How to Sell your House in 5 Days
Got a new job in another place you just couldn't pass up? Maybe your house has built up a lot of issues through the years and you can’t afford the necessary repairs? Or, in the worst case, maybe you are facing foreclosure or there are medical bills that need to be paid.
These are some life events that would necessitate you to sell your house fast.
Like 5 days fast.
According to the National Association of Realtors (NAR), 6.12 million homes were sold in December 2021, after spending an average of 25 days on the market.
You might think that's too long, and you might be wondering if there's anything you can do to speed up the process.
So, if you'd like to know how to sell your house in 5 days, we put together a handy guide to help you.
Factors that Affect How You Can Sell a House Fast
The real estate market is constantly changing. The demand for properties fluctuates throughout the year, but nevertheless, we narrowed down the factors that influence the speed of a home sale so you can adjust accordingly:
Location of the Property You Want To Sell
When talking about real estate, you often hear the phrase: "Location, location, location." It has almost become cliched at this point, but what does it mean, really?
Location isn't all about the property address or the adjacent amenities. As a buyer, you'd want your property to appreciate in value after you acquire it. To know this, you'd have to do a bit of research regarding future developments that could affect market value.
Properties in urban areas tend to appreciate faster than the suburbs as there is a vibrant and stable economic growth.
Month You'd Like to Sell Your House
If you want a quick sale, it would all boil down to the law of supply and demand. Therefore, you must sell when the supply, or the housing inventory is low, and the demand is at its highest.
According to real estate agents, April is the best time to sell as this is the month when the demand is highest. When you list in April, you can also expect to sell your house for 2.8% more compared to other months.
Still, it varies on a case to case basis. For example, in winter, people are busy with social gatherings so looking for a new property to purchase won't be a priority. However, this doesn’t automatically mean that there would be no buyers. Although the buyer pool is admittedly shallow, there wouldn’t be any competing sellers, so it might be worth a shot.
Market Conditions
The pandemic has largely been a seller's market due to the Federal Reserve lowering the interest rates and making mortgage rates attractive.
A lot of people are now enticed to get a home, resulting in competition among buyers, therefore driving housing prices up. And although home sales have dropped since June 2022, the median prices of homes sold have increased, reaching a record $416,000.
These prices aren't looking to come down any time soon, so buyers are probably on the lookout for a wonderful deal.
Condition of the Property You're Selling
If you'd like to sell your house fast, first impression matters more than ever. Giving your house a fresh coat of paint, or painting the front door a different color for a standout curb appeal, can help buyers decide that your house is worth checking out.
When they do go inside to check, it can be worthwhile to attend to minor issues such as replacing a busted lightbulb, or fixing a dripping faucet. This would signal potential buyers that you care about the little things so they'd have the peace of mind that they're buying a good property.
How to Determine Your Asking Price (without a Real Estate Agent)
In order for you to determine your asking price, you must do a comparative market analysis.
Simply put, a comparative market analysis or CMA, is researching the price of properties sold recently in your local neighborhood. This can help you establish an attractive selling price.
If you don't do a CMA, you might price your property too high that there won't be any takers; on the other hand, pricing it too low might cause you to miss out on some serious profits.
Therefore, the key is striking a balance in pricing your property at just below market value so you can have a lot of prospective buyers interested in your property. Who knows, they may enter a bidding war with each other and actually raise the asking price for your home.
Options for a Fast Home Sale
There are several avenues open to you in selling your house fast. You can either: work with a real estate agent, sell it by yourself, or sell to a cash buyer...
Option #1: Sell Your House with Real Estate Agents
Going the traditional sale route means listing on the local market with a real estate agent.
Working with a listing agent means you get to benefit from their insights and expertise in navigating the nuances of the real estate market. A real estate agent can do the following for you:
- Comparative market analysis based on recently sold properties so you can set the best price for your home.
- Advise you on what you can do to sell your house for a higher price, such as some basic landscaping or quick cosmetic repairs to make the property more attractive
- Stage the house and show it to potential buyers
- Handle the negotiations and closing
All that convenience must be paid through the real estate agent's commission which ranges between 4 and 6 percent.
In addition to that, you must pay for the associated costs in selling homes such as repair, staging, and closing costs. This could take a chunk out of your revenue from the home sale.
If you want to avoid the added costs of working with a real estate agent, you can choose...
Option #2: Sell Your House Yourself (For Sale by Owner)
As long as you have the time and energy to do so, then you can go the For Sale by Owner route. This means you're completely in-charge of the whole process from staging to closing. There are no real estate agents involved. Needless to say, it would take a massive amount of effort and resourcefulness.
Sound daunting? Then you must definitely consider...
Option #3: Sell Your House Fast to a Real Estate Investor
If you would like to sell your house as-is and bypass the traditional real estate process and sell fast, then your best bet is to research cash buyers and get cash offers from them.
With a traditional buyer, there is this risk of the buyer's financing falling through. However, with a cash buyer there is no such risk as they are paying all in cash.
With substantial experience doing real estate deals, cash buyers don't even have to wait for the sale of other properties before they can close with you!
Furthermore, with real estate investors, you don't have to do any of the following:
- Pre-listing preparation - such as home inspection, repairs, cleaning, and renovation
- Marketing
- Showings and stagings
- Open houses
This means you walk away with cash in hand while doing very little. This is a particularly attractive option to consider especially if you have an old house or a distressed property with numerous issues that would be very costly to repair.
A Cash Buyer Wants a Distressed Property
Selling the property as-is on the open market, will create a significantly reduced buyer pool. These aren't issues for companies that buy houses for cash. Cash buyers even seek out distressed properties in hopes of snapping up a lucrative property they can flip.
This convenience of offloading a trouble property as-is and fast comes at a price. You must be mentally prepared to sell for a lower price since the cash buyer must be compensated for the repairs and rehabilitation they may need to do to bring the house up to standard.
A Cash Buyer Can Close Fastest
The closing process with a cash buyer is more straightforward. Plus, you don't have to spend upfront on repairs that you have no guarantee of recouping from the home sale. These repairs may take weeks and can extend to several months in the worst case scenario.
So, in addition to money saved, you save the most important asset of all: time.
Pointers for a Quick Sale
List Your Home at a Price that Will Give You Room in the Negotiations
When buyers close a deal, they like to feel that they were getting the best value for the money that they're paying.
Therefore, you must be willing to make a few concessions such as giving a home warranty or closing at a final sale price below what is listed. As long as you provide a buffer in your sales price, then it shouldn't hurt your profit margins.
Keep Yourself Up to Date with Real Estate Trends
The COVID-19 pandemic ushered in an unprecedented boom in online economic activity.
When before, people would flock to an open house when looking to buy a home, now home sellers and buyers are staging showings online! In fact, 97% of buyers reported to be using the internet in their search for the perfect property.
Do Not Skimp on High-Quality Photos of Your Property
The home search process in today's market involves the internet. Post high-quality photos of your property to help the buyer appreciate it. You can either do it yourself, or hire a professional photographer.
If you choose to DIY, make sure to have plenty of lighting by opening the windows or changing old bulbs.
Another tip is to stage a home office and photograph it. With the rest of the world transitioning into hybrid office setups, this is definitely a come-on to buyers!
Be Thorough in the Information You Provide to Potential Buyers
In addition to the photos, an updated floor plan would be very helpful for buyers when selling.
Furthermore, if you have any work performed on the property (mold remediation, termite extermination, roof replacement, plumbing updates, and so on), you must be able to tell the buyer who performed it and when.
If you had the house inspected recently, turn over the inspection report to the buyer. If it shows that your house has a clean bill of health, then it can raise the market value or lead to selling faster; if not, then, the buyer would know how to address the concerns stated therein.
Increase Your Curb Appeal
If you're a buyer and you're cruising a neighborhood for a good real estate find, chances are you'd want to stop by a house that looks clean and move in ready.
A little landscaping can go a long way in boosting your curb appeal and increasing the chances of a quick sale at a great price.
Play up Outdoor Spaces to Increase Market Value
After experiencing stay-at-home orders during the height of the pandemic, a lot of people realized the mental health boost that being able to go outside affords.
If your property has a nice yard, highlighting it in your listing can result in selling your house quickly.
Employ Unique Marketing Strategies
You can do an event like a one-day open house sale, where you literally open your house to potential buyers after promoting it beforehand. You can get plenty of offers from them with no obligation to decide on the same day.
You can also have a time limited offer to encourage buyers to close in as quickly as 5 days. For example, depending on your budget of course, you can throw in an old car or gym equipment. Who knows, the local news outlets might pick up on it! That's free publicity for you.
Disclose any Known Issues Before Selling
Do not try to hide any problems, as it can easily be uncovered during the buyer's inspection.
Furthermore, nondisclosure of issues could open yourself up to legal trouble later on; so it's either you fix it up before putting the house for sale, or inform the buyer so they can address it themselves.
Remove Clutter From Your Home To Sell Fast
Clearing personal items also helps prospective buyers visualize the space to make it their own. Just leave a few key pieces of furniture so they'll have an idea what the rooms can be for.
But if you really want to attract more buyers as soon as possible, pack your stuff into boxes and store them in your garage. This is a clear indication that you are ready to move as soon as the buyer closes on the property.
So, Is It Really Possible to Sell a House in 5 Days?
With the popularity of the internet, the home buying process has definitely been made easier. With buyers and sellers more connected than ever, it is really possible to sell your house in 5 days!
Selling as-is to cash buyers is definitely the way to go if you want to sell your property quickly. With financed buyers, there may be a substantial waiting period since they have to wait for their loan to be approved.
A cash buyer will be the fastest way to sell a house not only because there is no lender approval, but because cash buyers buy houses as-is. Once you request a cash offer, you can have the contract the same day with closing less than a week later.
Closing Thoughts: How to Sell Your House in 5 Days
If you need to sell your house quickly, and would love to get multiple offers with a simple click of a button, then a cash buyer is your best bet!
Here at Sell My House Fast, you can skip repairs, inspections, open house, and all those listing hassles, because we buy homes in absolutely any condition.
We can help get you a fair all cash offer from our network of local cash buyers all over United States and Canada. And you don't just get an offer from any buyer--you get a cash offer from a local cash buyer who specializes in your market area.
Just type in your property address in the form below so we can get you started in selling your house quickly! We even cover all closing costs on a closing date that you choose, so you get everything that is in the cash offer!
Have any questions about how to sell your house in 5 days? Call us at (844) 207-0788 and we can help provide the real estate solutions you're looking for!
