Selling a house the traditional way can take much longer than most homeowners would like. This is especially true for those who are in a situation where they need to sell the property as soon as possible. Unquestionably one of the most important aspects of getting the home off the market is setting the right price from the start. But determining the sale price isn’t as easy as it may sound, especially if you’ve never done it before or are relatively new to real estate. No, you don’t have to go back to college and get an MBA, but you will need to do a little homework. If you need to get rid of your property in a hurry, continue reading below to learn how to price your house to sell fast!
Reasons to Sell Your House Fast
Homeowners may be looking to unload their property for a variety of reasons, such as:
- High Payments
- Can’t Afford Mortgage
- Job Loss/Layoffs
- Going Through Divorce
- Health Costs/Insurance
- Unwanted Inherited Property
- Threat of Foreclosure
- Need to Relocate
- Tired of Landlording
No matter the reason you want or need to sell your house quickly, there are steps you can take right away to price your home to move!
Study Before Determining How to Price Your House to Sell Fast
There are several things you should research before pricing your house for sale, including:
- Past Sales
Studying past sales is a crucial first step in pricing your home. Researching past sales of homes similar to yours in your area will give you a solid base for pricing your house.
When beginning your search, limit it to homes within a quarter to a half-mile radius unless you live in a more rural community. Also, be sure to take into consideration such factors as major streets, freeways and dividing lines, as well as home size and age.
Also, be sure to compare the final sale prices to the original list prices. Depending on the type of market, these prices can vary greatly, so it’s important to determine the economic climate when the house was sold.
All of this information can help you establish a true value of your home.
- Active Listings
Next, take a look at the active listings of homes in your area and areas similar to it. Active listings, especially those in the same location, are your direct competition.
You can get a better feel of what you’re up against by visiting these properties in person. Feel free to take a tour or visit during an open house and see what is being done to make the home more appealing.
Gathering as much direct intel as possible on the competition will help you sell your own home.
- Withdrawn & Expired Listings
The next step in pricing your house to sell fast is to pull withdrawn or expired listings in the area. This is important to research for several reasons. First, it will allow you to determine the amount of time the house was listed, especially if it was taken off the market and put back on. You can also see why the homes didn’t sell, and gain some insights into potential common factors leading to de-listing.
This information can help you avoid becoming an expired listing.
Quick Tips for Getting Your Home Ready to Sell
If you need to sell your house fast, here are some quick tips to make it more appealing to potential buyers:
- Hire a real estate agent with experience in your area
- Hire a professional photographer to stage the home
- Declutter the house by renting a storage unit
- Make minor upgrades, such as new paint, light fixtures or new sinks
- Add natural lighting to make the house more inviting
- Use social media to market the home for free
- Increase the curb appeal
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