How to flip your house faster with these 6 Tricks!
Have you decided to sell your home? Whatever your reason for selling, you want to be done with the home sale as fast as possible. However, a home is a crucial investment; buyers take their time to ensure they get the best deal and real value for their money. According to Zillow, in 2018, it took between 65 to 93 days to sell a home.
Factors such as location, market conditions, season, and demand determine how fast a home will sell. That said, there are things you can do to flip your home faster.
1. Hire a realtor
According to the National Association of Realtors (NAR), only 7% of buyers prefer to buy directly from the homeowner. Of this 7%, half already know the homeowner.
Choosing to sell your home yourself is not entirely a bad idea. However, it is much more work; you will have to handle listing, marketing, staging, and showing. Do you have the time and experience to do all that? Furthermore, a realtor has the experience and will provide tips and advice on what to do to make your home more appealing to potential buyers.
Choosing an agent is also not a walk in the park. The NAR estimates there are 2 million real estate agents in the US, almost 40,000 in LA alone and over 20,000 in major cities such as Chicago, New York, and Houston.
So, it would help if you chose a real estate agent wisely. Ask for referrals from people who have bought or sold home in your neighborhood recently. More importantly, consider your specific needs. Are you selling a home in need of major repairs? Find a realtor who specializes in fixer-upper homes.
2. Improve the curb appeal
First impressions are lasting impressions. And the first thing a potential buyer sees is not the mahogany cabinetry or polished ceramic island kitchen. The first thing they see is that faded front door, unkempt loan, rusty garage door, or pot-holed driveway.
An impressive interior might not be enough to change a person’s perception of you and your home from what they first saw outside. So, give the exterior a fresh coat of paint, clear the outdoor clutter, replace the rusty mailbox, trim the lawn, and clean the entryway. If possible, make repairs, such as patching and crack filling, to the sidewalk or driveway.
3. Repair and upgrade
Of course, you will fix the obvious eye-sores such as peeling paint, leaking faucets, stained flooring and cracked windows. However, you need to fix everything before you list your home or be upfront in your listing about the repairs needed.
Eventually, any issues will get discovered during the home inspection process. These issues will cost you time or money (a buyer might use the damages to renegotiate the price).
When performing repairs, try and upgrade. Replace broken fixtures with better upgrades. For instance, that faulty light over the dining table could be replaced with a chandelier. Replace the shower curtain with a shower cabinet. The small and cheap upgrades will set your home apart from comparable ones in the market.
Staging is the process of decorating and rearranging a house to highlight its best qualities so that it is more appealing to buyers. It involves cleaning, decluttering, depersonalization (removing personal items such as photos customized art, wallpaper, etc.) replacing old appliances, and rearranging furniture.
According to a report by the NAR, almost two-thirds of sellers’ agents agreed that staging reduces the time a house remains in the market. Additionally, 83% of buyers’ agents said home staging helps buyers with visualization. When a potential buyer can visualize a house as their future home, they are more likely to buy.
You can hire a real estate staging professional. Or you can save money by booking a one-time consultation for tips on how to stage your home. However, most realtors know how to stage a home.
5. Digital marketing
A for-sale sign will not suffice. Nowadays, purchasing decisions start online. So, before hiring an agent, make sure they have excellent online marketing skills and the know-how to get your home the proper exposure.
Spending a few dollars with targeted ads on social media and Google is a great idea. Targeted ads reach thousands of potential buyers who are actually interested in buying a home.
You can also list your home in online directories such as Craigslist and For-sale-by-owner websites.
Pictures, videos, and even virtual staging are an essential aspect of any listing. However, the description is how potential buyers find your listing. So, work with your agent to come up with a good description with the right keywords to help sell your home. In the description, try and capture what it feels like to live in your home. Also, touch on the neighborhood – schools, shopping, events, and general appeal.
6. Price it right
When pricing, forget your emotions and the sentimental value you place on your home. Additionally, it matters not the price you paid for the home. What matters is the current market.
So, put yourself in the shoes of the buyer; ask yourself the lowest price you would be willing to pay, especially knowing all the strengths and weaknesses of your home is. Then, research the average prices for similar homes in your neighborhood. The idea here is to set a price that is above your lowest price but around the average price in the current market.
Set your price too high, and your house will not sell, at least not as fast as you would like. Then, you will be forced to lower the price, which is not a good idea as buyers might wrongly interpret the dramatic decrease in price.
Besides, an inflated asking price will have people thinking you are a “no-negotiation” seller or are not keen on selling the house.