Can Your Home Sell in 5 Days?
The truth is that a lot of work and effort goes into getting your home ready to show so that it will sell in 5 days or less. Often a good month, lots of hours put in by the homeowner and the REALTOR®, and dollars, have been put into a home to get it ready to sell in 5 days. Most of the repairs have been dealt with and the house is neat, clean, and ready to go. The home may have been painted, carpets replaced, broken windows fixed, and sometimes even new appliances have been brought in. Right now the national supply chain has slowed down drastically so this process is taking much longer than before.
Until further notice, your home will have to wait for repairs or take longer to sell. In the current climate, there is a shortage of supplies for home repairs and a shortage of workers to do the repairs. In fact, I have a broken window that I have been waiting for 5 weeks for the replacement glass and the contractor is just too busy to even caulk the existing window so I can paint the house. I had to wait 2 weeks for a part on a washing machine, which was shorter than the month + I would have had to wait for a new one.
This shortage is across the country and not just because we live in a small community. This affects home sellers and buyers in a variety of ways. A REALTOR® that “Can sell your home in 5 days!” may not be able to because you need to replace your carpet or your appliances, or even have some minor repairs done before your home would sell in 5 days.
Buyers want to buy homes that are move-in ready. If you are getting ready to sell your home, talk with your REALTOR® and see what they have to say about the condition of your home and what you need to do to get the most money in the shortest amount of time. See if you have the time needed to fix up the property to sell your home. If your time frame doesn’t allow you the luxury of doing the repairs, then you might want to consider lowering your price or setting aside money in escrow for those improvements that your home needs. There are some repairs that must be done before the close of escrow. For instance, a broken window will not be acceptable if the buyer is using a VA loan.
If you are a buyer that can’t find that absolutely perfect home, you might need to buy a home that has been priced lower due to the fact that it needs some repairs and consider doing the repairs after the close of escrow. If the seller has discounted their home due to the repairs that are needed, and you really can’t afford to pay for the repairs out of pocket, you might want to offer the seller more and ask that the repairs be done after the close of escrow. The invoice and the money can be held in escrow for a period of time until the repairs can be done. You will need an invoice to place in escrow. I have seen this done for air-conditioners, carpet, roofs, even appliances.
Right now is a great time to sell however a difficult time to get repairs done, so start working on the repairs sooner rather than later. You will be glad you did. Also, we are running into the holidays. Holiday decorations are fine for showing your home, but not good for photo day.
Buyers are out looking right now because the interest rates are very low and many are working from home more so they want more space for an office or some personal space. Many want to be into a new home before Christmas. There are only 2 months left till Christmas!
Currently, home prices are up 7% year over year and up 1% over last month. The average home is selling for $209,000. Interest rates are below 3% and we are headed into the holidays and it is an election year. Sierra Vista is considered one of the top places to live in the nation and people are moving! Let’s help people move here!
If you would like more in-depth information about our local market, talk with your local REALTOR ®. We are happy to help you navigate the market. Make sure that they have the REALTOR® trademark next to their name to ensure that you are working with the best of the best.
Joan Wilson is an active REALTOR ® with Long Realty in Sierra Vista and Cochise County. I am a member of the Huachuca 50 board, past President of Women’s Council of REALTORS®, past President of the Southeast Arizona Association of REALTORS ®, and current Regional Vice President and Chapter Chairperson of WeSERV.