Do you have a property that you are trying to sell during this unusual time? You aren’t alone! Thousands of homeowners across Arizona have found themselves in a difficult selling time. If you or your agent have never dealt with a recessionary market, the tactics you need to use are much different! Today, we will talk about how to sell your home fast during Coronavirus!
Sell Your Home Fast!
According to a recent Forbes article entitled “5 Tips For Selling Your Home During The Coronavirus Pandemic” author Tara Mastroeni gives several tips for homeowners facing the Coronavirus outbreak.
Unfortunately for the readers of that article, it is long on artwork, and short on ideas. In her article, Ms. Mastroeni gives 5 tips that she felt were particularly helpful for people facing these difficult times.
While it is true, nobody has actually spent any time selling during a worldwide pandemic, certain selling ideas are worthwhile, and others are simply meaningless fluff.
In today’s article, I would like to share with you 4 reasons why homes sell fast, and a 10 Point Strategy to sell your home in 30 days.
This article and accompanying podcast were specifically for a family that I had met approximately a year ago when they were selling their home here in Tucson. As I woke up this morning, I had received this message…
🔉🔊 Listen to KarlBuysHouses Podcast “10 Tips To Sell Your Home Fast During Coronavirus”
What Makes A Home Sell Fast?
There are four things that typically cause a home to sell fast in Tucson (or anywhere for that matter!). Some things, you can directly affect, and others are simply things you must deal with . Let’s dive into this problem!
- Price : I mention price because it is the most obvious of things one can do to change the trajectory of a home sale. In Episode 61 of the KarlBuysHouses Podcast “How To Price Your Home During A Pandemic”; we go into extreme detail about pricing your home to sell fast during Coronavirus.
- Price your property 3%-5% under the comparative market analysis suggested price.
- Pre-sign price reductions every 2 weeks.
- Home must be in “next to perfect condition”
- Terms: If possible, offer your property on terms for sale. While you may not be crazy about the idea of selling yoru property over time, it is a great way to make more money from the same sale price. You can make extra money on your sale three ways..
- On the initial downpayment
- Interest above and beyond the original payment you charge them
- Final lump payment at the end of the term.
- For extra information about Seller financing, see related KarlBuysHouses article “4 Tips For Selling Your House With Owner Financing.”
- Condition: Make sure you are #1 or #2 in the MLS for your subdivision and 1 mile area in terms of price and condition. The homes that are selling now are in the best condition, for the best price.
- Location: This is the area that you cannot do much about. You cannot change the location of your home, but you can take it into consideration. Be sure to identify those who are looking in your area as potential buyers. Buyers can come from anywhere, but they don’t buy everywhere!
10 Point Strategy To Sell Your Home in 30 Days
This 10 point plan goes strategically with the podcast that I have recorded. Be sure to listen to the entire podcast for every single tip, and trick in this strategy! The first 5 points are directed to get your property under contract in the next 30 days. The final 5 points are negotiation tips to help you and your Realtor get the most money possible for your home!
5 Strategies to SELL Your Home Fast
- Price Your Property “On The Tens.”
- Remember, MLS agents and homebuyers look on the MLS for homes that are priced within a range that they are looking to buy.
- Smart homeowners and their agents use the MLS to the full benefit by pricing the property aggressively, as well as properly on the MLS.
- DO NOT price your home like milk! Price it so that it will get maximum attention on the MLS.
- Pricing your home in increments of 10k is a better strategy than at “$199,900”
- Be sure to get updated on the Tucson Real Estate Market (Coronavirus Edition)
- New Photos, New Remarks
- You have nearly 400 characters to use in most MLS systems. Use all available characters! This is where all other agents, all other MLS’s and other people get the information about your home. Why waste this opportunity to describe your home? Update those remarks every 30 days!
- Many MLS’s will allow over 20 photographs. Refresh all the photographs from your old listing and use fresh, new, professionally taken photographs. As over 93% of all sold listings are found on the Internet, you must ensure your home looks it’s best!
- Maximize Your Online Marketing Presence.
- Craigslist, Facebook Marketplace, Ebay Auction, are all good places to advertise your home. Ensure that you renew your ads often, to preserve freshness.
- Contact local landlords to see if they are interested in another property as a potential rental or “Air BNB” opportunity.
- Reverse Prospecting:
- Have Your Realtor us the MLS “Reverse Prospecting” function (fully explained in the podcast)
- Create a flyer and email to the top 25 Agents in town
- Create a simple “Feedback form” that you can get feedback from the agents who show your home. This will enable you find motivated buyers who have a simple objection.
- Increase Buyer Agent Commission 1%
- Make the home easy to show. Use a lockbox.
- By increasing the cooperating agent commission 1%, you don’t commit to anything unless the property is sold . If you reduce the price, you are committed to a lower price.
5 Negotiation Tips To Ensure Your Home CLOSES!
- Make The First Move
- While I recognize the saying “the one who speaks first, loses..” in sales.. timidity can cause starvation! If you find yourself in a situation where someone has seen your property multiple times and has yet to make an offer… make the first move and make an offer to them!
- Don’t count on the skill of their agent to be able to convince an interested buyer to make an offer. Sometimes, buyers will look at a home several times, and their agent may not have the skill level to persuade them to make an offer.
- You don’t have to come off the asking price to make an offer. You can make an offer, and throw in benefits, or other terms to make the deal more attractive. Sometimes, you just need to get the conversation started!
- Offer to Pay Points
- Here is a trick that we used to do “in the bad old days!” Even though the interest rates are ridiculously low… another way to make your home more attractive than the competition is to offer a lower than normal interest rate.
- People are spending more time in their homes. Paying points in exchange for a full price offer might make sense!
- Offer to Pay Towards Buyers Credit Cards
- Instead of paying closing costs.. why not consider paying towards buyer credit card balances? This enables them to have less debt, and perhaps an easier time qualifying?
- Check with your local lender for current regulations on various loan types.
- Offer Seller Financing
- There are various methods of Owner Financing. Including, but not limited to Rent to Own, Land Contract, and Wraparound Mortgage.
- Depending on how you structure your transaction, you will be able to maintain control of the proeprty, while limiting the risk you face.
- By considering your property as a “investment properrty” you can actually make more money over the long term than you might on a straight sale… even if you have an existing mortgtage.
- Remove the Emotion And Drama
- One of the biggest killers of real estate deals is emotion and drama.
- You must separate your feelings from the property.
- If you don’t “keep your emotions between the lines… and keep those lines thin” you will lose every time.
Sell Your Home Fast During Coronavirus
During this time of economic uncertainty, it is difficult to predict what will happen in the future. There are several reasons to be concerned about the real estate market in America. There are 10 Reasons Why The Housing Market Is WEAKER Than You Think, and it is my opinion that the coronavirus is just the “breeze of wind” that blew by that blew over the first card in the “House of cards” that is the housing market.
I would not be surprised if this leads to a devaluation of property nationwide.
See Related KarlBuysHouses Article: The Arizona Real Estate Bubble of the 2020’s
If you have an unwanted property in the Tucson area, feel free to contact me directly at (520) 403-6227 or click here for a fair, fash offer on your home today!
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