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July 25, 2018
If you’re getting ready to sell your home for the first time, you’ve probably been bombarded with advice from every person you talk to. Everyone has tips for managing the process, and not a single person will say that it’s an easy journey.
That’s because it typically isn’t. A conventional home sale is usually a stressful process that can take months or even longer. It’s not surprising, then, that there’s been a strong trend toward fast home sales to real estate investment companies.
Investment companies that buy homes directly provide an alternate process. If you’re curious about whether you should sell your house fast, read on for the reasons our past clients have given.
Why Should You Sell Your Home Fast?
Many of the past clients from whom we’ve bought houses have also sold homes in traditional sales before. Below are the benefits to selling your home using our method, based on the feedback from those clients.
The primary purpose of a real estate agent is to find buyers for your home. This is a challenging and complex job, which is why agents need specialized training to be able to do it.
While you’re welcome to hire an agent when you sell to a fast-purchase real estate company, it’s not as necessary. This can save you thousands of dollars. In fact, the average real estate commission alone is up to 6% of the sale price. If your home costs $300,000, that’s $18,000 out of your pocket.
Avoiding Doubling the Moving Expenses
In a traditional home sale, poor timing can be costly. If your old home sells before you’re ready to move into your new home, you need to find temporary housing. This means you’ll pay moving expenses twice: to move into a temporary space, then again to move into your new home.
Moving costs can be in excess of $10,000, especially if you have a family and are moving a long distance away. If you need to move twice, that a huge unnecessary expense (not to mention the cost of your temporary housing).
Cut Down on Stress
You might not be able to put a dollar amount on the stress of moving, but that doesn’t make it less important. For most people, housing is their largest expense and it accounts for a large percentage of their income.
When that huge monthly expense is up in the air, your stress level goes through the roof too.
No Need to Manage Frequent Showings
Another often underestimated difficulty with a traditional home sale is the hassle of each showing. You need to make sure your home is very clean and uncluttered, and you need to bring your family and pets elsewhere.
Home showings are difficult enough for a couple or a single person, but when there are kids or pets involved, it’s quite a circus. Sometimes showings happen at the last minute, which adds an extra layer of stress.
Don’t Risk Buyer Getting Cold Feet or Sale Falling Through
In a typical home purchase, there are countless ways the sale could fall through at the last minute. The buyer could get cold feet, or have an issue with their own home’s sale, or their financing could fall through.
One of the key advantages of a fast home purchase is that many companies (ours included) pay cash for your house. That eliminates the risk of your buyer’s lender pulling out at the last minute.
Avoid Housing Market Changes
The housing markets are constantly changing, both on a large scale and within your own neighborhood. You may put your home up for sale when it’s a seller’s market, but if it doesn’t sell and the market turns, your chance of a sale goes down dramatically.
Using a fast process by selling to an investment company, on the other hand, cuts down on that problem.
You Choose Your Timing
We’ve already discussed how the timing of your home sale can affect your moving expenses. However, it can cause other problems as well.
If you have kids and your new home is in a new school district, moving during the summer can help make the transition smoother. Unfortunately, you don’t have direct control over that timing during a traditional home sale.
Many homeowners also have busy seasons and light seasons at work. When you choose a fast home purchase, it lets you time your sale (and your move) during the easiest season for you.
No Need to Make Repairs
Repairs on a home you’re selling can be an unexpected expense and delay your sale by weeks or months. When you sell to an investment company, however, we process as-is home sales.
This lets you avoid the extra expense, the hassle of renovations or repairs, and the delay in your home sale.
Avoid Paying Two Mortgages
Arguably the largest worry people have when selling one home and buying another is the transition between mortgages. If you buy your new home before selling your old one, you’ll be paying two mortgages every month.
Many homeowners can’t afford to do this for more than a month or two, so it adds to the stress level. With a fast home purchase, however, you can arrange the timing so this doesn’t happen.
Avoid Paying for Upkeep on Two Homes
This is an expense few sellers consider until it happens. If your old home doesn’t sell until three months after you close on your new home, that’s three months of double the maintenance. If you’re paying for lawn maintenance, housekeeping, and other services, this adds up quickly.
How to Sell Your House Fast
The ten reasons above are just the most common reasons to sell your house fast. There are plenty of other benefits that apply to specific situations. Regardless, the faster your home sells, the less stress you’ll have and the fewer add expenses you’ll pay.
If you’re ready to sell your home quickly, contact our fast home-buying team.