There are many reasons you might need to sell your home quickly. Selling it doesn’t have to be a monumental task, taking months to complete. Luckily there are improved ways to sell your home in less than 10 days.
Many of the traditional paths for selling a home quickly, involve relying on factors outside of the seller’s control, from the local market to a buyer being in the right place at the right time.
For example, if you know you’re in a hot real estate market, where there are more buyers than sellers, it might be possible to find a buyer and sell your house fast, assuming it meets certain expectations for its location, condition and price and that your paperwork is in order.
If you don’t want to leave it to chance though – or your home isn’t in perfect condition or an excellent market – there is still hope for selling your home quickly.
You can choose to sell the home for cash and request an instant home offer online. Dig into iBuying and the factors that lead to selling a home quickly below.
- What is iBuying?
- How to Sell to an iBuyer
- What Makes a Home Sell Quickly?
What is iBuying?
Instant offer companies, or iBuyers, are tech-based home investors that buy and sell houses, primarily to streamline the process, both for themselves and homeowners. It allows for the homeowner to save time and effort that wasn’t possible in real estate transactions before.
When selling to an iBuyer, the seller doesn’t put their home on the market, stage the home, do showings or negotiate an offer. Instead they sell directly to the iBuyer who will resell the home.
To see if iBuying is an option for you, below are details about the types of homes and markets they work with:
- Types of Homes to Sell to iBuyers
Typically, houses valued between $100k – $500k, in middle-class neighborhoods, needing only minor updates, are the most likely candidates for successful instant home offers.
Unlinke home flippers, iBuyers tend to buy houses that need minor or no repairs before being quickly resold, instead of buying cheaper houses that need major renovations.
- Specific Markets Where Instant Cash Offers Work Best
Based on their services and the types of homes they apply best to, iBuyers target specific cities for their business, using data to understand what markets would be best.
This includes cities with people who prefer working with an iBuyer over more traditional real estate sales methods, such as with millennials, veterans, empty nesters and those needing to relocate. Cities including Denver, Phoenix, Dallas-Fort Worth, Houston, Austin, Las Vegas, Atlanta, Charlotte, Orlando and Raleigh-Durham are currently serviced by at least three out of the top five iBuying companies. These companies continue rapid growth, expanding into even more markets in 2020.
How to Sell to an iBuyer
You can request an offer from an iBuyer and complete the process for selling your house in about seven days, if the conditions are right. The process is outlined below:
- There is no risk to a homeowner to apply for an initial offer by answering questions about the house online, which helps to compare your home to the local market and trend data.
- If you’re ready to move forward after receiving the offer, the iBuyer sends a home inspector to do a walk-through of the home and assess potential repairs. This could lower the offer to account for any required repairs needed before the iBuyer can sell the house.
- If the offer no longer meets your needs, you can bow out at any point before closing. If you and the iBuyer reach an agreement, you choose a closing date – as soon as seven days after receiving the initial online offer – and you can then receive your cash offer.
What Makes a Home Sell Quickly?
Whether selling through an iBuyer, a realtor, or managing the sale on your own, understanding these common factors can give you insight about how quickly your home might sell:
- Price: You’ll need to be realistic about the price you can get for your home, making sure it’s priced competitively based on fair market value. Lower-priced homes can sell faster than higher-priced ones, but a house priced too low could signal something is wrong.
- Market: In a hot market, there are usually more buyers than sellers, meaning people are willing to pay more and act quickly on securing a sale. In a cooler market, buyers can take their time and choose from multiple houses, so this could slow the sale of the home.
- Location: Proximity to conveniences, as well as inconveniences, can affect how desirable a home is. A highway nearby might be a turn-off, so the seller will need to wait for the right buyer, or compromise on the price.
- Condition: Simple aspects can be customized after purchasing a home but knowing the house is generally safe and functional is valuable to most buyers looking for a move-in ready home.
- Time of Year: Depending on location, common sense can guide when buyers generally want to close and move into their new home. In the midwest, the warmth of summer makes moving easier than snowy winter months. A family might schedule their move around children’s school schedules or holidays.
Using these factors, compare your home to other homes that sold recently nearby to gauge how your house will compete.
Sell Your House in Less Than 10 Days
Based on the information above, you can gauge how likely your home is to sell quickly.
Use this insight to choose the best method for selling it, considering your own timeline for needing to close on a sale and move out of your house.
If you choose to apply for an instant home offer, it allows you to sell the home as-is, saving you effort in the process of closing on the sale so that you can move on, while keeping the stress of selling your home to a minimum.