Thursday, October 24, 2019 / by Dennis Isip
Did you get a new job? Or was there an unfortunate and unexpected death in the family? Are you getting a divorce? In any case, how do you sell your home in 5 days?
Depending on your location, you may not have to do anything special if you’re going to price it correctly. The Spokane real estate market is still hot, though there are neighborhood pockets where you need to do some extra effort and attention to detail.
A case in point is the Glenrose neighborhood south of 29th and east of Thor. According to the statistics as of this writing, its inventory is 3.5 months, compared to the 1.2 average in Spokane County. Currently, there are 21 homes available, with only 6 closings in the past 30 days. More houses available in this area means that sales are slower compared to the rest of Spokane. If your home was to become the 22nd property for sale, how would you compete?
Of course, as a seller you’d want the highest possible price. However, if you overprice it, it will simply sit on the market, with no offers. Having it on the market for 3-4 or more weeks will quickly drive down the eventual selling price.
The best way to sell your house quickly and for top dollar is to have 2 or more buyers competing for your property with an actual offer. How do you do that? Market the house extensively with an “initial” price at 50-75% of market value. Watch buyers line up to your open house, and have them outbid each other, until you get the highest and best price.
After all the bidding is done, and the highest bid doesn’t meet your expectations as a seller, there is no obligation to accept any offer at all. You have the option to take it or leave it.
I learned this effective technique more than 10 years ago, when I was an investor long before I got licensed as a Spokane WA Realtor. Back then, we used this approach to sell homes that we were flipping, amidst properties that were either foreclosed or upside down.
For more detailed information, you can get this book “How To Sell Your House in 5 Days” by Bill Effros, or you can give me a call (509) 795-0202 and I’ll be happy to answer your questions.