We are starting to see a rise in people selling their homes in record times. Instead of houses being listed on the market for months, they are selling in a few days or weeks. It’s something that is music to the ears of buyers, sellers, and the general real estate market. If lots of homes are being listed and sold very quickly, it stimulates the local economy.
There are two major questions here:
- How are people selling their homes so quickly?
- Why are people selling their homes so quickly?
As you take a closer look at the situation, both of these questions are easy to answer…
How are people selling their homes so quickly?
You can encounter different factors that can make a house sale go as slowly as humanly possible. Some of these things are out of your control – for instance, a recession will usually mean fewer people are actively looking to buy houses. So, a house will be on the market for longer than expected.
Nevertheless, people are finding ways to list and offload their properties much faster than anyone could’ve predicted. Here’s what they are doing:
Direct sales
Instead of listing a property on the market, some homeowners are choosing the direct sales method. Here, you have companies like CyberHomes house buyers who are willing to take properties with cash offers. The homeowner simply contacts the company for a valuation, then receives the cash offer. The entire transaction can be taken care of in a matter of days, leading to one of the quickest sales a property owner could dream of.
It’s a speedy method, but there is a caveat. Typically, receiving offers from these companies will mean you sell your home slightly lower than listing it on the market. So, there’s a trade-off in terms of speed vs. value. However, this is why homeowners are doing some of the other things below, allowing them to maximize the value of their sales regardless of how they sell!
Property renovations
It’s now very popular to completely renovate a property before selling it. Now, this doesn’t necessarily mean that you are making massive home improvements and spending a fortune. Instead, it can mean that you deep clean and declutter a home, tidy up the garden, do some basic fixes, improve the paintwork, etc.
Essentially, you are renovating your home to make it look brand new. People are doing this a lot, and it has a huge benefit. It’s creating very attractive homes that are ready for someone to move into. Buyers are noticing that no repairs need to be done, no deep cleaning is required, and all they have to do is make a few changes if they feel like it. In some cases, buyers are moving in right away and making absolutely no alterations to a home. This saves them money, which is why they are keen to buy properties like this.
In turn, the increased demand for these newly renovated properties will mean that buyers are willing to up their prices. So, a sale can be agreed upon quickly and for a very good price.
Empty houses
Again, people are creating settings that are more attractive to buyers. If someone sees a home that’s full of stuff and old personal memories, it is hard for them to imagine living there. Likewise, they know that there will be a period between them buying the home and moving in.
Sellers are starting to move out and leave completely empty houses for people to buy. This makes the advertising photos a lot better as the house seems so spacious. It also gives buyers a better vision of what it would be like to live on this property. They can see the space and think about where to put furniture, etc. More importantly, they know that they can move in right away. Nobody wants to stick around waiting for a seller to pack their things and move. The speed with which a buyer can move in will encourage houses to sell a lot faster than expected.
A willingness to lower asking prices
Lastly, people are able to sell their homes so quickly because they’re willing to lower their asking prices. In the past, there was a stubbornness to sellers that meant houses remained on the market for ages. They were unwilling to drop asking prices, meaning it took absolutely ages until a successful bid came in.
Nowadays, people are realizing that a profit is still a profit. It’s rare to see a house sell for less than what someone paid for it. Instead of holding out for the perfect bid, homeowners recognize that a quick sale could be more beneficial. So, they accept lower bids and list their homes for a bit less than expected. Thus, buyers are attracted and a sale can be completed.
Why are people selling their homes so quickly?
You’ve seen the how, now for the why.
Why are people so eager to sell their homes in record time? Is there some sort of special contest going on? Do they want to enter the Guinness Book of World Records? No, it is usually down to these reasons:
Missed opportunities
When a house takes ages to sell, it can lead to missed opportunities for the seller. They might need to relocate and find a new home, but it’s hard to get one because they have a chain. A chain basically means that someone needs to sell their property to gain access to the funds to buy a new one. For sellers, it is annoying dealing with a buyer with a chain because you have to wait.
Therefore, people want to sell their homes really quickly to access the funds and be able to buy a house before someone else gets there without a chain and beats them to it.
Get your hands on some money
There’s no denying that we currently live in a very precarious economic climate. The cost of living continues to rise, meaning people need to feel financially stable. Sometimes, selling a house can help with this. A lot of people are considering downsizing to smaller properties that are more affordable to run.
Consequently, a quick sale will allow them to get their hands on some money very soon. They don’t need to wait around for months; they can get the funds in a couple of weeks. It solves this problem where homeowners know they have funds tied up in their property, but they can’t access them. Now, a house can be sold very quickly, letting the owner downsize to a cheaper home like through Tru Factory Direct Housing and keep some remaining cash left over.
Stress relief
Lastly, a very simple reason for quick sales is that they relieve a lot of stress. It is so stressful trying to sell a home and dealing with everything that comes with this. If you can reduce the time spent selling a home, you reduce your stress levels.
Thus, it’s no surprise that individuals are looking for faster ways of selling properties. They don’t have to deal with the stress of selling a home for very long anymore!
Overall, it’s clear to see why more and more people are selling their homes in record time. You will find undeniable benefits in doing this – particularly when compared to longer, drawn-out sales. Similarly, when you look at how people are doing this, it’s pretty impressive. There are definitely lots of ways to help you sell a home fast, in both the traditional and less traditional ways.
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