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.
we buy houses new orleans
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.
Love is one of those human emotions that are as vital as air and water. It has been behind the biggest feats – and biggest atrocities – of humankind. Love is everywhere and in everything humans are involved in, so, what are the similarities, intersections, and relationships between Love and Real Estate?
That’s what we are going to figure out with this article. Shall we?
First impressions matter
Like with love and dating, while it’s not definitive, first impressions do matter in real estate. A house with no home staging, completely uncared for, will not impress home buyers. A poorly put together real estate agent ad, website or a poorly presented in-person real estate agent will not impress home sellers and home buyers either. On the contrary, it will make them shy away from you or the house.
You’re not physically getting into bed with your clients and buyers, but you are metaphorical. So you need to present yourself and what you have to offer with confidence. One will truly love the other only if they see in their eyes a spark of self-love. That’s what people really fall in love with. Pity is not love, and that’s what home buyers feel when they walk into a home with an uncared-for garden entryway in desperate need of care. And worst: if they do make an offer, chances are it’s the opposite of love; indifference to you and your desires of selling for the highest you can. They are probably trying to buy it on the real low, put some of their love to the home so they can sell it for much more. So, in other words, its all about self-love, really. Love yourself and your house and increase your home value with these home improvement ideas.
Loyalty is important
The majority of our society is strictly monogamist when it comes to love relationships, and the same should apply to real estate. We’re not saying real estate agents should have just one client at a time, but they should treat them as if they were the only one, with the care, attention, and respect they deserve.
And regarding home buyers or home sellers avoid dual listings as much as you can. Yes, we know it’s okay if the real estate agent comes clean with both the lovers—I mean, clients! But you know what? Go back to the first topic. Love yourself! A dual agency will keep your real estate agent from fully focusing on his fiduciary duties to you. But also, don’t go out selling your home with a bunch of real estate agents, like in an Open Listing. It seems like a good idea, like a lot of people are out there selling your house and it will speed up the process, but you’re better served with one dedicated person trying to sell it because they know if they do they’ll get a commission. The reality is that in an open listing, only inexperienced real estate agents really spend their time marketing the home; most will have it at their backburner in case it perfectly matches a client’s taste.
Exes are forever
Just like in romantic relationships, it’s likely that an ex will, down the road, show up again in your life. And, like with love, that can be a good or a bad thing. That’s why, real estate agents, no matter how big their influence (or commission) will be, should always do their best, be the kindest and the most righteous they can. You don’t want the evil Ex returning, complaining about something you forgot to do, smearing your name all around your real estate market. You want the good Ex that will return because they want to sell the house and buy another one, and their experience with you was so good it’s part of the reason why they want to do it again.
No matter if it’s a fling (like someone just wanting to have more information about something real estate-related) or a long-term relationship (like someone who hired you to buy or sell a house with you) show them some love and courtesy.
There's no I in love
And neither in a real estate agent.
When you love someone, you give up a few of your needs in favor of your loved ones’. Which is great when they do the same in return. If they don’t; maybe rethink your relationship, ok? With real estate agents, it should be the same thing. Sure, they are relying on your experience to guide them through the home buying process, but please: this is not about you! Listen to your clients, become interested in understanding them and their needs before you come with your “my way or the highway” attitude. That’s one of the worst Real Estate Agent types there is. Every case is different, don’t try to simplify it for your own sake. Don’t be lazy. Your clients deserve your best efforts and doing exactly the same every time is not doing that.
Surprise x Routine
A balance between this too is very important in a romantic relationship. Humans long for the comfort of routine, but also get bored by it and crave for a little bit (not too much!) of surprise. That usually translates in unexpectedly bringing flowers home, going out to dinner from time to time, traveling to get some one-on-one time away in a different setting. For a real estate agent that means mixing up a little bit. Don’t be just the guy who calls or appears when there’s a showing/offer on the table. Call them even if nothing special is going on; let them know you’re thinking of them. Send an e-mail with something that you saw on the news or the internet that relates to them and their house. There are several websites out there that put out great content related to real estate; just like on our website RealEstateAgent.com. Be their curator!
But like we said, don’t overdo it either. Try to find the balance. You don’t want to bother them too much.
Communication is key
This is the most important aspect of a romantic relationship. If you don’t develop a clear communication with your loved one, it doesn’t matter how much you love them and how much they love you back… it will be a troubled, confusing relationship. Who wants that? Be very clear about your intentions and your way of working, learn to listen to your client; learn to understand even their non-verbal communication! If both of you are completely honest with each other, there will hardly be any disappointments.
May it be eternal while it lasts
Hey, sometimes everything started out great but something happened along the way and communication started getting bad and now you can’t understand or respect each other and it’s just… bad.
That’s ok. It happens. Dealing with unreasonable home buyers and home sellers is something every real estate agent goes through. And straight giving up is normal. No one should be ostracized for that. What is important is to realize it and set yourself and your client/loved one free. Reach out to the client and tell him or her that maybe it’s best to part ways. Don’t just say “hey, it’s not working, I’m out! Good luck!”. If you do, you’ll be the one responsible for them becoming an evil ex. Talk about how it’s not working for the both of them and you feel he/she will be better served with a fresh mind and point of view related to their house. You should even have recommendations of real estate agents you think could be a good fit, but remember they are free to do whatever they want.
Because in the end, the great lesson about love and real estate is a lesson of Freedom! No one is obligated to have you there by their side, as a lover or real estate agent. They are free to have or not have you. You need to prove your worth. Freedom is the only feeling humans long for more than love. For the truth is that only people who understand the concept of freedom can truly love. Only those who respect and adore freedom can understand and love another person’s spirit. So be free, let it be free and let love rule!
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.
Selling house is a very intricate process that needs a lot of understanding in the field of real estate as well as patience. If you think buying a house is a much difficult process than selling one, you are mistaken. This is because selling a house is an equally complex process, where several factors need to be taken care of at once. Starting with fixing the interiors and exteriors to finding the right buyer who can pay the right price, everything needs to be in order and as preferred for the deal to take place.
An Investment That’s Worth It
The real estate market is one of the most lucrative markets in terms of investment, because the kind of returns that the real estate market is known to give, other investment tools can rarely match. Whether you have an investment property that you want to shell out or want to sell off your current residence, looking for a price higher than the current market price is a common goal for most of the sellers. And, to an extent, this is legitimate as well because the price of the real estate property is going to increase with time anyway.
This gives the feeling to the sellers that their asking price should cover at least the next few years’ going rate. If the property is nicely and centrally located in a popular area, has sufficient space, is well designed, have all the basic amenities in place, is well maintained, and all the paper works are in order, asking for the higher price shouldn’t pose any problem during the selling process. In popular areas, there is always a high demand, and thus, finding the right buyer who can afford to pay a bit of a markup over the going rate should not be a problem.
Why You Should Look For Higher Price
Looking for a higher price is a common thing in the real estate market, whether it is the real estate agent or firm who is doing the selling on your behalf or is it the seller himself. To an extent, it is this practice of increasing the selling price considerably and frequently for just about every sale and every property is what has led to an overall boom in the real estate market. The reason why you should look for a higher price too is that it not only helps get you better returns on your investment but also helps sellers to pay for the ad hoc expenses during selling without having to compromise on their original asking price.
Things To Do To Bag A Higher Price
Even if your house is situated in a nice area, it is not always possible to bag a good price, because of buyers apart from considering the area, also considers many other factors. How is the house maintained? What are the problems that the house is facing currently? What are the fixes that need to be made? What fixtures need immediate attention? What would be the cost to repair and fix the problems existing in the house? Does the house need a paint job? And, so on.
These and similar factors would be considered by the buyers, and if your house is not well maintained, then forget about asking for the higher price than your house is worth, you would face a tough time asking for the current market price as well. This is because the aim of the buyers would be to cut out the repairing and fixing costs of the house from the asking price. To ensure that you are able to bag a higher price than your home is worth without having to struggle too hard, you need to take care of several factors –
- If your house is old and it shows, do a paint job on the interior and the exterior to give it a new and fresh look. The idea is to make your house look attractive, both from the inside as well as outside to make the buyers with deep pockets fall in love with your property.
- Check for the fixes to be made in your house, whether it is your driveway that needs to be maintained, garden that needs to be mowed, washroom fixtures that need to be replaced, kitchen fixtures that need to be repaired or replaced, any electrical or water leakage that needs to be taken care of, and so on. Make sure that the house is in ready to move in shape so that the buyer does not find any fault or reason to compel you to drop the price.
- Take attractive pictures of your property and post it on the internet on real estate buying and selling sites. Good high-quality pictures would attract more buyers, and more buyers would automatically help in increasing the chances of getting the right buyer.
- Negotiate smartly and smoothly whether it is a real estate agent or the buyers. Do not sound or look like you need to sell the house urgently or you are in dire need of the money you will get by selling the house, even if that just might be the case. Desperation is an easy giveaway, and the smart buyers would easily read between the lines and try to take advantage of your financial situation to lower the asking price.
These are the few things you should keep in mind and do to get a higher price than your property is worth. It would need some research, effort, money, and time to get things in order, but it would be worth it. These few changes can drastically increase the price of the property.
Do Your Research
Before you go in to sell your property, you need to do your research about the current market price in your area. What are the prices other similar houses in your area are bagging, what the asking prices for similar properties in your area are showing online, what are the advantages that your house has over other properties that can help bag you a higher price, and so on. Researching would help you give the knowledge about the property and also help you negotiate well during interaction with the agent or the buyer.
Also, make sure that all your paperwork is in order, all financial obligations over the house are cleared, and all the dues are paid such as house tax, electricity bills, and so on. If there are any legal disputes over the property, make sure to get rid of them before you considering selling the property. You should also consult with the real estate agents and firms in case you have any doubts about the going rates, and can ask them about what can be done to get a better price.
How To Market Your Property To Attract Right Buyers
Marketing needs to be done in the right way to attract more buyers. In the otherwise case, even if your house is well maintained and in good condition, there would be lesser numbers of buyers coming up and showing interest. You need to market your property well to reach out to potential buyers who can afford to pay the price you are looking for.
Most of all, when you are looking for a higher price than what your house is worth; you need to have a lot of patience. It will take a considerable amount of time and effort, but the wait would be worth it. Sometimes finding the higher price is not a difficult task, and sometimes it can take longer. In any case, you need to stick to your price once decided to be able to get it, even if it takes a long time.
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