How Do I REALLY Sell My House Fast in Chesapeake?
Today we’re gonna talk about the absolute best time to sell a house.
So when is the best time to sell a property?
Well, the truth is it depends.
If you bought it the right way, then anytime should be the right time.
However, will there be times in the market that are more advantageous than others? Try this one for a minute: Consumers and investors usually follow separate and opposite tracks.
So when all the consumers are buying up real estate, do you know what investors are typically doing? That’s when they’re selling! When everyone is in this buyer’s market, that’s when you can usually sell for the highest price and that’s when investors wanna trade into different properties.
How Can I Sell My House Fast?
But the opposite is also true.
When all of the consumers are dumping and saying “The sky is falling and it’s the worst investment that we saw in ’07 and 2008 and 9 and 10!”.
What were investors like me doing? We’re buying up everything like crazy! WarrenBuffett – he had his own hedge fund at the time.
He was buying 30.
40,000 homes per-year into the markets that actually were totally decimated.
So, best time to sell a home is really at the market high before it falls out is when you’re going to really cash in on top dollar.
But if your strategy requires that, then you may have in fact, the WRONG strategy.
Because if the market is ever turning and moving it away that it’s not advantageous for you, you should be able to continue holding that home, cash flowing it, and continuing to make money on it.
There are a number of ways to sell a house. Listing a house with a real estate agent. Selling a house for sale by owner (FSBO), or selling a house to a real estate investor are all house selling options. Which one is right for you? When you decide to sell your house you should not rule out any of the three major selling options. What you should do is figure out which selling option is best for your selling situation. Every selling situation is different and so are your selling options.
Lets take a quick look at each selling option and see how you can determine the best way to sell your house.
Listing your house with a real estate agent:
A home seller should consider selling their house with a real estate agent if they are in the following situations. I do not need my house to sell fast. I can wait for my house to sell on the open market while I live in it. My house is in excellent condition and does not need any repairs. My house is ready to be put on the market, it has natural interior and exterior paint colors, and has great curb appeal. I am in no financial hardship that requires me to sell my house. I am happy living in my house no matter how long it takes to sell.
Selling your house for sale by owner (FSBO):
A home seller should consider selling their house for sale by owner if they are in the following situations. I am knowledgeable about real estate. I am willing to sacrifice my time and put lots of effort into selling my house as long as I do not have to pay a real estate agent. I have money to market my property so I can get it sold. My house does not need any repairs and is not a fixer upper. I do not need to sell my house right away.
Selling your house to a local real estate investor:
A home seller should consider selling their house to a local real estate investor if they are in the following situations. I need to sell my house fast. I need to sell my house to stop the foreclosure process. I can not afford my mortgage payments. My house needs repairs and I can not afford to fix it up. I have just been relocated by my job and I need to sell my house. We inherited a house from a family member and we would like to sell it. I am tired of being a landlord and want to cash out of my investment. I am going through a divorce and need to sell my house now.
As you can see there are definitely times when you should list your house, sell your house FSBO, and sell your house to a local real estate investor. If you are in a situation where you need to sell your house quickly, your best option is to sell it to your local home buyer. They will take care of all the paperwork, purchase your home quickly and you can move on with your life.
This is one of the reasons why one of my many rules in real estate is that I buy below the median.
Why do I do that on my short-term buy and holds? Because if the market ever turns AGAINST me, I’m gonna keep on cash flowing that property and those lower-priced homes – they don’t lose value like a million ora half a million dollar home does.
So Warren Buffett has this principle, right?He calls it the margin of risk.
And really when you talk about the best time to sella house, I wanna draw attention to how Warren Buffett has become a billionaire and the, one of the greatest philanthropist of our day and age; all based on a very simple principle you may have heard called Buy Low, Sell High, okay?
Warren is a really great example if you read his book Snowball, of an individual that really live his principles. He must have understood VirginiaInvesting.com!
He says if you wanna reduce your risk, you gotta increase your margin of profitability.
So it’s real simple:If you buy a house as an investor, you buy it with a lot of equity ’cause if you do, whether it’s the wrong or right time to sell, you can sell profitably! Understanding this principle is key for this next part: If you buy the right house, you can sell it anytime for great profit.
I’ve got an example here of the house that I’ve just recently sold.
This is a house that I sold and purchased in ’05 and sold in 2015.
So I’ve held onto this house for 10 years and here’s some background on this house: I actually leveraged a partner’s money and a partner’s credit to buy this house.
So how much money was I into this deal? I wasn’t in it at all.
And I used my staff and my team and we basically lined it up.
Now I have here the HUD.
This is actually the closing documents on selling this house where I received as you can see here a $38,986check.
But here’s the summary on this spread that I wanna point out.
I purchased this house in 2005 and we bought it for $109,000 and a down payment of 10% was $1,069.
My expenses over the life of holding this was 70,000 but my income was a 107.
What’s the difference? Roughly $37,000 that we got to make in cash flow and to down payments, deposits, along the way.
Then when we sold the house, we collected a check for $28,000 that me and my partner got to split afterI paid back my partner the $9,000 that he put in.
So he put in the money, he got paid back.
So basically there’s 28,000 of profits to split, there’s 37,000 that was made along the way, 37 and 28 is roughly $65,000, okay? So this tiny little house – 4 bedroom, 1 and a half bath, did a good job taking care of me.
Now let’s just for a moment take a look at the ROI.
I could’ve sold this house at any time but why did I sell it now? Well, it’s been a cash cow.
The little bit out, how do I know it’s a cash cow? For a moment, take a look at the ROI! We put in $9,000 but look at what we got out? $65,000! That’s a 720%increase.
Now, divide that over holding the home for10 years and that is 72% a year on your money.
Now, my business partner and I made 72% a year based on whose money? His money! He’s.
he and I get to split the ROI 36% each.
But let me ask you, if I put no money in, what is my real net ROI? It’s infinite! Think about it.
I didn’t put anything in, but I got all of that money coming back out to me.
So this is an example of ‘I could’ve sold this house at any time.
It’s been cash flow cowing.
Why did I really sell it?’.
Because the market was right! What do you do when the market’s wrong? Just keep making money and keep cash flowing! When you do real estate the right way, it can always be a great time to buy, hold, or sell.
which is why I love short-term buy and hold strategies ’cause I get to make my money along the way.
I hope you’ve enjoyed today’s video on the best time to sell your house.
Put some comments below! We’d love to respond and give you the help that you need as we work on turning you into a brilliant, bright, and successful real estate investor.
Hi I'm Meagen Mackenzie and this is the channelwhere you will get useful tidbits to help you buy, sell or simply love your home.
Andon this week's tidbit, I'm going to go over the must do repairs for selling your home.
A beautifully staged home is the perfect wayto wow buyers.
But just because it looks nice, it doesn't mean a buyers going to overlookareas needing repair.
So it's really, really important that you prepare your home so thatit passes a buyers white glove inspection.
Fix any leaking faucets.
Buyers will definitelypick up on that and wonder why it hasn't been fixed and whether or not there are other leakingproblems under the sink.
Clean and re-caulk bathtubs and vanities.
Because these are high traffic areas, sometimes the caulking can discolour and peel.
A nicewhite fresh caulking around the tub cleans and brightens it right up.
Clean the gutters.
Although you can't seeinside the gutters from the ground, you can easily see them from an upper floor window.
Or a home inspector will surely identify gutters that have't been maintained.
Don't leave abuyer any reason to question how well the home has been cared for.
Patch and fill any holes or scuff marks onthe walls and repaint them if necessary.
Scuffed up walls are a real turn off to buyers.
Scrub and repaint the front door if necessary.
It's the first thing that buyers will see, so if it's in rough shape, give it a quickfacelift.
Touch up all the baseboards.
These can getscuffed up pretty easily.
A good scrub and some fresh paint will make them stand rightout.
These are just a few ideas but because everyproperty is different, the list of repairs will be different.
A good realtor will walk through your homewith you and give you a list of things that you should do to prepare and repair your hometo list.
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