Last Updated on Apr 8, 2020 by James W
A person might want to sell their house for any number of reasons. But, irrespective of the reasons, most people would prefer to sell house fast for cash. Unfortunately, that isn’t always possible.
While sometimes the market just isn’t good enough, other times, the house might not be in the best shape possible or the price might be too high. If the market isn’t doing well, there’s hardly anything you can do, other than wait.
But if you see that other comparable properties in the market are being sold fast, whereas your property is still languishing in the market, it might be time for a change. In most cases, it’s either of the two factors which can help to sell house fast for cash – upgrade your house or lower your price.
In such cases, it’s time to listen to some feedback from your private property buyers (if you have any) and your potential buyers. Try and get some feedback from your buyers about the house condition and the price. See if there are any common themes sticking out.
“The kitchen could be more updated” or “the rug could look better” or “don’t you have hardwood floors are pretty obvious indicators that your house might need some work done. In such a case, get your house off the market immediately. After you get some work done, you can relist again. It has been observed in many cases that houses that stayed on the market for over 6 months, sold out in a couple of weeks at the asking price after relisting.
When collecting feedback from the buyers, remember to ask them whether they find the price fair or if it seems overpriced. Remember, that as a golden rule, a house can seldom be under-priced.
If you do list your house at a discounted price than the market fair value, competing bids from motivated buyers will almost every time take your price to being market-competitive again. It kind of works like an auction on eBay. So even if you list a product worth £100 for £2 anywhere, people will bid against each other in hope of buying it at a discounted price. In effect, that moves the products price up. The same theory works here.
So, if you think that your house might have been overpriced in the listing, try to discount it. But before you do that, try to keep it on the market for at least 1 month at the original price and gather some feedback to help you understand what’s actually wrong. This will help ensure that in case the area you are listing in, has limited interested buyers, your house does not sell out at a below-fair-price offer.
So, if you do want to sell house fast for cash, don’t worry if it’s taking a bit of time. You’ll get there. All you have to do is find out the ‘why?’ and the rest is easy. So, try and get some feedback from prospective buyers the next time you have an open house.