A recent study from the National Association of Realtors shows most sellers (61%) completed at least minor repairs when selling their house. But sometimes life gets in the way and that’s just not possible. Maybe that’s why 39% of sellers chose to sell as-is instead.
If you’re feeling stressed because you don’t have the time, budget, or resources to tackle any repairs or updates, you may be tempted to sell your house as-is. But before you decide to go this route, here’s what you need to know.
What Does Selling As-Is Really Mean?
Selling as-is means you won’t make any repairs before the sale. You also will not negotiate fixes after a buyer’s inspection. This sends a signal to potential buyers that what they see is what they get.
If you’re eager to sell but money or time is tight, this can be a relief because it’s that much less you will have to worry about. But there are a few trade-offs you will have to be willing to make. The chart below breaks down some of the pros and cons.
Typically, a home that’s updated sells for more because buyers are often willing to pay a premium for a home that’s move-in ready. That’s why you may find fewer buyers will look at your house if you sell in the current condition. This could mean fewer buyers and fewer offers. It could take longer to sell and ultimately at a lower price. The final sale price might be less than you would get if you invested in repairs and upgrades.
That doesn’t mean your house won’t sell – it just means it may not sell for as much as it would in top condition.
Here’s the good news though. In todays market, as many as 56% of buyers surveyed would be willing to buy a home that needs some work. That’s because affordability is still a challenge. While there are more homes for sale right now, inventory is lower than the norm. So, you might find there are a few more buyers who may be willing to take on the work themselves.
How an Agent Can Help
So, how do you make sure you’re making the right decision for your move? The key is working with a pro.
A good agent will help you weigh your options by showing you what comparable homes in your area have sold for, what updates your neighbors are making, and guide you in setting a fair price. That helps you anticipate what your house may sell for either way – and that can be a key factor in your final decision.
Once you’ve picked which route you’re going to go and the asking price is set, I will market your house to maximize it’s appeal. And if you decide to sell as-is, I will call attention to the best features so the buyers will see the potential.