5 Must-Know Factors to Sell your House Faster
There are no specifics on how long it takes before a property can be sold. While you can research the average length of time, this estimation is more likely associated with many factors. For instance, a successful house sale may be influenced by the owner’s networks or the result of the brokers’ strategy. It may also happen out of sheer luck.
Preparing to sell a property undergoes a multi-step process from redecorating to staging to doing paperwork. Often, it takes a few weeks (if you’re lucky) or a couple of months or years. So how long can a property stay on the market? In general, there are essential factors that aid sellers and house owners in gauging their chances of selling a house successfully.
Price range is a-must consider factor. In most instances, determined and passionate buyers are willing to pay more than a property’s market value. On the other hand, considering that more buyers can afford lower-priced properties, inexpensive homes are expected to be sold faster.
However, it doesn’t mean that expensive houses can’t be sold fast. Many agents strategically lure multiple offers through pricing properties a bit lower than its market value, which pushes up the prices more. Why? It’s because these houses are usually located in desirable areas, so many buyers end up getting interested, not to mention the agents’ convincing power.
Can I sell my house and buy another one even if my credit is poor?
In most cases, selling your house has nothing to do with your poor credit. However, buying a new property requires having good financial standing. There are a few lenders who may consider, but it depends on the following:
- The down payment a borrower can afford
- Actual credit score
- Sale and purchase management
- Available lending programs
If the house you’re selling has a lower market value and you want to purchase something that’s at a higher price, that depends on your financial capability. Just keep in mind that it’s best to sell your house first before buying a new one, especially if you have credit issues. If you don’t know how to deal with it, ask professional help. It costs some bucks, but it’s better than losing many grand.
2. Property’s location
As mentioned earlier, a property’s location does a lot for its sales. I bet you’ve heard of the classic adage “location, location, location.” The term emphasized that a property value may either increase or decrease due to its location. It’s the number one rule of thumb in real estate. However, it is often overlooked.
Most of the time, the demand for a property is better if it’s located in a highly sought after area. In this case, attributes such as near excellent schools or in desirable neighborhood offer edges to your properties.
On the one hand, properties with the highest values are those situated in prime spots, which are as follows:
- Located in the middle of the street. Most buyers feel secure and less vulnerable when a property is in the center of the road, rather than in a corner.
- Close to nature and recreational facilities. Many buyers prefer to reside away from environmental hazards.
- Walking distance to entertainment, shopping centers, public transportation, and the like. Most buyers like to live closer to many establishments for convenience. These types of properties are typically expensive even in small size.
- Close top-rated school districts. Also related to accessibility, especially those buyers who are concerned with their children.
- Conforming locations. A few buyers are into similar property types (age and construction).
- Economically stable neighborhoods. For those buyers who are more into value, they are keen on communities that experienced weathered economic downfalls yet stood the test of time.
On the other hand, the following area types are a few of the factors that can constitute a substandard property:
- High crime area
- Industrial/commercial space (due to excessive loitering and littering)
- Economically depressed area (i.e., junkyard, bad landscape, lack of maintenance)
- Dangerous area (e.g., close to nuclear plants or landfills)
Even so, many people still prefer what they think as ‘right homes,’ although they’re located as what other people consider as ‘wrong locations.’ These buyers believe that they can adapt to any situations, like the noise they may hear when their house is across the freeway. While buyers have different opinions, this kind of house doesn’t always stay long in the market.
3. Property’s overall condition
A property’s condition also significantly dictates how long it will stay in the market. Commonly, buyers will think of themselves residing in your property, and most of the time they wanted a place that is in tiptop shape.
Typically, excellent maintenance or absence of minor or major defects are the two main criteria to include in your ‘property condition’ checklist. Additionally, the following list can be used by a homeowner, seller (agent), or buyer in checking a prospective house’s condition.
Site and Grounds
- Safe, undamaged, and walkable pathways and driveways
- Rot-proof fences
- No visual pest damages everywhere
- No standing water from having a sound drainage system
- Maintained landscape, lawn, or garden
- Structurally sound deck, veranda, and balcony
- Defect-free walls and wall claddings
- Well-maintained paint or coating
- Undamaged walls from damp or molds
- No sills, flashings, or moldings on windows and doors
- Absence of vine growth on the structure surface
- No corrosion on the roofing sheet
- No damages or defects on gables
- No sagging, bulging, or uncommon movements on the roof
- No rust or decay on roof gutters
- No stains or damages on the roof’s underside
- Roof painting or coatings in good condition
- Working valley drain
- Absence of staining or dampness, sagging, cracking, vertical distortion, or popping nails on the ceilings, wall linings, and floors
- Damage-free (no cracks, no damaged glazing seals, no corrosions) and working windows and doors without obstructions
- Security locked windows and doors
- Sufficiently rigid handrails, stringers, treads and risers
- No delamination, water damage, or lifting on the kitchen benchtop
- No musty odors and water damage on the cupboards
- Cupboard drawers and door work well
- No cracks, chips, and water leaks in the taps and sinks
- Water taps and switch have good water supply and drainage
- Bidets, pans, or cisterns are installed and functioning properly with no leakage nor cracks
- Leak-free taps
- Good water supply
- Floor covering is watertight
- Shower screens are appropriately sealed at the wall or floor with no cracks
- Shower tiles are free of cracks
- Absence of seepage and leaking in the shower
- Mirrors, vanity basins, and cabinets are working properly and damage-free
- No condensation damage
- Both exterior and interior lights are working
- Alarm systems are available and working
- Property is adequately ventilated and insulated in general
- Both the electrical wirings and plumbing system are in good condition
If you’ve ticked almost everything, then your property is more likely to be sold. Conversely, if your house is a neglected one, expect that you’ll end up hard-pressed. It’s less crucial how much you renovate a property or how good an agent can do enticing sales talk. Other home-buyers can still distinguish a well-conditioned property from something that isn’t.
4. Market conditions
Markets tend to shift from time to time. If a market is transitioning, it’ll be more challenging to sell a house. It’s recommended to sell your property in a hot market. Its conditions typically favor sellers in a deal with buyers hence called ‘seller’s market.’ The said conditions are the following:
- Fast sales
- High demand
- Low supply
- Rising prices
- Bidding wars
- Multiple offers
- Waived contingencies
Cold markets, on the contrary, are the exact opposite of a hot market. It’s called the buyer’s market and is characterized by factors that offer the buyers advantages. These factors are as follows :
- Bank foreclosure and short sales
- Low demand
- High inventory
- Falling prices
- Price reductions
- Slow sales
- Seller concessions
The property’s average days-on-the-market or DOM before a seller agrees in an offer is an important metric that identifies whether a market is either hot or cold. In general, the longer a property’s DOM tracker is, the colder the market.
You should expect less when the market is declining. Don’t overprice a property in a falling market or else you’ll suffer from price reduction as the market down. Consequently, you’re more likely going to sell your house worth far lower than your original asking price.
5. Seasonal Patterns
Most of the time, many house sellers prefer hitting the market during spring or summer. Statistics show that more homeowners move anywhere between these seasons when school is out of session. A few people move during winter break, as well. However, the snowfall and low temperature make moving a bit inconvenient.
Seasonal cycles impact home sales, especially if you’re in a highly seasonal market and it’s the prime home-selling season. If you’re residing in tropical areas or your market doesn’t experience much seasonality, you don’t have to worry about seasonal patterns. In this case, timing doesn’t make any difference.