The housing market goes through fluctuations just like any other kind of industry. The pandemic saw a huge surge in the value of houses as the supply of available property was at an all-time low. This created bidding wars, and homeowners found their equity rising sharply.
However, the housing market boom is over. Sales in 2022 are plummeting faster than analysts expected, and selling a home quickly can be a challenge. Every month this year has seen a drop in house sales.
While this may be good news eventually to buyers who are waiting for house prices to drop, it isn’t welcome for anyone who wishes to sell a home quickly.
What are the options in 2022 for selling a home quickly, and how will it affect how much money you see from the sale?
Carry out some research
It is said that most house sellers fail to do enough research. Indeed, one study claims that 58% of sellers fail to do more than 3 hours of researching, and often pick the first realtor that they find.
There are many things to do before marketing a home, and research is a key area. Understanding the true value of your home as opposed to what you hope for, interviewing several real estate agents, and knowing the best time to sell, can all help to speed up a house sale.
Below are some things to bear in mind along with some options that may help to speed up the sale of your house.
Search online for cash buyers
If you want to sell a house very quickly then cash buyers are the perfect option. Individuals looking for a new home with readily available cash are a house seller’s dream.
Nevertheless, having a cash buyer appear just as you need to sell a home may be highly unlikely however much you want it to happen. Therefore, another option is to search the net for local businesses that specialize in buying property for cash.
These types of housing investors exist across the states, but choosing a local one can make the process simpler. Thus, if you live in San Antonio, or Lubbock for instance, finding a Texas based house buyer could lead to a very swift sale.
These particular cash buyers will generally make an offer within 24 hours, and complete a sale within a week or so. There are few ways to sell a house quicker and with less red tape than this. However, you may not see the full value of your home, which leads on to the next point.
Be willing to take below the market value
If you’re looking at making a quick sale, you may need to take something off the asking price. cash buyers offer less. With house sales slumping in 2022, one method of speeding up the process is to drop the asking price.
You need to weigh up the need for selling the home quickly against how much cash you are expecting to realize. A realtor will be able to sell a home quicker if it is lower than the market value, but they may also be reluctant to advise this as it reduces their commission.
If you decide to go with a cash buyer’s offer you will undoubtedly have to accept a lower amount. This is simply because housing investors will want to see some kind of return on their outlay further down the line.
Be realistic about the state of your property
Many homeowners will put in some work before they start to market a property. Ideally, the facade will be improved, and the garden tidied up. Minor repairs should be carried out, and a lick of paint where it is needed can help appearances also.
Someone looking to sell quickly may not have the time, or the finance, to make repairs or renovations. Therefore, you will need to accept that potential buyers will expect that the price reflects this.
Cash for home buyers tends not to worry about the condition of the house they are buying. This means that they do not expect repairs to be carried out, but they will expect transparency, and this will be reflected in the offer price.
Search for alternative ways to sell
Generally speaking, homeowners use realtors to sell their property. Yet, these aren’t the only choices. You have already read about cash buyers above, but there are more options available, and some of them may help you to sell quickly.
Have you ever wondered, can you sell your house yourself? Well, the answer is yes. Whether this would bring about a speedy sale is debatable, but it is an option.
Use a property auction
One way to cut out the realtor and find other cash buyers is to head to an auction. In the past, this would mean an actual physical auction but today it can all be done online.
Many repossessed houses are sold this way online, and the US Treasury has its own auction site too. For you though, you can choose from a variety of auction sites and list your property with the starting bid.
If you have ever visited eBay then you will understand exactly how a housing auction works. There is a set amount of days for the auction, a starting bid, and then either a sale or a relisting will occur – if you choose to.
Try a private listing
If you are intent on truly selling your home yourself then you can list the property online in a number of places. Essentially you will place a classified on sites such as Zillow or Craigslist. You could use social media too, and even make a small dedicated webpage.
Selling a home as an owner is attractive to some, but there are many considerations. You will need to have the home professionally appraised, invest in marketing and advertising, and handle negotiations and the closing all by yourself.
Can you employ more than one realtor for a quicker sale?
If you are intent on using a realtor to sell your home, you may have wondered if you can use more than one at a time. Technically there is no reason why you cannot have your home marketed by several realtors, but there are some drawbacks.
Firstly, to work this way you would need to be completely transparent with all the realtors. They may expect some kind of written agreement in place also. There is also the possibility that you may have to pay out a commission to more than one realtor if you have asked them to market your home.
Realtor fees are around 5% to 6% on average. You might just find yours being higher if you use more than one realtor. Even if there are no additional fees, realtors have to be careful they abide by their code of ethics which means not interfering in another agent’s sale. They may also be far less interested in marketing your home if they know someone else may reap the rewards instead.
There are still ways to sell a home quickly in 2022. Selling online in an auction could be very appealing, and is simple to do. The only drawback is whether you will reach a sale as there are no guarantees.
For a guaranteed quick sale then cash buyers are the only real option. Again there are drawbacks, and understanding that realtors would eventually make you more money is one of them. However, for speed, cash buyers are hard to beat.