In order to sell your home in 30 days or less, it is paramount that you remain laser-focused on what is important to you about selling it. In the old days you could just put your home on the market and then simply go look for a bigger house. Today you have to be very clear about why you are moving and where you are moving to. Some sellers are selling their homes in 30 days even in this declining market, and if you want to be one of them, follow my 5 ‘P’s to selling your home quickly and for more money.
(1) Price: Your home should be priced extremely competitively. Ask yourself: “What would it take to make sure this house sells in less than 30 days? -- What could that price be?” You must be fully aware of what the true market is doing. Get the price right FIRST. It's no use hiring an agent to market the property until you've got the right price. Most agents know the minute they walk in the door whether a listing is overpriced.
Like most sellers, you don't want to feel like you're giving your home away, but if there were a way to make money in this market would you feel differently? You can actually experience a net gain from selling your home in this market. For example, your home once sold for $400,000 and experienced a 50% drop in price down to $200,000. Your destination home once sold for $600,000 and also dropped in price by 50% to $300,000. In this scenario, the buyer lost $200,000 when selling but saved $300,000 when purchasing for a net gain of $100,000. Although this is a hypothetical situation, it is possible to sell your home in this market and not lose money. Pricing your home to sell gives you the opportunity to own your dream home at a huge discount, which saves on interest. You may also pay less on real estate taxes by purchasing in a declining market. Your destination home should be worth less, resulting in a lower tax-assessment.
Stay tuned for 4 more 'P's for selling your home in 30 days.
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