According to the National Association of Realtors (NAR), a typical U.S. house remains on the market on an average of 24 days. Similarly, Ellie Mae estimates an average of 46 days to close on a purchase loan. That’s a little over two month period from listing to closing.
That is because selling your house still remains an antiquated process. You have to pass through countless obstacles. There’s red tape. Deeds. Commissions. Agents. Never-ending fees. Not to mention, factors like location and market forces also impact the speed of the sale.
However, If you play your proverbial cards right, you can speed up the entire process.
Follow these tips!
1. Sell to a wholesaler
A wholesaler helps the middle man sell your house. Of course, not for the top dollar. But you get a decent amount. That’s for sure. They’ve lined up buyers on their end who tell them what inventory they’d like to purchase. So the entire process is quick.
You can opt for any of the well-known companies like WeBuyUglyHouses or RoyalRealty.co. Another way is to search on Google something like “Sell house for Cash ABC,” where ABC is your location. You can also use LinkedIn or Facebook Groups to search for cash buyers.
RELATED RESOURCES: 4 Tips to Maximize Your Home-Selling Profit
Photo by Binyamin Mellish from Pexels
2. Find a Top Realtor Near You
You read that right. While real estate agents often get a bad reputation – and rightly so – a top realtor can quickly sell your house. Now before you jump on me, just hear me out.
Full-time real estate agents with 11-25 years of experience make $101,633 on average.
[source: The Close]
The longer a real estate agent has been in the industry, the more likely they’re to become a top producer. They have crafted relationships over the years that can help you sell your home fast. So you need to find an agent who has been in the business for a while.
Now you may be expecting me to suggest you find a realtor via Google, by typing something like “top real estate agent near me.” That can work. However, considering that 73% of realtors use Facebook for work, I would suggest you don’t depend on Google alone.
Look for realtors with the most positive reviews.
3. Reduce Price, Dramatically
Reducing the price of your property is the fastest way to sell it ASAP. Keep in mind, though, I’m not talking about a small drop. Suppose you’ve listed it at $450,000. Lowering it to $400,000 is a dramatic drop. Dropping your price a mere $5000 won’t do much!
Also, people want a good deal. Therefore your property has to offer a great deal. If you’ve dramatically reduced your price, but it’s still higher than others in the neighborhood, it won’t make a difference.
But before reducing your price a big deal, you should know what your home’s actual value is.
4. Transfer Your Mortgage
You can also transfer your mortgage to someone. For that, however, your mortgage must be assumable. Read your mortgage documents to find out. If it is, you’re in luck. This also means you can rent it out while still staying in your home. This scenario is a little uncommon but doable.
Contact your bank to check whether this is possible. Ask them how long the entire process will take. Afterward, you will have to find a person who’s willing to assume the mortgage. Rising home rates have made loan assumptions more attractive. So you can find a suitable person very easily.
5. Fix Everything
Before you get on the listing websites or start the search for a realtor, fix your house. Especially the more prominent repairs like the rotting wood on the front door, cracked windows, peeling paint, and stains on the floor can jeopardize your deal.
Any issue with your home will eventually cost you one way or the other. Therefore, have an inspection before listing your house. A little effort at this stage will save you precious time.
With careful strategy and the right help, you can sell your home fast without compromising much of the profits. Now that you know our five tips, it’s just a matter of selecting the best one for you. So, good luck!
Nooria Khan is a software engineer turned writer. Her passion for learning and love for words has propelled her into a career in digital marketing. She has been featured in Business Insider, Techopedia, Reader’s Digest, Business2Community, and several others. She always keeps a journal and a cat by her side, and the only time she doesn’t play it safe is when she’s writing.