Everything a Senior Needs to Know for Selling Their Home Fast and Transitioning to Senior Living
For many seniors, it may feel like the housing market has changed overnight and it’s harder to sell your home. But that’s not entirely true and you’ll see why. The housing market is slowing down and prices have been falling in the latter half of 2022 and the beginning of 2023. That means if you’re thinking of selling your home right now, you might not get as much money for it as you would have six months ago. The good news is that options are available if you don’t want to wait for a traditional sale, which can take months in some situations. You can sell your home fast in today’s slower housing market by working with an experienced home buyer who understands how to prepare you or a senior loved one for a successful transition into senior a living community or whatever your next chapter might be!
“The housing market is slowing down, which means you might not sell your home as fast as you’d like or for the price you want.”
Market conditions can weigh heavily on how fast or slow a home sells. The market conditions in the Fall of 2022 are drastically different than the summer of 2022.
The main reason for this is the Federal Reserve has raised interest rates the fastest it has ever done in U.S. history. New mortgages are nearly double what people were getting 6 – 12 months ago. Higher interest rates mean people pay more for their mortgage loans and cannot afford the same amount of home as they could before these rate increases.
With fewer potential people in the potential pool of buyers, sellers are seeing fewer offers and waiting longer to sell their homes. The Fed plans to continue raising interest rates into 2023 which means the market will most likely continue to be slower than in the past.
“Find a home buyer who has experience working with seniors if you want to sell your home as quickly and painlessly as possible.”
If you’re looking to sell your home, finding a home buyer who has experience working with seniors is important. There are many reasons why this is true – but the most important one is that novice home buyers or corporate home buyers who focus on volume may not be able to buy your home as quickly as desired.
FasterHouse has been through every market condition and has helped countless seniors sell their homes fast so they can get on with the next chapter of their lives. We’ve learned what works best when selling and buying a house in these situations through hard-won experience and countless conversations with seniors and their loved ones involved in the home-selling process.
Consider listing your house as-is for cash if you don’t want to wait for a traditional sale’s lengthy timeline.
If you don’t want to wait for a traditional sale’s lengthy timeline, consider listing your house as-is for cash. FasterHouse can close as fast or as slow as needed for your own unique timeline and whatever is going on in your life. Wondering how fast? FasterHouse helps you sell your home and close up to 4.5X faster than traditional methods WITHOUT the headaches, hassle, or commission costs.†
What do I do if my house needs repairs?
If your home needs repairs and you decide to make those repairs before listing, keep in mind that these repairs may not increase the value of your home and asking price. They may only get it in a state that is ready to list and sell on the traditional real estate market. Plus, if you need cash quickly, there are no guarantees in the traditional real estate market. Your home might not sell for what you want even after making repairs.
Besides requiring upfront money, repairs require more time and energy on your part to coordinate with contractors and potential buyers to make sure everything is satisfactory. If you own a fixer-upper or an older property, we recommend getting estimates from several contractors so that you can compare prices before making any decisions about which ones will work best for you.
Staging your home can affect how quickly it sells.
Staging your home can affect how quickly it sells.
If you’ve lived in your home for a while and haven’t had it staged, consider hiring a professional stager. If you or someone you know is familiar with staging (having been professionally trained), they may be able to stage the home on their own dime. Both situations take time and money to do effectively—and if you opt for a DIY approach, make sure that they know what they’re doing before allowing them to handle any furniture or accessories inside your house!
If none of these options work due to time or budget constraints, consider selling as-is so that FasterHouse can help sell your home as quickly as possible—and even pay for moving costs!
Buyers will often want a home inspection prior to purchasing, but this is not always required.
Once you’ve found the perfect buyer in a traditional real estate sale, it’s time to create a purchase agreement. You can negotiate when creating the purchase agreement — this way, you won’t have any surprises once in escrow.
Many buyers will want a home inspection prior to purchasing, but this is not always required. If one has been performed and they find an issue during their inspection, they may require you to fix one or many items before the sale may proceed.
If there are any issues that were not disclosed by either party at the time of sale and later discovered through an inspection report by a third-party inspector hired by a potential buyer which ultimately causes them to back out of the transaction (or voids it altogether), then both parties could be held liable for breach of contract damages including lost profits suffered as a result of such breach(es).
Moving can be expensive because of closing fees and other costs related to selling and purchasing a new home.
A buyer might ask you to pay closing costs. If the real estate market is slow or very competitive, a buyer might ask you to pay closing costs which will eat away at your overall profit from the home sale. Home buyers who pay cash for homes as-is can help you avoid this situation in a slower real estate market.
Calculate the Real Estate Agent’s Commission
The commission you pay a real estate agent in a traditional real estate sale is a major contributor to reducing the amount of money you ultimately take home in a deal. A benefit of selling a home to FasterHouse is that we charge no commissions for a sale. We will make you a fair offer and there will be no commissions deducted from that.
There are many variables to consider when selling your home.
There are many variables to consider when selling your home. Two of the most important variables are how long it will take to sell and the net profit of the sale after real estate agent fees, closing costs, and other fees are taken out of the total price that your home sells for. For young families and middle-aged people, the total amount may be more important because they will use it as a down payment for their next home. Seniors and other people who value their time and want to prioritize an easy sell and move may want to consider selling for cash to an as-is home buyer who has experience working with seniors and their particular needs during this important time in their lives.
As you can see, there are a lot of details to think about when selling your home. But remember that if it feels overwhelming or like something you don’t want to do on your own, there are resources available that can help! You can always reach out to an agent to assist you with the process if you desire a traditional sale or choose the easy button and get a fair, cash offer from FasterHouse if you want to cut through all the hassles and sell your house fast.