People selling homes are often in a hurry to close the real estate deal so they can move on to other things.
But personal finance author and radio host Dave Ramsey has some important words for home sellers: There are right and wrong ways to try to sell a home quickly.
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The most important consideration should be getting the best possible value for your real estate property. As the largest investment for many people, a mistake when selling a home can be costly.
There are many options for selling houses quickly, Ramsey explains, and a lot of bad advice on how to do it.
Unfortunately, in the personal finance advisor's opinion, many home sellers make the key mistake of choosing one of the wrong paths. And that results in what he calls “dumb decisions.”
Then Ramsey explains some strategies for selling houses quickly and differentiates between the good ones and the bad ones.
Ramsey says home sellers shouldn't use these methods
The Ramsey Show host says one approach to avoid for selling a home quickly is for sale by owner (FSBO).
“It seems like a good idea when you hear that 77% of FSBO homes sold in less than two weeks in 2020,” Ramsey. wrote. “But there's a problem: Most of these homes were sold to someone the sellers already knew.”
That means that if a home seller doesn't already have a buyer in mind, it can take much longer to find one. And homes sold through an agent typically sell for much more, making the seller much more money even after commissions.
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Another mistake people make is asking for a price that is too high or too low. An appraisal and the help of an agent can also help in this regard.
Ramsey also warns against using real estate companies like Zillow, Opendoor, and Redfin. These are iBuyers, who buy homes from private sellers and then resell them for a profit.
If a company sells a house for a higher price than they paid for it, that means the seller of the house simply lost its market value.
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Ramsey Advises Home Sellers to Use These Approaches
Instead of using those methods to sell homes, Ramsey first suggests finding a great real estate agent with proven experience selling homes quickly.
A proven agent will know how to price a home well, prepare the home for potential buyers, help choose an offer, and negotiate a good deal.
Talent in these areas can make a sale happen quickly and provide the seller with the best value.
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Ramsey also suggests a deep cleaning of the house that includes removing all clutter. It's common sense to clean a home for showings, but it's important to make this a major focus.
“Get down to the nitty-gritty, from ceiling fans and blinds to baseboards and tile grout,” Ramsey wrote. “No surface is left unscrubbed!”
Ramsey also emphasizes the importance of organizing the home for exhibitions as if it were an art form.
It is also vital to resolve any potential problems in the closing process well in advance.
These include anything that may come up during the home inspection, including plumbing problems, roof damage, and electrical problems.
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