Closing a home sale in five days is lightning-fast in the often slow world of real estate. The advent of iBuyers and instant online deals have made super fast deals possible like never before. And it’s helped that housing demand has outstripped supply in recent years.
But now the market is changing. In the year The historically low mortgage rates seen in early 2021 are gone, replaced by sudden and steep interest rate hikes. It makes you wonder: Is the era of flash sales over?
Is it possible to sell a house in 5 days?
In short, yes. Selling out in five days and even less is still possible, in part because we still have ongoing inventory compression in most metro areas. Buyer demand is more than simply homes for sale: In effect, we have a seller’s market, which means available homes are snapped up quickly.
But it may depend on your definition of “selling”. It’s perfectly possible to get and accept an offer within five days, and that means your house is technically no longer for sale. (It may mean you undervalue the home; more on that later.) But closing and transferring title within five days? That is very tricky.
If you’re in a hurry to get that house off the ground, the fastest way to sell your home—in five days or maybe even less—is to leave the traditional home sale process to iBuyer or another buying company. Houses in cash. In fact, according to the National Association of Realtors, 26 percent of all home sales in April 2022 were all cash transactions.
Many iBuyers will make you a cash offer in 24 hours or less. Opendoor, for example, offers offers within minutes and ensures that sellers “get paid within days.”
But even a same-day offer and acceptance of that offer on the same day may not equate to closing in cash within five days. Some iBuying investigations require companies or others to visit in person, which slows things down (and may result in the original offer being reduced or canceled). And some states have minimum closing time requirements: If you’re selling a home in Florida, for example, iBuyer Offerpad states that all homes need at least 15 business days to close.
The biggest pro to selling your home lightning fast is actually getting your money lightning fast. This is especially important if you want to put the money from your sale into a new home. Cash offers can move quickly because they eliminate the need for lenders and lender approvals.
However, like all businesses, cash-strapped companies need to make money to stay afloat. They can resell the house, and they should make a profit on that resale. That means their deals, even if they’re fast, may be lower than what you’d get in a non-fast sale. If your goal is to get the best price regardless of timing, you’re probably better off going the traditional sales route.
Cash transactions, like all transactions, should be evaluated carefully. You may need to get an appraisal before making any deals to get a better idea of how much your home is worth.
Hire a good agent
If you opt for a traditional sale, the strategies for how to sell your home quickly may differ. One of the central keys to fast traditional sales is using a knowledgeable local real estate agent – someone with recent and successful sales in your specific area. When interviewing agents, ask them for a sales plan for your home and a list of their recent sales history, including the original list price, last sale price, and number of days on the market.
Before you put your home on the market, check with your agent to see what the competition is like, how many days local homes stay on the market, what percentage of owners are getting offers full price or more, and how the market has improved this season. The last few months. Look at other homes for sale and consider how much competition you have for your home. And be sure to let the agent know that speed is of the essence – this may influence how they choose to list and/or market your home.
Price in comps
In a really angry seller’s market, there is so little inventory that owners can get both a quick sale and full market value. However, it may be wise to price your home below recent comps to generate more interest – effectively trading a higher price for a quicker sale. Discount pricing can result in multiple offers that push the final sales price above the original asking figure.
Tips for quick sales
If you are selling your home as-is, you don’t need to worry about appearance. But if you’re not, consider listing your home as a job interview—you’ll dress appropriately for the occasion, right? The idea is the same. You want your property to have a good first impression. These tips will help get things moving:
- A fresh coat of paint goes a long way. Use neutral colors that make it easy for buyers to see the space as their own.
- Appeal denied. Plant some flowers, mow the lawn – make it welcoming.
- Cleaning: Clean out closets, houses and attics, and generally declutter the house. This will give more space, and it will be less to move.
- An oft-overlooked list that could help speed up sales? Keep a list of major home repairs, improvements, and improvements. When was the HVAC system installed? The hot water heater? What about the roof? Provide receipts if you can, and also a list of any warranties that will be transferred to the new owner – it would certainly be appreciated.
- And finally, consider discounts. Seller perks can encourage buyers to move quickly, such as willingness to pay certain closing costs, necessary repairs, vacate ASAP, and more.
A quick home sale, immediate and with many offers, is possible. Online iBuyers and other home buying companies offer cash offers in a day or less. However, their offers can be low and you may not have money in your hand within five days, so make sure you weigh up whether you really want to sacrifice speed. Even if they opt for a traditional sale, the market’s lack of inventory is still forcing buyers to act quickly.