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.
Must Do Repairs to Sell Your House
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.
If the housing market is poor, like it is right now than selling your home fast is even more difficult. However, there are ways to increase the chance of people beating down your door so you can sell your house.
First, consider lowering the price the point to where the house can sell on cost alone. This might be difficult for some people to do because that is money that they are taking right out of their pocket. However, if you need to sell your house fast than this is going to get things moving more than any other one item. The irony is that in most cases if you set it really low, even up to 20% lower you most likely will start a bidding war for your home, even in today's market. So the price will rise close, if not over the value you would have placed on it. But you are going to have to have mental toughness to do this and most people just don't have a belief that it will work out this way.
Get yourself a storage unit and put everything possible in there. A house that looks packed will cause people to think it is small. A house that has less in it will actually cause people to think it's large and spacious.
Next add lamps, lights and increase the wattage of the other bulbs in your home to make the house glow. Light is one of the things that help people feel the house is alive and fresh, dark homes make people feel down. So brighten the room up with lighting throughout the house.
Although it's your home people are looking for a house, so take your personality out of the house. Family photos, religious information, work related information, etc. will take away the focus from the house and place it on the home.
People buy the kitchen, so place the focus on the kitchen and either do a light remodel with appliances or a full remodel with cabinets, countertops, flooring and appliances. This is an area of real importance in getting your house to move quickly.
Last, be ready to show it. People won't come when you are ready, they will come when they are ready and normally that means with a very short notice. Keep the house clean and clutter free so an agent can call and show with a moment's notice. Take the time up front to learn what you need to do to sell your house fast and you will increase your chances.
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.Homebuyers NHBlockedUnblockFollowFollowingJul 23, 2018
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1. Get a Storage Unit
After taking all the pain to declutter your house, keeping all the trash in the closets is a very bad idea. When people tour your home they will definitely request to see every where, including the storage spaces. Seeing the place organised, overstuffed can send the wrong signal to the picky buyer. A good idea might be to pay for a storage unit where you can have all the unwanted stuffs kept from the prowling eyes of a potential buyer. All your holiday decorations, seasonal clothes, that appliance you have never even plugged into power can all find their way into the storage.
2. Get A Professional to Help You Stage and Photograph Your House
Buyers have their perspective and you will need to do all your best to align your house with that perspective. A good home stager understands the psychology of a buyer and help recreate your house to fit in perfectly. The first impression your buyer would have are the listing photo, and this is proved by studies that homes with more than six lisiting photos online have double more chance of being viewed by buyers.
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4. Be The Promoter
Don’t relinquish all the job for your agent. You can also take a little bit of the pie and promote the house yourself using your social media accounts or sending the listing to your family and friends. You never can tell, which of friend’s friend may have interest or how fast the fire can spread, may be like a wildfire. You can take a little step further by telling some few folks in your neighborhood, spreading the news yourself will never hurt. Send the listing over to your homeowners association mailing list, your neighbors could help you pull the magic wand.
You will still need to remove all personalized items for your house and make small upgrades to your house as well.
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