Life happens. Sometimes your career takes you across the country, or perhaps your financial situation changes abruptly. Whatever the case, many homeowners find themselves in need of a fast home sale. Using data gleaned from real estate agents across the country, we’ll take a look at some of the challenges sellers will face this year, as well as some tips for selling your home quickly.
The market will balance out
Leading real estate referral company, HomeLight, conducted a 4th quarter survey, of more than 500 leading real estate professionals across the country, to get an idea of market conditions and 2020 agent predictions. Depending on your home sale goals, the fact that balance is predicted can be either a good thing or a bad one.
According to survey results, 43.5 percent of agents feel that this year will see a gradual shift away from the current seller’s market to become more balanced overall. Throughout this shift, however, 54 percent of agents say they expect home prices to stay level.
So, if you were hoping for market prices to spike to increase your profit, you’ll be sorely disappointed. However, since the market isn’t expected to make a drastic shift from in favor of sellers to buyers, it’s a good year to sell. But what about selling quickly, you ask.
Gauge what’s informing your decision
Your reasons for selling quickly will help determine the best route to go with your home. The options for a seller who is relocating for work are different than those of a seller who is financially unable to maintain their current mortgage. Then, of course, there’s the majority of sellers who simply don’t want to beleaguer the process.
Selling quickly because of financial strain
If you simply need to get out from under your mortgage, a short sale is likely not for you. A common misconception is that short sales are called such because of a quick selling process, but that couldn’t be farther from the truth. Short sales might run longer, months longer, than the traditional home sale process because of the bevy of paperwork involved.
An auction may be the best way for you to sell your home quickly, without a drawn-out process. However, not every situation is best suited for an auction, either. Your best bet? Meet with a trusted real estate agent to discuss all of your options.
Selling quickly to make a move
If you find yourself needing to relocate in a quick time frame, and a need to sell your current home, finding a top real estate agent with a strong track record of quick sales should be your priority. While some sellers may wish to try to sell on their own, it’s typically faster when an agent is working on their behalf. There are a lot of other details that need to be tended to with a relocation, in addition to selling your current home.
One option may be to list your home but only for a cash buyer. However, the risk you take here is the possibility of not getting as much as you’d hoped for your home. Cash buyers are often those looking for investment properties for rental units or flipping. Your agent can guide you in making this decision, as they’ll typically know the key area buyers.
While the real estate market in 2020 offers some challenges, none are enough to prevent you from selling your home. However, if you need to sell your home quickly, your best option is to find a top area agent to work with, as they’ll be able to plot the best course for your situation.