Time is Money: Why Selling Faster Leads to A Higher Profit
Buying a house is a big investment. When you go to sell, you want to make sure you are doing so strategically to hit your sales goals. Most homeowners have two major objectives when they put their house up on the market:
- Get their home sold quickly.
- Sell their home for a good price that makes them the most profit.
When you can do both, it is like you hit the housing jackpot. Unfortunately, not everyone is able to achieve such a feat. But, getting your home off the market quickly could be the key to also making a nice profit at the closing table.
Why Selling Faster Often Means Getting More
So long as you aren’t selling just to sell and setting a low asking price, selling fast can be the key to turning a higher profit. In other words, if you can get your home off the market quickly, you are much more likely to get a higher price. The reason behind this connection is because a house that flies off the market is typically in high demand and high demand often results in a higher price. Not only could the house receive multiple offers, but also it may receive offers over the asking price. As a result, homeowners can choose the best offer and make a higher profit.
On the other hand, a house that sits on the market for months and months and doesn’t sell can mean trouble for the seller. A house that won’t sell is likely not meeting buyers’ expectations. Even if there is nothing wrong with the home, spending a lot of days on the market can also be seen as a red flag. Buyers can start to wonder why it has not sold and may believe there is something wrong with it. As a result, buyers may be hesitant to make an offer or pass over the home completely.
As a house sits on the market longer, sellers may also have to lower their price in order to get it sold. According to one report, sellers who accept an offer in the first week of their home being listed have a 57% chance of selling for the list price. This number decreases to 50% by week two and 39% by week three.1
So, how do you sell in a hurry without having to take a lowball offer?
The Key to Selling Fast
The best way to get a quick turnaround on your home is to make sure that when it is listed, it is market-ready. In our most recent survey, 77% of buyers said they would not purchase a home that wasn’t move-in ready.2 If your home is listed as-is, it will likely sit on the market and sell for a lot less than it could.
In order to make your home market-ready and have it appeal to a lot of buyers, it needs to be updated and match the current trends that buyers are looking for. Making home repairs before selling, doing some cosmetic updates, and replacing outdated styles or features can all help homes become ready to be listed.
Unfortunately for many homeowners, these updates may seem easier said than done. Money can be a big barrier. Especially if you are buying a home at the same time, your money may be tied up, and funding these updates upfront may not be feasible.
Sell 50% Faster (& Make More Money)
While seemingly out of reach, you may be in luck. At Curbio, we help sellers make pre-listing updates, repairs, and upgrades without any money due until closing. This setup allows homeowners to make updates so their homes can sell faster and also for more. In fact, our homes sell 50% faster than homes that are listed on the market as they are.
Start with home inspection repairs to fix the most pressing issues. These fixes can keep buyers from turning away because of any red flags as well as keep the sale timeline on track. After the biggest issues are resolved, updates are often the next step. Outdated or out-of-style features can keep a house on the market for an extended amount of time. A quick update or refresh can transform the home. Finally, we offer staging services in some markets so you can elevate the look of your home and enthuse buyers.
Not sure where to begin? That is okay. We can help you determine which updates will help you sell faster as well as make you the most profit. Don’t settle for less. If you have an agent, talk to them about partnering with us. Together, you can get started with a free home improvement estimate. If you don’t have an agent, we may be able to find one for you. Contact us today to learn more.
Sources: