Rising inflation and mortgage rates have helped to slow the market down. The APR on a 30-year fixed mortgage was over 6% at the time of writing. House prices remain high, and even if they drop, many individuals will still find it difficult to get their foot on the property ladder. The housing inventory has also grown as the market comes out of the pandemic.
All of this combined has led to lower buyer demand which in turn can make it hard for someone to sell a home quickly. And if you’re desperate to sell your home, you are not alone.
Illness, redundancy, debt, legal issues, and divorce, are just some of the reasons why homeowners turn into highly motivated sellers. So, what can you do to speed up a house sale when you just don’t have the time for your home to sit on the market for weeks? Here are three suggestions that might provide you with a quicker house sale.
1. Consider using a cash buyer or finding a property investor
According to one source, the time to close a house sale takes on average between 30 and 45 days. However, there is the marketing time to consider also, and the area you live in will play a part too.
Research shows that selling a home in Illinois takes on average a total of 79 days. This is 44 days before an offer is accepted, and a further 35 days for completion. Anyone who is in financial distress, or desperate to sell is unlikely to want to wait this long for a house sale to close.
Therefore, avoiding realtors and searching for cash buyers might be the better option. A search for cash for homes buyers in Illinois will return a number of investment companies such as https://www.ibuyil.com. These businesses all operate in similar ways and use cash to make quick purchases of unwanted homes.
Pros and cons of selling a home for cash
The downside to using a cash buyer is that you will almost certainly be offered below the market value. These investors buy property from motivated sellers to fix and flip, or turn into rental homes.
Anyone looking to learn how to invest in real estate can use this technique for what can be a healthy return. You will need to weigh up just how quickly you need a house sale against what proceeds you are hoping to receive.
The upside is you will see a fast sale when compared to using a realtor. But, you won’t make as much money from your house sale.
2. Pay for a seller’s inspection
Many things must be disclosed to buyers when you sell a home. The Illinois Residential Real Property Disclosure lists what must be declared at the time of a residential property sale.
Illinois home sellers must disclose problems if they know about them. And buyers’ inspections will almost certainly find anything wrong in a home. This will lead to delays while the issues are corrected, and could be very costly.
If you are selling your home because you need fast cash, then you are unlikely to be able to afford to make time-consuming, major improvements. Of course, there are ways to make budget home renovations, but you would almost certainly prefer to avoid them.
A seller’s inspection will provide you with a report of all the aspects of the home that need addressing. While you may not be able to afford to make repairs, you can at least disclose everything to your potential buyer, and price the house accordingly.
3. Incentivize your potential buyers
Making repairs may not be necessary if you search for cash home buyers as they will not be deterred by distressed properties. However, if you decide to go down the more common road of using a real estate broker, then you could attract more buyers with certain incentives.
A common trick to use is to offer to pay all the buyer’s closing costs. The average closing cost for a buyer comes to 3% of the purchase price. Though closing costs can rise to as much as 5% or 6%. Offering to pay these can entice house buyers to make a bid quickly.
You can help your buyer by agreeing to whatever moving-in date they wish to have and accommodate them whenever they wish to view and inspect the property. Nevertheless, the financial incentive of having closing costs paid for could really help you to receive bids quickly.
The fastest way to sell a home is almost always through a cash buyer. This normally means some form of property investment firm, but it could be an individual also. Property auctions are another option, but the home still needs to be listed for some time, and the deal closed afterward.
If you are going through a realtor, a seller’s inspection can make sure you are prepared for whatever problems exist in the home, and you can either fix them or disclose them and lower the asking price.
Finally, adding incentives such as paying moving costs, legal fees, or agreeing to any requests they have, can help to attract bids soon after you market your home.