With COVID-19 still making its impact felt across the country, Canadians have been struggling to make their mortgage payments. Although mortgage deferral was an option to take some of the pressure off during the tumultuous last few months, the reality is that some Canadians may need to sell their home to get out of financial hot water.
Conversely, the economic impact of COVID-19 means that mortgage interest rates are incredibly low right now. So if your job is secure and you’re considering upgrading your current home, now may be an excellent time to do so – if you can sell your existing home quickly. From staging your home to sell to using a direct buyer, keep reading for expert tips on how to sell your house fast.
How to Sell Your Home Quickly
According to Zillow, the average time to sell a home from listing to closing is approximately 65 to 93 days. If you don’t have that kind of time, you may need to deploy some savvy strategies to trigger a quick sale. Here are a few tried and tested methods that tend to work:
Price your home to sell
How you price your home will determine how quickly you receive offers and when you’ll be able to sell your place. To learn how to price your home properly, you can get in touch with a real estate agent, or you can use a free appraisal tool like the ProperPrice Report from Properly. This report takes data from recently sold homes in your area and uses an algorithm to determine the correct selling price for your home. Since the report is free, there’s no downside to using the tool.
According to a report by BMO Financial Group, 80% of prospective buyers know if a home is right for them within the first few seconds of stepping inside. Don’t lose potential buyers just because your home doesn’t make a good first impression!
The easiest and least expensive way to get your home in tip-top shape for selling is to declutter it from top to bottom. Decluttering for your personal enjoyment is a bit different from what you do to get you home ready to sell, so make sure the following items are on your pared-down list:
- Children’s toys and artwork
- Family photos and mementos
- Bulky furniture
- Hobbies that take up space, such as crafting, home beer brewing, or computer gaming
- Pet supplies, like beds, bowls, etc.
Mostly, you’ll want to pare down your home to the bare minimum of items so that your prospective buyers can imagine the space as their home with their own belongings. That can be difficult to do when faced with someone else’s family photos or a backyard strewn with children’s toys.
Fix up your home
We all have that list of home renovations and repairs that never seems to end, but before listing your home for sale is the ideal time to tackle that list and spiff up your home so that it fetches top dollar.
If your home is in dire need of renovations, prioritize the ones that will get you the best return on your investment. For example, a bathroom or kitchen renovation is virtually guaranteed to boost your home’s value, while unique changes like adding a swimming pool rarely translate into higher selling prices.
If you’re short on cash, you can use your existing home equity to complete the renovations, or you can stick to more straightforward, less costly repairs or budget updates that are still impactful. Small projects like repainting in a neutral colour palette or sprucing up your backyard will go a long way toward giving your home a cared-for aesthetic.
Hire a home stager
If you’ve already moved, your home may be empty. Or perhaps you’ve got clunky furniture or lack alluring decor. Instead of leaving the rooms boring or barren, consider hiring a stager. Staging a home means having a professional bring in furniture to help would-be buyers picture your home as a functional space.
Staging typically costs several thousand dollars, but the results – a higher sale price and shorter time on the market – are worthwhile if you need to sell your home fast. Some sellers even report homes sitting on the market for months, only to sell quickly after being professionally staged. In fact, staged homes sell 88% faster and for 20% more than non-staged homes on average.
Hire a photographer
If you’ve priced your home fairly and invested in a stager, hiring a good photographer is an excellent final step to ensure your hard work pays off. While this is often a service offered by real estate agents, you may want to pay for a photographer directly, if you are planning to sell your home yourself. A photographer will ensure your home is shown in the absolute best light on real estate listings and will ensure you cast the widest possible net for would-be homebuyers.
Use a Guaranteed Backup Offer
If you’d prefer to have your home sold quickly and easily, you could opt to use Properly’s Guaranteed Backup Offer. It works by making you a guaranteed, fair-market backup offer on your home. If you accept the backup offer, Properly will clean, stage, photograph, and list your home after you move out and put it on the market for 90 days. If your home doesn’t sell within 90 days, Properly will buy it for the Guaranteed Backup Offer price. Properly’s fee is 5%, which is the same as a traditional real estate agent’s fee. The Properly Guaranteed Backup Offer is a solid option if you want to unlock your home equity, allowing you to buy before selling.
Use a Sale Assurance
If you’d prefer to have your home sold quickly and easily, you could opt to use Properly’s Sale Assurance. Properly’s Sale Assurance allows you to access your equity and secure financing to move into your next home first. While you settle into your new place, Properly will prep, list, and show your old home to get you the best price on the market. If your home doesn’t sell within 90 days, Properly will purchase your home. The Properly Sale Assurance is a solid option if you want to unlock your home equity, allowing you to buy before selling.
The Final Word
Selling your home in a rush is a stressful experience, but sometimes financial circumstances dictate that you sell your home quickly. If you find yourself in that unfortunate situation, the steps above can help give you an edge in the housing market and get your home in front of potential buyers sooner. If you’ve already found your dream home and need to move fast, consider using Properly’s service, which lets you move on to your next home before selling your first one.