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Ardolino also recognizes that this strategy doesn’t always work, and that sometimes a price reduction is necessary, especially when the seller is looking to offload the property quickly. “Once we’ve made a few attempts at redirecting the marketing, then at that point we’d want to go down about 3% on the list price.”
Massey does warn against using a price reduction in advertising (for example: “Priced to sell!” or “Was $900,000, now $825,000!”). Calling attention to the price cut in this way can scare away potential buyers.
“This is a no-no,” says Massey. “People will think there’s something wrong with your house.”
Another strategy to consider is reaching out to potential buyers who viewed the house and seemed interested but did not make an offer. Let them know there may be a price cut coming, and see if they would like to make an offer before you adjust the price. Once the price has been lowered, listing websites will send out alerts to potential buyers, which may pique interest, too.
7. Consider how much a cash buyer would pay
If your primary goal is a quick sale, you can’t go wrong with cash.
Rather than waiting up to 41 days for a loan to process, a cash transaction can often be processed within weeks. These sales don’t require an appraisal, though in most cases, cash buyers will still require a standard home inspection.
Although many direct buyers will offer a discounted price as part of their negotiations, the increase in cash sales over the last few years means that it’s now possible to get a fast, cash deal without sacrificing price.
“We’re seeing a lot of cash buyers from traditional buyers who are either downsizing or relocating,” Ardolino says.
In addition, Ardolino and his team take advantage of social media and investor groups that are constantly on the lookout for properties they can purchase for cash.
Another option for a quick, no-obligation cash offer is HomeLight’s Simple Sale platform. With a large network of pre-approved cash buyers and investors, Simple Sale allows you to compare multiple offers on your home without any listings or showings. If you receive an offer you like, you can close in as few as 7 days.
8. Offer compelling incentives
Incentives are a valuable component of a pricing strategy and can significantly accelerate the sale of your home. For example, offering to cover closing costs can make your home more attractive to buyers, especially if they’re on the fence about making an offer. You could also offer a home warranty to ease any worries about potential repairs, making buyers feel more secure.
Another option is to include appliances or furniture as part of the sale, which can save buyers the hassle of buying their own. If you’re willing to make small repairs or upgrades, you could offer that as an incentive, showing buyers that you’re committed to making the sale as smooth as possible.
Just remember to keep your incentives reasonable and relevant to the buyers in your area. It’s a way to stand out in a competitive market without drastically reducing your asking price. Sometimes, a little extra value can be the nudge buyers need to make a move.
9. Partner with a top agent who can keep the process moving
An experienced real estate agent is perhaps one of the most valuable tools you can have at your disposal when selling your home, especially when it comes to pricing your home to sell fast.
In addition to providing advice on property valuations and guiding the marketing strategy for your home, an experienced agent will streamline the closing process to ensure it goes as smoothly as possible.
For example, Ardolino and his team will begin creating a purchase and sale agreement immediately after his seller client accepts an offer. “Getting that purchase and sale out quickly is the most important part of keeping timelines tight,” he says.
Similarly, Massey maintains a staff and works with a title company to handle all clerical aspects of the transaction so she can focus on selling, negotiating, and representing her client’s interests. Having done this many times before, her staff is ready with the title work ahead of time.
If you need a top real estate agent to help you sell your home quickly, HomeLight’s Agent Match can help. Our free Agent Match tool analyzes over 27 million transactions and thousands of reviews to find an agent who is well-equipped to help you meet your real estate goals.
10. Adjust your price based on buyer feedback
If your home isn’t getting much interest, it might be time to adjust the price. The best way to know if pricing is the issue is by gathering feedback from buyers. Here’s how to get useful insights:
- Ask your agent: A good real estate agent can collect feedback from showings and other agents. They can also compare your home’s pricing to similar listings and suggest necessary adjustments.
- Follow up with potential buyers: If someone toured your home but didn’t make an offer, ask why. Understanding their concerns can help you decide if a price reduction or minor improvements are needed.
- Pay attention to open house comments: Listen to what visitors say about the price compared to similar homes. If different guests keep repeating that your home is overpriced, perhaps it’s time to reconsider your asking price.
- Monitor online engagement: Few clicks or saves on listing platforms could mean buyers think the price is too high.
Price your home to sell quickly
Getting the price right is key to selling your home quickly. By monitoring market trends, comparable homes, and buyer feedback, among other things, you can set a price that attracts offers quickly. Contact a real estate agent who can help you price your home just right for a quick sale.
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