If you’re selling your house, you will come across many different types of home buyers. These home buyers will have their own preferences, requirements, and agenda when buying a property.
It pays to know what kind of home buyer you are dealing with so that: a) you’ll know how to market your property for sale to them properly; and b) you’ll know how to respond to their offer.
In today’s post, we’ll look at the different kinds of home buyers you’ll encounter while your property is on the market.
Generally, the common types of house buyers are:
- First-time buyers
- Cash buyers or investors
- Bargain hunters
First Time Home Buyers
First-time buyers are those who have been living with their parents or renting. They are the ones ready to invest in their first property.
This type of home buyers is always a lucrative market for property sellers. If you sell your property to first-time buyers, you’ll generally find the process to be quicker and easier.
If the buyer has been renting or living with their parents or other relatives, they should be able to move in quicker to the property they’re buying from you without any hassles.
However, don’t make any assumptions. It’s best always to check their buying capabilities, circumstances, and overall situation.
Cash Home Buyers or Investors
Cash buyers are another category of buyers that tend to get a lot of attention. As the name suggests, they are willing to put down cash when buying your property. This means you don’t have to deal with bank transactions or other related scenarios when receiving the payment. You get cash – and that’s it.
This flexibility may come with a slight drawback, however. You may end up with a lower offer than what you’re property is worth. If you’re selling your property as is, or if you have a distressed property that you want to sell quickly, selling to cash buyers is your safest bet.
This means you don’t have to put in any money towards repairs or getting the property ready for the market. Cash buyers are willing to buy a property as-is.
Before accepting any offer from a cash buyer, make sure you have verification of the funding circumstances of the buyer – whether it’s coming from their accountant or solicitor.
With cash buyers, the sale of your home should move along quickly – especially if you are selling to a home investor. Investors are used to buying properties and turning them over for profit.
Bargain Hunters
This type of buyer is, you guess it, on the hunt for a bargain. It may either be an investor or a regular buyer who is merely looking for what he or she deems a good deal. Typically, bargain hunters opt not to work with real estate agents as they want to save the commission fee for themselves.
Be wary of this type of buyer; you may not really know if they are capable of buying your property even when they claim that it’s not going to be a problem.
How Long Will It Take to Sell My House?
There are many different factors and considerations at play when it comes to the buying and selling process of a home. Also, you have to factor in the number of professionals involved in handling different facets of the home sale.
Thus, there’s no standard length of time when selling a property. According to Zillow, in 2018, it took an average of 65 to 90 days to sell a home. This number was already down from 140 days property sellers in 2010 were looking at.
If you’re working with trustworthy buyers and professionals, just trust the process, and you’ll be sure to make that sale successfully and without a hitch.
With a cash buyer, the sale will usually take up to 30 days. You’re also looking at a fast transaction of you sell to first time buyers. However, as we mentioned, several considerations are involved in the process.
How Can I Speed Up the Sale Process?
There’s really no rhyme or reason for selling a house quickly. Sometimes it’s luck, other times it’s not, and your house may end up staying for sale for longer than you’ve anticipated.
As long as you’re exhausting efforts to market to potential buyers, then someone should come along and take an interest in your property.