Buying and selling a home quickly can be an overwhelming experience. With the modern real estate market evolving so quickly, it can be challenging to find a new home and sell your current one — and even more so to do it speedily.
There are some industry secrets to make the process of buying and selling mover a bit faster. If you are looking into buying a new home and selling your home at the same time, here are some tips to make the process run smoothly and quickly.
Tips for buying a home quickly
There are ways to ensure that the purchase of your new home moves as fast and as seamlessly as possible. These tips will help you find your dream home and purchase it quickly.
Find an experienced buyer’s agent
Interview local agents and ask about their specific experience helping clients buy a home quickly. You should interview several agents, asking each one if they have helped past clients with a speedy sale.
A great buyer’s agent will be in constant communication with you, notifying you of new listings or price changes on homes that you are interested in. Buyer’s agents who are ready to help you find a new home fast will also have the connections to know when a house in your preferred neighborhood at the right price point is poised to come onto the market before the information is made public.
Get pre-approved or pre-underwritten
Shop for a mortgage lender and get pre-approved for a mortgage amount. Having a letter of pre-approval will show that you are a serious buyer with secured financing who is ready to purchase a home.
Pre-underwriting is a more extensive process that will remove any financing contingency from your offer. In a competitive seller’s market, pre-underwriting will set you ahead of the competition and help you buy a home faster.
Understand the local market
Home inventory tends to be the highest in the late spring and early summer. This is ideal for buyers in a competitive market. If you can, time your search for spring or summer when there will be more homes for sale.
Using the advice of your agent, expand your search to areas with a higher inventory if you have some flexibility in location. There will be less buyer competition, and it will make the purchase process faster.
Make a strong offer
When you find a home that you love, ensure your initial offer is strong. It might be tempting to underbid on a home, but this can slow down the contract process or even cause you to lose the house. For a quick acceptance, consider offering earnest money to secure the deal.
Be ready to waive contingencies and conditions from your contract. This might make sellers accept your offer quickly. Make sure you agree to this with the input and approval of your agent since they will make sure it is a wise choice.
Be prepared for closing
As you move through the contract and closing phase, be available for your agent and their team. Whether there are questions about the contract or financing, be prepared to field all inquiries to move the process along quickly.
Have all of the necessary paperwork to secure your mortgage and complete the closing process. Many home closings are delayed due to missing or incomplete documentation regarding full mortgage approval.
Tips for selling a home quickly
If you need to relocate or you have a pending offer on another home, you might need to sell your home as quickly. The following tips will help you get your house on the market and under contract fast.
Choose an experienced agent
An agent familiar with the local market can help you get your home listed and sell it fast. Their knowledge of market conditions and connections with industry professionals can get the word out to as many potential buyers as possible.
You should interview several agents before hiring the one who best fits your needs. Be upfront with your agent about your timeline so they can make sure to accommodate your needs.
Set a competitive price
Once you have agreed to work with an agent, you will need to price your home at a competitive point so it sells quickly. Your agent will create a comparative market analysis, considering homes recently sold in your area to help set the proper price range.
When setting an initial list price, it might be wise to set it a little lower so it populates more buyer searches. A home priced at $699,950 will net more prospective buyers than a home priced at $705,500. A lower price might also end up making you a larger profit with the possibility of a bidding war or counteroffers.
Stage and list your home well
A home that is well-staged and well-cared for will attract more buyers quickly. Make sure your home is decluttered, cleaned, and staged to entice prospective buyers. If you do not have time to prepare your home for sale, your agent can recommend professionals who will organize and stage your home.
Once your home is fully prepped, a fantastic listing with professional photos will catch the eye of buyers. Your agent might also suggest a virtual tour or video footage of your home to lure in prospective buyers. Social media promotion will also reach more potential homeowners, so make sure your agent is prepared to create a digital marketing plan.
Go with a pre-approved buyer
A buyer who already has approval from a lender is a solid choice for closing on your home quickly. Buyers with a pre-underwritten loan are a step beyond pre-approval. Their finances have been reviewed by the lender, and a specific amount has been approved. This can significantly reduce the time it will take to close on your home.
If a buyer can pay cash for your home, the closing process could take mere days. But if the buyer is not able to pay for the house in cash, conventional and Federal Housing Authority (FHA) loans have the shortest closing times.
Add incentives to your deal
Attract prospective buyers with incentives to encourage them to purchase your home and do so quickly. This can mean agreeing to pay all or some of the buyer’s closing costs, agreeing to make important repairs, or purchasing a home warranty to transfer to the new owners.
Being flexible when it comes to the price will also help you close quickly. If you are open to accepting a lower offer on your home, you might find a buyer quicker than if you are set on selling your home at or above the list price.
An experienced real estate team
If you are looking at homes for sale in Woodside
or want to put your current home on the market, Scott Dancer
is an expert in the Woodside area markets. With over 40 years of experience in the luxury market, Scott is ready to help you
through every step of the buying and selling process.