Each year, around 6 million homeowners wrestle with the question, “Should I sell my house now or later?” How do you know when the right time is?
As it turns out, there are some really helpful indicators that can help you make the right decision. In the following article, we examine the nine best. Let’s begin!
1. When Market Prices Are Up
One of the first places to look when asking “how do I sell my house fast”: the current market. Much has been made of the best time of year to sell, and we’ll get to that in a moment.
However, you also have to be flexible enough to recognize and take advantage of current trends. During the pandemic, for instance, houses were going at unusually high prices, with some even selling for more than their appraisal values.
Those types of opportunities are not common. If you’re in a position to sell (or close to it), it can be a good idea to seize on these chances as they occur, even if it means you have to adjust your timeline a little bit.
2. Visuals Are Ready
Timing is everything, too. If you’re asking, “how do I sell my house fast for cash,” then you’d better have the presentation ready.
Listings with more photos are going to attract more potential buyers. The pictures must be quality, too.
It can be worth it to invest a few hundred dollars in professional photography for each room. This will ensure proper lighting and angles to make your home stand out.
3. Major Problems Are Addressed
Every house encounters its share of problems. That’s why experts will tell you to save between one and three percent of the purchase price of the home each year to account for any needed repairs.
If you haven’t done that, now’s a good time to start. You will want to address the biggest repair that you can afford. Otherwise, get used to the fact that you’re going to need to take a more modest offer.
4. Minor Problems Are Disclosed and Factored Into the Listing
Say you can’t get to everything that needs to be addressed in the amount of time that you want to sell your home. That’s not the end of the world.
That said, you’ll want to be open and honest about those items. You can always reveal necessary repairs on a need-to-know basis, but doing so isn’t a great idea because it could open you up to liabilities. Besides, transparency makes you feel better about yourself.
Depending on what the repairs are, and how much they’ll cost, factor the costs into the final sale price. The buyer will have to deal with those items eventually, and leaving wiggle room in the final acceptance will make them feel more at ease about buying a home with issues.
5. When You Are Ready to Accommodate Buyers
Another answer to the question of “when am I ready to sell my house for cash” that you’ll need to come to terms with is accommodation. You’re the one trying to unload your home, so don’t expect potential buyers to readjust their lives to meet your demands.
Be willing to drop what you’re doing (within reason). Meet with them whenever they want to conduct showings and walk-throughs. Think about the buyer like a customer, and commit to giving them the very best in customer service that you can afford until the paperwork is done.
6. When You Have the Equity
Take some time to calculate the equity that you either have (or don’t) before deciding to sell. Want to know how to factor equity? It’s very simple.
Let’s say you borrowed $100,000 to buy a $130,000 home, doing $30,000 as your downpayment. You can sell the home now for $150,000. Your equity would be $50,000 (the initial downpayment plus the sale price, minus the outstanding mortgage balance).
If the equity is in the positive, you might want to go ahead and sell. If not, there are still some pretty good reasons to do so.
For example, you might have to sink too much money into repairs each year to negate any hint of a profit. Many homeowners find this to be all too common, and they end up wishing they would have sold much earlier.
7. You Have Accounted for Additional Costs
When you sell your home with an agent, be prepared to part with around six percent of the sale price. When you sell on your own, you keep it all, minus whatever money you had to spend to get the word out.
Do a cost-benefit analysis before deciding the path to go. You can also consider going through a company or professional that buys homes quickly for cash.
8. When the Season Is Right
Yes, there are seasons that work best when asking, “Should I sell my house now.” People are traditionally more in the market during the spring and summer months. During the fall and winter, not so much.
Keep the seasons in mind if you’re selling through a traditional agent or on your own. Remember, though, that waiting for the right season can cause you to overlook hot markets.
9. When You Have an Exit Strategy
Lastly, you’ll want to ensure that you have a proper exit strategy for selling your home. That means you have a place to put your stuff, you know where your next home is going to be, and you’re aware of any additional costs that will be incurred throughout the process (and have a plan on dealing with them).
Answering the Question ‘When to Sell My House’ Can Help Your Strategy
There’s a time and a season to sell a home, for sure, but you should also be open to trends. Take care of the housekeeping that you need to, or be willing to work with buyers to find a fair price, and you’ll be well on your way.
Still wondering “how to sell my house” quickly? Lisa Buys Austin Houses has experience helping homeowners like you decide when the time is right. If you’re in the Austin area and ready for the next steps, reach out to Lisa and Sean today.