If you’re selling your home, you may be hoping for a cash buyer. Cash is better than financing because it’s a sure thing; there’s no wait to close, and there’s no risk of the sale falling through because of an issue with the financing.
Here’s some information on what’s happening with cash sales and how you can attract a cash buyer:
Cash sales are dropping.
According to Redfin, “roughly one-third (31.9%) of U.S. home purchases were paid for with all cash in October , up from 29.9% a year earlier and the highest share since 2014.” By December 2022, cash sales lowered to roughly one-quarter (26%) of all home purchases.
The market is tightening.
With mortgage rates and inflation on the rise, we’ve been slowly switching to a buyer’s market. It’s no longer as easy to get multiple offers—or cash offers. Selling your house in a changing market isn’t easy, and you need to be competitive to attract those cash offers.
Here are three tips to create a desirable home that is likely to get cash offers even in this market:
Tip 1: Do a pre-listing inspection.
Don’t be caught unaware when buyers do an inspection and find issues! Schedule an inspection yourself, so that you’re aware of every problem, large or small. This gives you time to do any necessary repairs before listing on the market, and it lowers the chance of a new issue coming up when your buyers conduct their own inspection. Just be prepared for this expense and that you may not be able to recover this cost. Also, you may have to disclose the findings of the inspection.
Tip 2: Make your home 100% move-in ready.
A top-dollar cash buyer wants everything to be perfectly move-in ready. You want retail buyers to feel like they’re bidding on their dream home, not a diamond in the rough. This means making appropriate updates to match other comparable homes on the market. Do your research first, though; many improvements do not have a great ROI.
Tip 3: Focus on curb appeal and staging.
First impressions matter—inside and outside! Make sure to spruce up your home with smart touches like a freshly painted front door, a new mailbox, and carefully manicured landscaping. This will also look great on the listing photos. Consider hiring professionals for staging and photography. They’ll likely incorporate some 2023 trends to really catch those cash buyers’ eyes.
Tip 4: Price your home right and set a deadline for offers.
If you price your home too high, you’ll deter buyers—and then they might think something is wrong with your home when you’re forced to reduce the price. When you set your price too low, you’re leaving money on the table. Decide on the perfect listing price and then include a deadline in your listing. This lets buyers know you expect competition and you’re serious about moving the sale along.
Is your home distressed?
The above steps are a significant investment in time and money. If your home is distressed, you likely won’t attract a cash buyer without sinking massive amounts of money into the process—money that might not be reflected in your ROI.
Work with MarketPro:
We’ll give you a fast cash offer for your current home just as it is now; no repairs, no upgrades, no inspection, no commissions or fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what your home would likely bring on the open market.
If you’re in Washington, D.C., Maryland, Virginia, Pennsylvania, or Tampa Florida we’d love to show you how easy and stress-free the sales process can be. Contact us today for a same-day, no-pressure quote.