If you’re like the vast majority of home owners, you’re probably not dreaming of your home sitting stagnant on the market for months or even years without so much as a nibble. That’s why we thought it was important to make a list of factors that determine just how long you’re going to have to wait before getting out of your old home. While there are many other factors that are beyond a sellers control like the state of the economy and market demand, there are also a variety of things a seller can control that can (and will) determine how long your home is on the market. So if you’re looking for a quick sale, you’ve come to the right place!
1. A Good Agent
There are a lot of benefits to having a good real estate agent when it comes to selling your home quickly and for the right price. However it isn’ in your best interest to just choose any agent.
One of the best ways to choose the agent that’s best for you is to find one that has experience selling your type of home and selling in your area. That way, they will have the expertise to know what works and what doesn’t for a particular neighbourhood or home type. Having an agent that knows these crucial facts helps you skip the “let’s see if this works” stage and go straight to what has been proven to sell your home the fastest.
Real Estate agents also help you by both prepping and marketing your home. This gives you the most exposure possible and to the right potential buyers, which will greatly increase your chances of a quick sale.
If you want to sell your home fast, the surefire way to do so is to price it below cost. While you don’t want to go under by too much and lose money on your home, you do want to make it enticing to potential buyers.
A good way to figure out what this number should be is to have your home appraised as well a look at comparable homes on the market. As we’ve mentioned in a couple previous posts, the first few days your home is on the market it will make its biggest impression. This is another reason to price it at or below cost since potential buyers may be scared off by an outrageous starting price.
Pricing your home higher right off the bat also limits who will see your home, and it may put it in a class with more desirable homes or neighbourhoods, making it less likely to sell. If you start with a lower price, people will see it as a bargain and make offers sooner rather than later. It will also spare you the hassle of having to drop the price later on.
3. Your Negotiation Skills
Your willingness to negotiate on your homes price is a big factor in determining how fast your home will sell. If you automatically reject anything below your asking price, you may lose out on a quick sale.
This is especially true if you decide not to do #2 on our list and start with a higher asking price. Much of the time, you won’t end up getting your listing amount and if you refuse to accept anything less be prepared for a long stay on the market.
Our advice? Consider all solid offers. While they may not work out in the long run, you never know who may be willing to negotiate back and give you just what you were looking for.
Since the vast majority of home buyers check out their options on the internet before physically seeing a home, it’s essential to have great (and often times professional) photos of your home.
The magic number is said to be anywhere between 16 and 21 photos since potential buyers want to be able to see every room in the house to know if it’s worth a trip to see. Having less than 9 photos can decrease your chances of selling your home within 60 days by 2% according to Zillow.
Having amazing photos often means shelling out for indoor and outdoor staging by a professional as well as hiring a photographer experienced in real estate photography. According to Trulia, buyers naturally gravitate towards homes with higher quality photos, and therefore, will get your home that much needed initial exposure.
5. High Tech Extras
In our growing world of technology, it’s a good idea to add a few high tech extras when it comes to getting your home on the market and seen by hundreds (or thousands) of potential buyers.
These extras can include simple online add-ons like virtual tours, 3-D floor plans and e-documents or they can be as advanced as drone photography, 3-D virtual videos and even virtual home staging. These will all give buyers deeper insight to your home and will have them making up their mind before they even step foot on the property.
The more instant information you can give to a buyer the easier it will be for them to decide and make an offer on your home. So whether you choose to start with a lower asking price, give them all the bells and whistle with high-tech online options or hire an outstanding real estate agent, these are some surefire ways to get your home on and off the market quickly.