Whether you need to sell quickly for a new job, for financial reasons, or because of a personal situation, being stuck in a house you can’t sell can be stressful. Waiting for your home to sell is a situation you don’t want to be in, especially if you need to sell your house quickly. Houses don’t sell quickly for several reasons, maybe because of the Memphis market, or perhaps your home is outdated and needs some renovations. Sometimes the reasons your house isn’t selling aren’t as obvious. There are a few ways you can get out of being stuck in a house you can’t sell, and to make it easier for you, we have come up with 5 tips to share with you, so you won’t be asking, “Why can’t I sell my house in Memphis.”
5 Tips For Selling Quickly In Memphis
You can use a few tactics to increase your home’s marketability and decrease your time on the market. Some of these do take time and money on your part, so it will be up to you to decided how much you would like to invest in a house you are about to sell.
Tip 1: Set An Attractive Price
Did you know setting a good asking price is the biggest thing sellers get wrong? If you were to price your home too high, you could be stuck with a house you can’t sell, and pricing too low may throw up a red flag to potential buyers that something is wrong with your property. Setting an attractive price for your home is key to getting offers quickly.
How to Set a Good Asking Price
Determining how much your home is worth can be done in four different ways.
- Do your Own Research
One way to set a good asking price is to figure out how much other houses are selling for in your area. When looking online for comparable houses, make sure to find homes in your neighborhood and not cross any significant divides like an interstate or railroad.
You will want to look for places similar in age, square footage, bedrooms, and bathrooms as yours. If your home hasn’t been updated recently, you shouldn’t compare your house to a house recently updated. Furthermore, don’t estimate your price with houses for sale in your area, but use the prices of places that have sold. Once you find some comparable homes, find out what their price was per square foot and calculate the average, that should give you an idea of what to list your house for.
- Ask a Real Estate Agent
Before you ask an agent, though, you will need to decide how you plan to sell your house either for sale by owner or with a realtor. Keep in mind that when using a real estate agent, they make a commission off the sale of your home. The average commission is 6% of the home’s sale price. So if you’re selling your home for $150,000, the potential commission cost would be $9,000.
An agent can run comparables of your area and come up with an asking price. This information is usually shared with the expectation that you will be hiring them to sell your house, so deciding if you plan to use an agent or not is good to know beforehand. Be aware, though, that your estimate the real estate agent gives you will likely be on the higher end of a good asking price.
- Online Estimators
Though super easy to use and require little effort or cost, online estimators are not trustworthy. As tempting as it may be to look online at your home estimate generated by several known websites, those evaluations are not accurate. The houses they compare yours to may not have similar upgrades or be in the same condition as yours, making them off by thousands of dollars. To play it safe, you should avoid basing your asking price off an online estimate.
- Hire a Real Estate Appraiser
This option will give you a good unbiased appraisal of your property. To hire an appraiser in Memphis usually costs between $250-$350 depending on your house’s size. An appraiser will consider the condition of your home, any renovations you have made, and comparable real estate sales in your area. Once you get the report, you will have all the information to set a good asking price so you won’t be stuck with a house you can’t sell.
Tip 2: Clean And Declutter
Another reason you may be saying, “Why can’t I sell my house”, is that it needs to be cleaned and decluttered. Houses that are full of items or dirty tend to not sell very well. Would you buy a home that’s dirty or full of stuff? Not only is it hard to truly see a house if every corner is full, but when it’s messy, buyers assume the place isn’t well taken care of. So when selling a home, it would be a good idea to clean and declutter your house. Depending on the situation, this can be an expensive and time-consuming process. If you have been hoarding items in your home, you probably should hire a crew to come in to help you go through everything. Removing big pieces of furniture, clearing counter spaces, and organizing closets, attic space, and your garage would be great ways to declutter your home and show available space.
Once you have decluttered, the next step is to do a thorough cleaning. Besides dusting, sweeping, mopping, and vacuuming, make sure the house smells clean also. Pets can leave odors in your home that can bother prospective buyers. After the inside of your home is clean, make sure to check the outside too. Are there toys and bikes in the yard? Does the grass need to be cut and some weeding done in the flower beds; now is the time to do it.
Tip 3: Make Minor Repairs
Usually, when cleaning and decluttering your home, you may discover some minor repairs that need to be done. Minor repairs would include:
- Stuck windows
- Loose doorknobs
- Leaky faucets
You may be aware of other major repairs that need to be done like a leaky roof, water damage, fire damage, or even mold. Some of these repairs will need to be done before listing unless you find an as-is buyer in Memphis. Also, something to be aware of when selling a house in Memphis is the Tennessee Residential Property Disclosure Act. The Act applies even if real estate agents are not involved in the sale. The Act requires the seller to disclose material defects that the seller knows of. But a seller is not required to disclose defects of which the seller is not aware. So either it’s in your best interest to try to get the repairs done before selling or make your buyer aware of them. It’s important to know that traditional buyers may not be able to close on your house unless major repairs are completed and that is because a mortgage lender usually makes that a contingency.
Tip 4: Stage And Add Curb Appeal
Besides cleaning and decluttering, staging your house would be a good idea. A couple of ways you can stage your home would include defining rooms, painting in neutral colors, and depersonalizing your home. That way buyers can picture themselves living there more comfortably.
Adding curb appeal is important, too, since the first thing buyers will see is the front of the house, maybe putting some flowers by the front door or adding a fresh coat of paint to the home or mailbox, would be helpful.
Tip 5: Time Your Sale Right
Timing is everything when selling a house. Timing can either leave you stuck with a house you can’t sell or with a sold sign in your yard. Specifically, in the Memphis market, the best time of year to sell a home is between May and August. So if you listed in a less popular time of year, that might be another reason why you can’t sell your house.
Buyers are less likely to show interest in a house that has been sitting on the market for several months. A property sitting on the market can indicate that something is wrong with the place to a prospective buyer.
Something else to keep in mind if you are trying to sell quickly, is that it generally takes 3 months to list and close in Memphis. So if you need to sell fast because you’re facing foreclosure, bankruptcy, divorce, relocating, or health issues, you should look for a cash buyer.
Being stuck with a house you can’t sell is not a situation you want to be in, especially if you need to sell your Memphis home quickly. A lot of the tips for a fast home sale require time and money, and justifying the expense in a property you are about to sell is hard. If you can’t sell your house or are worried your house won’t sell quickly when putting it on the market, working with a local cash home buyer in Memphis is a great solution.
Fair Cash Deal is a local real estate investment company that specializes in buying houses in as-is condition. They help homeowners by buying their homes quickly and for a fair price. Fair Cash Deal purchases houses in any condition, with any challenges, for any reason in the Memphis area. They pay in cash and can close in as little as 7 days. Also, there are no commissions, fees, or closing costs when working with Fair Cash Deal.
Here are some of the perks of working with Fair Cash Deal when you’re stuck with a house you can’t sell:
- They offer fast closings
- They purchase as-is- no repairs and cleaning necessary
- No commissions, fees, or closing costs
- They pay in cash and could make you a cash offer today
- You can choose your closing and move out date
- Less stress, money, and hassle
Instead of asking why your house can’t sell, ask Fair Cash Deal for a Cash offer for your house today!