Panicking because you need to sell your house fast? You might face foreclosure, legal fees, debt, or relocation for a new job. Whatever the reason, you can’t wait for the traditional process to drag on for months.
Traditionally, homeowners relied on real estate agents to hunt down potential buyers. But getting the best offer often takes time you don’t have, especially with the relentless voice in your head reminding you, “I need to sell my house fast.”
Fortunately, as an Idaho homeowner, you’re in for some good news. The recent Idaho housing market surge means house sale prices are rising at record rates.
A few simple strategies will help you tackle the real estate market and prepare to sell your house in 7 days. Learn how to:
- Prepare to sell your house fast
- Sell fast at your asking price
In real estate, preparation is power. Once you understand your options, preparing your home to sell quickly will be within your control.
By targeting specific types of home buyers, you’ll improve your odds of selling your home fast.
How to Sell Your House ASAP in 7 Days
Buyers don’t just appear on the doorstep to make cash offers. Selling your house fast means you must be prepared to do some work. You’ll need to:
- Research the current market
- Plan a marketing strategy
- Repair and stage your house
- Consider how to leverage existing relationships
That said, it’s absolutely possible to sell your house fast, even as fast as a week. Following these simple steps will help you figure out which strategy makes the most sense for your situation.
Researching the Idaho Housing Market
Start by gathering information about the current housing market and companies that buy houses in Idaho. You’ll use this research to target your marketing strategy.
Narrow Your Search
Focus on closing costs in your specific area. Knowing how other local houses are selling gives you a good sense of what you could reasonably expect from a traditional sale.
Though selling fast may mean going lower on pricing, it’s still smart to understand what potential buyers are willing to pay.
Check the Speed of Sales
Check how long, on average, houses in your immediate area stay on the market. If the answer is only a few days, you’ll be able to consider a more traditional sales route. Generally, however, selling your house fast means using expedited processes.
Creating a House Marketing Plan
Before you start actively marketing, you’ll need to create a strategy to increase your home’s appeal and visibility. This hinges on setting a price that will attract home buyers.
If you want to sell your house fast as-is, of course, you’ll need to set a price to match. The lower you set your asking price, the faster you’ll sell.
According to Entrepreneur, selling a house fast is also much easier when you use technology to your advantage, both for marketing and sale.
Staging Your House
Whatever route you choose, you’ll most likely need to stage your home. But you don’t need to go out and buy a bunch of new stuff to stage effectively.
- Go Minimalist
Potential buyers look at your space, not your stuff. Staging your house fast involves clearing out as much as you can to reveal the built-in features.
- Clean, Clean, Clean
Even more than removing clutter, cleaning every inch of your home increases its resale value. Think floor to ceiling. This includes the outdoor portion of your property, too. Mow the lawn and get those weeds pulled to maximize curb appeal.
Your marketing strategy will likely include posting images of your house online, so make it as photogenic as possible.
- Quick Fixes on Minor Repairs
Obviously, you don’t want to drop a ton of money on your house immediately before selling. However, making some simple fixes improves the open house experience dramatically. They may also reduce the number of items you’re required to disclose.
Walk each room and look for the little annoyances you deal with daily. Specifically, think about any broken latches, issues with appliances, or leaks. Listen, too! Any irritating sounds will be red flags to potential buyers.
Leveraging Relationships to Promote Your House
Now isn’t the time to be shy. When you’re trying to sell your house fast, as any professional realtor knows, it’s all about connections. You might know someone who knows someone. You may have a former coworker who went into real estate.
Even if it’s only information, make the most of whatever your connections have to offer. You generally don’t have to pay a consultant fee to a friend.
Private sales also cut out red tape. While you want to be careful that no one ends up feeling slighted, this is a great option for selling a home fast. It’s probably worth bringing in a professional to mediate the contract process, though.
Transfer Your Mortgage
If you’re in a tight spot, you may be able to transfer your mortgage to a family member. Depending on the mortgage type, you might run into certain restrictions.
However, especially in a buyer’s market, transferring your mortgage may help you keep your house in the family. The family member may also get lower interest rates on their mortgage payments, and everyone gets to avoid closing costs.
House Selling Options
To sell your house fast, you must choose between two routes: agent sale or sale by owner. You also have a newer third option, internet buyers, if you’re selling yourself. Here are the key methods of selling your house fast.
Real Estate Agent
For a first-time home seller, the experience and guidance of a real estate agent are invaluable. They will handle coordinating all the house sale details, including vendors, lenders, and buyers.
However, if you go this route, keep in mind an agent typically charges 6-7% of the closing cost. Given the expense, confirm that the real estate agent possesses the proven experience and network connections to back it up.
Finding a real estate agent who understands your urgent situation is key. They must show a track record of fast sales.
If the agent isn’t confident that they can negotiate and set a closing date within seven days, keep looking. You may also discuss a more reasonable asking price for selling your house quickly.
FSOB (For Sale By Owner)
When you take on the entire responsibility, you also take home the full sales amount. While this sounds tempting, be aware that owner sales are statistically lower. You don’t have access to the same professional connections and extensive networks as seasoned real estate agents, after all.
When considering this route, keep in mind the many steps involved: staging, listing, open houses, negotiating offers, getting appraisals and inspections, writing contracts, and finally closing.
Depending on your situation, it might be worth hiring an agent just to help with final contracts.
iBuyer (Internet Buyer)
Technically a version of sale by owner, iBuyers are increasingly common. Homeowners who need to sell a home fast get easy, instant sales through web-based companies.
Offers from iBuyers are based on algorithms that draw on the latest housing market data. However, you don’t get to negotiate, and your offer will be slightly under market value. This method might be worth the small loss to sell your house quickly.
As a bonus, you don’t have to commit to an iBuyer. You can still pursue this route while waiting to see if you get a better offer through your real estate agent.
Selling to House Flippers
Individuals, corporations, and even real estate agents are in the house-flipping business. They’re interested in a fast, as-is home sale. Motivated by the bottom line, a house flipper is a solid option for a quick closing and minimal complications.
The main downside here is losing visibility. In a competitive market, flippers will want a below-market price to make their investment pay off. Depending on the market and your home’s value, you may choose to work with a realtor, even if you need to sell your house ASAP.
Selling As-Is to Cash Home Buyers
In many ways, iBuyers are an online option to get a fair cash offer for your house. Cash buyers and buying companies offer definite incentives to anyone who needs to sell a house fast. You can skip staging hassle, for instance.
Generally, cash buyers accept houses as-is with no contingencies and no extra waiting for financing and appraisal. Keep in mind that, just like with house flippers, cash buyers also want under-market pricing.
Keep in mind that guaranteed sales and cash sales are different. When you’re on a short deadline, you don’t have time to wait for a retail buyer, so guaranteed sale to a real estate company is generally off the table. In these situations, a cash offer often appeals.
In Idaho, a seller’s market is working in your favor for finding home buyers fast. Of course, you still need to consider the marketing strategy and sales approach that makes the most sense for you.
However, selling your house fast is certainly possible, even if you opt not to use a realtor or need a cash offer.
New options like iBuyers provide another layer of reassurance for anyone facing foreclosure. While you might not get the most competitive cash offer, you do get convenience and, most importantly, speed.