Are you itching to stamp a “sold” sign on that front lawn of your listed home? We get it. The faster you close the deal, the sooner you can embark on your next adventure.
But how do you know if your house is set for a speedy exit from the real estate market? Luckily, there are a few telltale signs that can hint at a fast-approaching sale.
Below dive into telltale signs that can predict that your house will sell fast.
1. Listing in a Seller’s Market
Listing your home in a seller’s market can be a huge help. It can also help you to secure top dollar for your home. Generally, a seller’s market occurs when there is more demand for homes than there is inventory of homes available to buy. When this happens, the seller usually has the upper hand in the home selling process.
In some cases, a seller’s market can even turn into a buying frenzy. For example, this happened in 2006 and 2007 shortly before the housing bubble burst.
Examples of healthier seller’s markets that were strong but not frenzied were 2018 and 2022.
Signs of a seller’s market include:
- Home prices rise quickly
- Homes receive multiple offers
- Houses sell above asking price
- Price escalation clauses get included with offers
- Buyers act quickly (and sometimes irrationally)
- Many homes sell within the first week of going on the market
- Buyer’s may wave inspections and contingencies
- Cash offers become increasingly common
To determine if you’re in a seller’s market, keep an eye on the number of days homes stay on the market before they’re sold. If there selling the moment they are listed, chances are high that you’re in a seller’s market.
2. Bidding Wars
Another telltale sign that you home will sell fast is if there have recently been bidding wars for homes in your area. Of course, selling your home during a seller’s market can cause this. However, other factors can drive it too.
For example, if you live in a high demand school district, your neighborhood may experience above average demand. Similarly, if you’re state or county where there is an influx of people moving in, you may see this happen. This can happen when state laws offer favorable tax advantages, for example.
Additionally, breaking news that a large employer is coming to the area can have this effect. For example, when Amazon announced a couple years ago that it was opening up a new $2.5 billion headquarters in Arlington, Virginia, it created a sharp rise in demand for housing in nearby neighborhoods.
If your neighbors have recently listed their houses for sale and received multiple offers or had bidding wars ensue, this is a clear sign that your house will sell fast if you decide to list it.
Likewise, when price escalation clauses start being commonly included with offers, it usually predictive that you can count on a fast sale.
3. Low Interest Rates
Low interest rates can be a major factor in attracting potential buyers to your house because they make the home buying process more affordable.
When mortgage rates are low, people can borrow more money to afford a new home. Specifically, they can take on a larger home loan, giving them more buying power.
In general, low interest rates cause both first-time home buyers to enter the market and encourage people who are thinking about trading up to a larger house to take action.
However, the downside of low interest rates is that they tend to drive up home prices, so you may want to act fast once they fall.
4. Selling During the “Hot Months” of the Year
Real estate markets can fluctuate depending on the time of year, and there are typically certain months that are considered “hot” for selling.
For example, spring and summer tend to be peak seasons for buying and selling homes because people want to move before the start of the school year. The longer, warmer, sunnier days also tend to get people out of the house.
This increased demand can lead to faster home sales. So, if you’re putting your house on the market during these prime months, you may have a higher chance of selling it quickly.
While the exact months that constitute “hot market” can vary by state, in general, the strongest months to sell a home tend to be April through August. Of those, May and June are typically when you’re most likely to have a large pool of buyers and to attract above market prices.
5. Completing High Demand Renovations or Upgrades
A house that needs significant repairs or updates can be a major turn-off for potential buyers. On the other hand, a recently renovated property can attract more interest and lead to a faster sale.
Not only do these improvements make your house more visually appealing, but they also signal to buyers that they won’t have to invest additional time and money into fixing it up.
Generally speaking, buyers are drawn to houses that have modern kitchens and bathrooms. If you’re recently renovated these areas, it’s likely to help you with a fast sale.
In addition to those renovations, buyers also tend to appreciate basement remodels, deck renovations, and landscaping investments that make outdoor spaces more useable.
6. Real Estate Agent
Finally, working with a top-notch real estate agent can be your secret weapon when it comes to a fast house sale. In every market, there’s usually two to three real estate agents that are crushing it by selling homes in the area quickly and at above market prices.
Meaning, you will want to work with a “high performer”, not someone who is average, or worse, below average at their job. A high performing real estate agent can help you to:
- Get tremendous photos taken of your home, with ideal lighting and angles
- Create a compelling listing that uses evocative and descriptive language
- Decide about staging your home (or thinning down belongings so that it shows well)
- Generate a large number of buyer leads through both network and marketing activities.
When it comes to selling a large asset like a home, you will also want to work with someone who knows the ins and outs of your specific neighborhood. This is because having local knowledge of your market will help them to price your home aggressively but correctly.
If your agent has recently sold similar homes in your neighborhood, they may even have a roster of potential buyers who are ready to act. If you’re looking to sell your house fast in Lancaster, PA or any other area of the country, working with a knowledgeable agent can hep with quick and smooth selling process.
Of course, you might as well lend your agent a hand too.
Meaning, it is nearly always helpful to share your home sale listing with your neighbors, as well as your friends and family who live nearby. You can also post it to your own social media accounts to generate additional interest.
Signs Your House Will Sell Fast in the Real Estate Market
There you have it, six telltale signs your house will sell fast and could fly off the market. Of course, you don’t need to have all six factors in place to execute a quick sale. Usually, if you meet three to four of these metrics, you’ll be well positioned.
So, why wait? Start prepping your house and making strides toward a successful home sale today.
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