As a response to the coronavirus pandemic, the housing market has seen the fastest home price growth since 2018.
Lots of people have been considering whether or not to put their houses on the market this season, as there is strong demand for housing stock.
Are you thinking about selling your house but aren't sure you want to put in the time and money to fix it up?
Are you wondering: “should I sell my house as-is?" Let's take a look at the pros and the cons.
Sell My House As Is: The Advantages
If you’re looking to sell your house as is, you should know that we buy houses in Chicago. Here are some of the reasons why the “sell my house fast as-is" route might make sense for you.
You’ll Pay Fewer Upfront Costs
If you don’t have the money to make any necessary repairs to your home before selling, then you might consider selling the property as-is.
When people put houses on the market, they typically make major and minor repairs that will help their house sell faster and for a higher price. Some people don’t want to take the time to do this, though, nor pay the expense.
People also generally invest money into repainting their homes, jazzing up their curb appeal with landscaping, and sometimes even using home staging services. You can skip all of that when you sell your home as-is.
You Can Get Your Home on the Market More Quickly
People can pour months into getting their home ready for listing. Then, once the house is on the market, there’s no telling how long it will sit there.
If you sell your home as-is, you don’t have to do anything to prepare for listing your home. You can even reach out to companies that say “we buy houses for cash" to get a nearly instant offer.
It Weeds Out Less Serious Buyers
When you put your house on the market, you end up cleaning up your whole house and making yourself scarce over and over again for showings. Some of these times, the buyers aren’t even serious. They’re just window shopping.
On the other hand, when you list your house for sale as-is, you won’t get so many of these less serious buyers. You’ll find that the people who come out to take a look are actually interested in investing in the property and know ahead of time that you’re not interested in engaging in negotiation.
You Can Get an Offer Right Away
As mentioned earlier, there are “we buy houses" companies that will give you an instant all-cash offer. This means that you can find out incredibly quickly how much you could get for your home.
The Sale Can Go Through Much Faster
When you’re selling as-is, there are two types of buyers that will be interested. People who are looking for a fixer-upper to live in themselves and real estate investors. The latter would fix up the house themselves and either rent the home out or sell it for a higher price.
Either way, it’s incredibly difficult for people to secure a loan for as-is properties from a traditional lender. This means that someone buying your house as-is is likely a cash buyer. The good thing about this is that this can make the whole process way faster.
When you sell to a cash buyer, the sale can go through much more quickly than when you sell to someone who is receiving financing. The mortgage and sale process is long and arduous. By skipping all of that, you can get to closing within a matter of weeks or even days.
Sell My House As Is: The Drawbacks
Like all things in life, there are two sides to every coin. While there are a number of advantages to selling your house as-is, there are also some drawbacks. Let’s take a look.
Your Home Will Sell For Less
It can make sense to do the math on how much repairs will cost you and how much more your house could sell for when they are done. Everyone’s circumstance is going to be different, but it makes sense to be thoughtful about this aspect of things.
Basically, a house that you sell as-is will sell for less than one that you sell fixed up or with an expectation of negotiation. If you sell to cash-buyers in Chicago, you can expect that the offer you receive will be lower than you would receive if you weren’t selling your home as-is.
Selling a home as-is does signal to buyers that there is something wrong with the property. Buyers will be factoring in the repair and improvement costs into their offer price, meaning that it will be lower than if the home were move-in ready.
This means that you’ll want to decide what is more important to you: time or money. If you simply just need to sell your home right away, then selling as-is can make sense. If you have time to spare and are trying to squeeze out as much money as possible from the property, then it might be worth making the repairs before putting it on the market.
You’ll Receive Fewer Offers
While it can be good to weed out less serious buyers, this also means that you will have a smaller pool of buyers making offers on your home. Many people aren’t willing to take on the challenges of fixing up a property that needs TLC. This means that there is less competition between offers and the offers will typically stay low.
Sell My House in Chicago As Is
Should I sell my house as is? If this question has been circling around your mind, you should know that we offer cash for homes in Chicago! Contact us today for a fair cash offer.