HOW TO SELL YOUR HOME FAST FOR 100% OF IT’S MARKET VALUE

One of the problems homeowners face when listing their property in the real estate market is selling it for 100% of its market value. Everybody wants to make a profit from the business transaction – from the Realtor, to the buyer, as well as yourself. But as they say, “time is money”, so if you want something done as quickly as possible, you’ll likely have to let go of some cash. If you’re not willing to pay for such premium services, you’ll either accept less than the market value or it won’t be sold as fast as you may wish.

Therefore, if you have made up your mind to list your property in the real estate market, here’s how to sell your home fast for 100% of its market value.

Hiring the Services of Real Estate Agents

In as much as using a real estate agent will make you sell faster, it isn’t always the best option. This is because purchase isn’t quickly made by buyers who rely on their realtors to broker deals on their behalf. The scale of how fast first time or repeat buyers, buy-to-let landlords or amateur and professional investors will purchase your property – or how much they will be willing to pay for it – vary based on current market conditions.

To give you an idea of what to expect when dealing with real estate sales, here are the types of buyers you are likely to come across, courtesy of acquiring the services of a real estate agent.

1. First Time Buyers

If your local real estate agent brings first time buyers to have a look at your property, you are likely not to get 100% of the selling price, because most of them will either want to pay in installments or ask for a price reduction – no matter how little. The rate of demand and supply also plays a major part, although a first time buyer is likely to buy your house as quickly as possible, within a reasonable time frame, because they have little or no experience in the field and just want to own a house without any complications. Therefore, your house is likely to be off the market within 3 to 6 months.

2. Repeat or Second Time Buyers

Homeowners who wish to purchase another property are arguably the most stressful buyers to deal with. This is because typically they either want to pay for another house after they have sold the one they currently live in, or will ask for a discount based on the value of their own property, without carrying out any real estate research. The sale chain may break at some point and there will be a delay in paying for your home, or they might even back out entirely. There are cases where they will want you to keep the house for them while they take time to sell theirs – which can take months and even years. To avoid gazumping, you can bypass them altogether but if you’re patient enough, they aren’t a bad option per se. Expect to sell within a year or thereabouts.

3. Real Estate Investors

The elite real estate agents (popularly known as High Street realtors) foster good relationships with top, reliable investors, both locally and internationally. These investors are generally experienced in the real estate industry and have been purchasing properties for years. They are preferable because they rarely back out from any agreement you have with them about selling your home. They are also quick to buy your house, but usually ask for a discount due to the quick timeframe. Some banks, overdraft facilities or financial service providers fund these investors when they want to buy houses, and are likely to rent it out after purchase – since it’s an investment. Even if they will repair or replace certain features and fixtures, they are more interested in the revenue that will be generated from the rent, not the aesthetics or how saleable it is.

4. Real Cash Buyers

These are a set of buyers who don’t need to sell their current home or borrow money to purchase a house. This is because they already have money in the bank for that purpose. However, they also know that you will be tempted by ‘the cash’, so will likely ask for a discount as well. In fact, they will negotiate properly, because they know that there are other sellers who might be more willing than you and they can back out whenever they feel like, since they have cash. Although inspection and surveys might take a while, you’re likely to make a sale within three months.

5. Real Estate Investment Companies

These are professionals and experts that have been in property sector for years. They are the type you find in magazines, newspapers and special websites like Zoopla, RightMove and so on. They also generate leads through their business models. These are the fastest buyers. They can make an offer from a single inspection of your home within 48 hours and pay you in less than a week. If you’re really desperate to let go of your property, these are the people for you to consider. However, they are also likely to ask for a discount of up to 20% of the real estate market value.

Keep in mind that there are sub-categories of real estate investors – from buy-to-let individuals, to amateur investors and those who are just looking for somewhere to invest inherited money. Ensure you speak with your Realtor about who you prefer and who to avoid. For the record, it’s best you have an idea of all the buyers that might bid for your house, as well as the pros and cons of conducting business with them. You wouldn’t want anyone accusing you of gazumping or they themselves might pull out of the agreement at the last minute. All in all, the skills of a real estate agent play a huge role in determining the time you sell, the price you sell and the reliability and capabilities of the prospective buyers.

How To Find out the Market Value of your Home through Research

It isn’t wise to sell your house without doing some homework first. Here are some tips on what to research if you wish to sell your property fast, for 100% of its market value.

  • How much do you really want to sell the house for – and what price range is acceptable before an agreement can be signed?
  • What is the timescale for you to sell your home – Two weeks, one month, 90 days – or even a year?
  • What are the reasons for selling your home and how does it affect your current condition? Are you selling in order to relocate, pay creditors or pay divorce settlement?
  • Are you willing to sell your home to get all the cash at once? Do you feel you should allow mortgage payment if you’re not in a rush or if that’s the only option left. Keep in mind that installments also mean that you have accepted to either forfeit the house to the buyer or live there until payment is completed.
  • How saleable is your home? Will it attract top buyers or those who want it for the lowest price possible?
  • Can you sell your home in its current condition or do you plan on making adjustments, repairs or replacing bad fixtures to boost value? Remember that you really don’t have to spend a lot to increase your home’s worth by thousands.
  • Do you need a real estate agent or are you a good negotiator, marketer and financial expert? Like they say, ‘two heads are better than one’, although ‘too many cooks spoil the broth’.
  • Do you want to market online as well or just via the traditional way of putting up a signage in front of your house?
  • What is the rate of demand and supply for your type of house? Is it terraced, detached or semi-detached?

After answering all the questions (through research of course), you can fully decide on how to go about the sale.

Furthermore, you can consult a local real estate agent to get property valuations. Some might even be willing to do so for free. Check out valuation tools online as well. There are some websites that also offer free quotation. It wouldn’t be a bad idea to use this facility.

It’s also important to note that overpricing your home can actually chase buyers away from taking a look at your property. However, adding a few thousand won’t be a bad idea if you want to sell at a good price. For example, if the market value of your home is £270,000, listing it for £279,999 actually makes it appear as though you have already given a discount. If buyers ask for a price reduction regardless, bringing it down to £274,999 still makes you profit. But placing the value at £300,000 not only makes you look greedy, it could give you a bad name – especially as most buyers might have also done their research.

Using all the information above, you can close deals and be certain you will either sell fast or sell at 100% market value – possibly even both.

Published on 31st October 2017

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