If you’re on a tight timeline and need to sell your home fast, you might be feeling a bit overwhelmed.
After all, there’s a lot to do during the home sale process. You’ve got to make any necessary repairs, improve your curb appeal, declutter—the list goes on.
That’s why it’s important to be prepared for any potential challenges that might arise throughout the process, so they don’t derail a purchase in the works. With that in mind, here are some of the biggest challenges to selling a home fast in 2020.
Buyers are requesting more repairs
According to data from the HomeLight Top Agent Insights Report Q4 2019, real estate agents are seeing increased requests for repairs from buyers.
If you’re trying to sell your home quickly, these repair requests can cause some significant delays.
To minimize any potential impact from these requests, make sure you handle any major issues before listing your home—repairing wood rot, remediating any mold, replacing or fixing missing or curling shingles or flashing on your roof, and taking care of any water damage.
Another good option is to offer your buyer credits for additional repairs, rather than agreeing to make the repairs yourself. This will help speed up the closing process, while also letting your buyer choose the service provider they prefer—then, you’re not responsible if the buyer is unhappy with the work being done.
The Power of HomeLight’s Cash Close and Trade-In Products
One issue that many home sellers come up against during the home selling process is buyers with contingencies. Since so many buyers must sell their home before they’re able to purchase their next one, home sellers may end up with the perfect buyer—only to find that the closing process is delayed by a contingency. Likewise, sellers themselves may find themselves in this situation, where they’ve found their perfect new home but are unable to make the purchase until their current home sells.
HomeLight’s new products, Cash Close and Trade-In, simplify the entire home selling process for both sellers and agents. With Trade-In, HomeLight purchases the existing home directly from the seller, then sells the home with a top agent in HomeLight’s network. Once the home is sold, HomeLight shares 100 percent of the profits with the sellers.
The Cash Close product is designed to help home sellers, buyers, and agents by enabling buyers to compete with a cash offer—even if they need a mortgage. HomeLight purchases homes for qualified buyers with cash, then transfers the home to the buyer once the mortgage closes. This way, sellers complete their transaction quickly and easily, buyers are able to secure their new home without fear of financing delays, and agents are able to negotiate more competitively on behalf of their clients.
Sellers have a tendency to overprice
One of the biggest challenges to selling a home fast often comes from the sellers themselves: overpricing their home.
Sellers often think that starting high with price, and expecting to come down, is a good strategy because it will give you the chance to get as much for your home as people are willing to pay.
However, this actually isn’t the case. An overpriced home can actually scare away potential buyers and cause your home to linger on the market longer.
This is due to several factors. For one thing, if your home is priced out of budget for a group of buyers—even though the home’s actual value is within their budget—those buyers won’t even take a second look.
For another, if your home is clearly overpriced for the area, potential buyers may think you’re an unreasonable seller, and hesitate to make any kind of offer.
Finally, lots of price cuts don’t look good to buyers. They can make it appear that something must be wrong with a home—after all, why else would the sellers be cutting the price so drastically?
It’s much better to start off with a correctly priced home, get an offer or two, and proceed to closing than it is to attempt to wrangle a slightly higher price by inflating your home’s value.
Selling your home fast isn’t always easy, but it can certainly be done. You just have to be committed to doing what it takes to get to that closing table—so you can get out, and move on to the next adventure!