Selling your home can be stressful, especially if you’re on a time limit or have financial constraints. Whether moving quickly for a new job or personal reasons, you’ll need to get creative with your plans to increase your chances of selling your house fast. The main concern is that having a home on the market longer than a few weeks can indicate to other homebuyers that there may be a problem with the house. That could mean fewer interested buyers, fewer offers, and possibly a lower sales price. Luckily, there are a few tactics you can use to help sell your old home quickly and get into a new one right away.
In this guide, we’re covering all the key details of selling a home fast, including:
-
Deciding if you’re ready to sell your house
-
How to prepare for your home sale
-
Creating a selling strategy
-
Marketing and showing your home
-
Mistakes to avoid
Decide if you are ready to sell your home
Whether it’s a seller’s market , buyer’s market or balanced market, the prospect of selling your home can be daunting. But the decision to sell shouldn’t be based solely on the market. You need to also consider the specifics of your needs and your financial situation. Here are a few things to consider.
Can you afford the cost of selling your house?
While most people fixate on the real estate commissions, the cost of selling your home is actually more than the 5% - 6% fees. It can cost up to ten percent of a house’s selling price to sell your home. In addition to real estate commissions, you may also have to pay for:
-
Repair and renovation
-
Landscaping and lawn care
-
Home staging, photographs, and cleaning services
-
Seller concessions
-
Transition and overlap costs
-
Moving costs
If you haven’t built adequate equity in your home, it may not make financial sense to sell. You can estimate your equity by subtracting what you owe on your home loan from the potential sales price. To get an idea of what your home will sell for, you can contact a real estate agent to give you an up-to-date evaluation. They will show you comparable homes in your area that are similar in home size, lot size, and updates to yours.
Can you afford to buy a new house?
If you plan to buy a house instead of moving into a rental property, as most home sellers do, you may find yourself in a high-intensity Seller’s Market where you need to make offers quickly. Even if it’s a Buyer’s Market or Balanced Market, you’ll also need to consider closing costs on your new house.
And even if you don’t plan to buy, you still need to cover the cost of moving, which the average person spends between $1,000 - $2,500 to move in-town, while a cross-country move can cost over $5,000 on average.
Is selling your house the best option?
If you’re looking for certain interior features or more space, it may make more sense to renovate your current house. This is especially true if your home is valued on the lower end of your neighborhood market. Updating your home to your exact needs not only gets you the living space you desire but can also earn you a better return on your investment. In some cases, renovation or upgrading costs can be tax-deductible.
Have you sat down to consider exactly why you want to sell your house? If not, now is the time to get clear on what outcomes you want to achieve by selling your home or if you can get the same outcomes through home renovation or other means. Be sure to consider what fits your needs best.
How to get a house ready to sell quickly
A little preparation will go a long way in getting your house to sell quickly and for the best price.
Pre-listing preparation tips
Before your real estate agent puts your house on the market, you need to prepare it for potential buyers. Just like showcasing merchandise in a store, you need to showcase your home for wide appeal. Here are our best-selling tips:
-
Decluttering: This is your first step, and it’s a doozy for anyone who isn’t a minimalist. Decluttering your home means pulling all unnecessary items from shelves, table tops, counters, and other surfaces. You want your home to look as much like a hotel as possible.
-
Depersonalize your home: Though it may pain you, it’s always best to remove personal items like photographs and personal collections from your home. You want your house to be a blank canvas which potential buyers can picture as their future home.
-
Temporary storage: Where do you put the clutter you keep and your personal effects? Using a local storage company, ideally temperature-controlled, is a great way to go so your stuff is completely out of the way for showings and home inspections.
-
Cleaning: Everyone loves walking into a clean, fresh-smelling home. Deep cleaning, which includes tasks like bleaching grout work, is your best friend. If it’s affordable, you can hire a professional cleaning company to get your home in the best shape possible.
-
Painting: If your home is painted in bold colors, you should consider repainting your home in neutrals. Hiring professional painters can be costly, while a DIY option is the cost of paint, supplies, and your time.
-
Staging: Furnishing rooms to showcase their potential (and downplay their flaws) is called staging. You can stage your home with your belongings with or without the help of a professional. Full professional staging can cost up to $5,000 depending on where you live.
-
Curb appeal: The book is always judged by the cover when it comes to real estate. Having a well-kept lawn, tidy landscaping, and fresh-looking paint is a great way to make an inviting first impression.
-
Renovations: If your home needs renovations and it’s in your budget, paying for renovations can pay off big time. Adding a half bath or remodeling a bathroom, upgrading your appliances, and refinishing a deck are all smaller projects that can make a huge impact.
-
Photography: Getting amazing real estate photos and, ideally, having a 3D Virtual Tour attracts more buyers and tends to sell for higher prices. Nowadays, buyers want to know as much as possible about a home before they go see it.
So there you have our guide on Selling Your House Fast. If you need the help of a professional, such as painters, cleaners, junk removal companies, movers, general contractors and just about any professional to help you prepare the house for sale, we probably have someone we can refer to you.
And if you have any further questions, or would like to find out if NOW is the right time to sell, please reach out by contacting me at one of the numbers or email address below.
Thanks for reading today’s BLOG!!!
Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-683-6025 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com
Homesellers - Find Out What Homes in Your Neighbourhood are Selling For! You can receive a FREE computerized printout of ALL recent Home Sales and Current Listings in your neighbourhood. Visit: www.BrianKondoTeam.com/gold_findout.
Best Buy Hotlist - You can receive a FREE list of the 10 Best Buys in your specific price range sent to you at No COST or OBLIGATION. Visit: www.BrianKondoTeam.com/gc_bestbuys.
Your Home Sold Guaranteed or I'll Buy It!* No Gimmicks! For a Free Special Report that Details my Guaranteed Sale Program, visit: www.BriansGuaranteedSaleProgram.com.
Remember, your referrals change lives! We donate a portion of our income on every home sale to a great worthy cause like SickKids Hospital. To find out more visit: www.ReferForSickKids.com.
If you or anyone you know is considering making a move in the next little while, give me a call or pass on my number ... 905-683-7800 (Office) or 905-426-7484 (Direct).
#BudgetHome #SmartHomeBuyer #PropertyInvestment #HomeOwnership #FrugalLiving #MoneySmart