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Do you need to know how to sell my house fast while moving? There is a lot involved in buying a house and selling a house at the same time, but there are steps you can take to be completely prepared! Below, we created a guideline of detailed steps and considerations to help you through this common process.
Investigate the housing market.
- Price – What are similar houses in your area going for? When researching similar houses, consider the age and condition of the home, the specific area, and amenities such as schools, restaurants and other services. You can estimate your own home’s value by using the price per square foot of the houses that are similar to yours that have sold recently.
- Time on market – It is very important for you to know the average time on market for the houses in your neighborhood. Time on market refers to how long a house is listed for sale before it sells. Knowing the time on market will help you better prepare for the timing when moving and selling at the same time.
- What type of market – Is the market in your area a buyer’s market or a seller’s market? The type of market will influence your sale strategy. A seller’s market would give you the greatest advantage when selling your home. A seller’s market can be caused by low inventory and high demand, but there are other factors that could contribute to it as well. In a seller’s market, time on market will be low and housing prices will be higher. However, since you are both moving and selling, a buyer’s market has advantages as well. In a buyer’s market, sellers are more anxious to sell and you will have more wiggle room to negotiate a better price.
Get and appraisal and consider getting an inspection.
The next few suggestions’ order can be swapped, but the next thing you should do is to get as much information about your own property as possible. An agent can help you determine the price of your house, but having hard facts ahead of time will give you an advantage with buyers, and will speed up the sale of your house since your agent will have less leg work to do. Getting your house appraised gives you a great general idea of the price you can offer. Buyers who are pre-approved for a loan will know exactly what price they can afford, so this information will be very helpful to them. Additionally, having an inspection done will shorten the negotiating process, as buyers will already know exactly what is wrong with the house (and so will you).
Understand WHY you are selling your home.
Understanding WHY exactly you want to sell your house will help you to know what you are willing to compromise on when the selling and buying process begins. While it is important to communicate this to your agent so they understand your specific needs, you do not want to share this information with sellers when you look at houses to buy. If they know what you can compromise, you may not get the best deal.
Find the right agent.
Make sure you get an agent that understands what you want and is willing to listen. Make sure they know that timing is crucial, and that they are knowledgeable about your neighborhood, and the neighborhood in which you want to buy.
Decide what to fix and what to leave alone.
After your inspection, you should already have a good idea of what you want to fix and what you are going to leave alone. Your agent can also help you decide what repairs, if any, will give you the biggest bang for your buck. Ask your agent what repairs will increase the value of the house the most, and what repairs if left alone won’t affect the selling price much.
Prepare the house for sale.
Preparing the house for sale includes repairs, but also includes things like landscaping and staging the inside of the house. We talk about this all the time, but it bears repeating. Consider repainting and new carpet using neutral and universally liked colors. Anything too specific or creative might limit your buyer’s ability to picture themselves in the home – give them a blank canvas! Some sellers choose to have a house professionally staged, but if that isn’t an option, just make sure to keep your house extra-clean and clutter free. Make sure your furniture is arranged in a way that makes best use of each space, especially for rooms that are unusual.
Be a smart seller.
We could write a whole post on this! Here are some suggestions:
- Market your house to get as many prospects as possible – Use popular house marketing websites, but also consider local ads (such as Greensheet), social media and referral marketing (ask your friends to tell their friends!) Even if someone expresses interest, don’t limit your options. Keep marketing until the house is SOLD.
- Make sure contracts are complete: Read offers and contracts completely, and ask your agent to explain anything you don’t understand.
- Disclose everything – No one likes surprises when they are buying a house! Unless you plan to dish out some surprise bonuses – buyers would probably like that.
- Make SURE buyers are qualified – If your buyer is not pre-qualified by a lender, then don’t even consider their offer.
Try not to sign on your next house before finding a buyer for yours.
This last part is the trickiest: the timing of selling your old house and buying a new one. Ideally, you want both closings to happen on the same day or within a couple days of each other, but obviously things don’t always work out this way. That is why we suggested above that you try not to sign on your new house until someone has signed on your old one. Financially, it would be better to rent a hotel for a few nights or weeks than to pay two mortgages, etc., at the same time. One option for owning both houses at the same time, if there is no way around it, is to utilize bridge financing.
Are you overwhelmed yet?
If all this sounds like a LOT to worry about…it kind of is! But people like you do it every day, and the process won’t be new to your agent.
Another way to create a smooth transition from one house to the next is to work with an investment company like Big State Home Buyers. While you will not get full price for your house, you also won’t have to worry about paying for agents, repairs or staging, and you will know exactly when the house will close (you get to choose!) You will also have guaranteed cash in hand at closing, so you don’t have to worry about a buyer’s financing falling through.