now and do it by ensuring you’ve used a professional real estate marketing team.

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.

Sales are brisk and you’ll be receiving at least 15% over what homes sold for last year.  It may be more if you’re in certain districts, states and neighborhoods that are on the hottest cities list.

June is the peak month
Screenshot courtesy of NAR.

The steepness of the price curve shown here is your biggest signal.  The housing market will take a downturn as fewer people can afford them.  With few buyers, the flash crash begins.

Median home selling price. Screenshot courtesy of NAR.

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.

Screenshot courtesy of Redfin

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.

The Art/Science of Bidding Wars

No one has produced a definitive book on the art/science of bidding wars, although there’s 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 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 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?  Is any other strategy only creating bargain prices for buyers, and lowering commissions?

Whether you believe in market supply and demand dynamics or not, homes for sale in 2021 will have a boatload of buyers. You’ll need to optimize this process and make the best of the situation.  Buyers will want to know you can handle it.

Sellers from Florida to Texas to California will be seeing some lofty offers.

Do bidding wars instantly translate to much higher selling prices? Buyers might be more wary and cautious than they used to be but prices will be bid up.  Realtors should be reveling in the opportunity to sell the house at what the buyer pool believes it’s worth.

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?

hans

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.

Anyone selling a home in Toronto,  Vancouver, San Diego, San Francisco, Dallas, Boston or Los Angeles, who doesn’t consider an above asking price strategy is basically giving away money.

As an investment, a seller’s goal is to get the best ROI as this money could get them out of debt, be their retirement fund, kids’ education fund, old age health fund, or bucket list fund.  That extra money could help sellers revive their lives and get their health back. No more commuting!?

Pity sellers who sell their house in 3 days when a planned, strategic, 2 to 3 week bidding war strategy could build interest and focus buyer intention on one special 3 day period where buyers must make their best offer. You’re a salesperson and should have extensive expertise in sales strategy.

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’s a few more Over-Asking Price Tips:

  1. hold back and tell buyers there are other offers, even though their offers aren’t huge
  2. approach investors to look hard at the property
  3. 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.
  4. 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.
  5. 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.

There you have plenty of reasons to sell your house now. Here’s a few more ways to sell your house for more.

Real Estate Market 2022 | Sell House Fast |  Sell My House | Real Estate Marketing | Best Time to Sell a House | Best Time to Buy a House | California Housing Market Forecast5 Year Real Estate Forecast |  Florida Housing Market 2022 | Home Price Forecast | Buy a HouseNew York Real Estate Forecast | Denver Housing Market Outlook |  Cities with Lowest House Prices | Housing Market Recovery 2022 | Sell Home Fast | Sell a Home for Maximum Price | Should I Sell My House? | House Selling TipsSell Your Home for MoreHouse | Houses for Sale | Housing Market | Housing Market Crash | Will Home Prices Fall? | Improve Selling Price

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