Some consumers view selling their homes as the same as navigating a mind field. They have to choose an agent, they must decide on a listing price, they need to make their home show ready and they need to decide on what repairs and upgrades they need to consider. All of this leads to the final listing price and eventually the selling price of their home.
Instinctively they want the highest sale price, but it can be a bit daunting as well to make decisions about all of these things as well as arrange for all of the repairs and upgrades to be completed. Then there is the money needed to pay for all of this work and you have not even put your home on the market yet. Many homeowners, especially with homes that are in need of major repairs will sell their homes fast to companies such as, We Buy Houses. They can sell their home in any condition and move on. There are lots of issues to consider. Depending on the condition of your home, the funds it will take to make it market ready, many feel they will be better off to just sell as is.
The following are some of the issues many home owners must consider before making a decision to list their home through a realtor vs. selling fast to an investor such as We Buy Houses.
Major items such as driveway replacements, furnace replacements, AC unit replacements, a new roof, new windows and any structural issues such as cracked foundations fall into this category. Each of these can cost thousands of dollars and take time to complete. Your home will not compare well to other homes on the market if these repairs are needed.
Homes that are very dated and have not been kept up also do not do well compared to other homes on the market that have been modernized. Tired looking carpets, walls that have not been painted in some time, dark colors, dated kitchens and bathrooms, entry doors and exit doors etc. are some of the upgrades that fall into this area. They also can cost thousands of dollars. Once you begin modernizing it is difficult to know where to stop.
Time to Complete Repairs and Upgrades
Many people are not aware of just how much time it takes to complete the repairs and upgrades. Coming up with a design, choosing colors, shopping for materials and arranging for contractors to come and do the work takes much more time than many people realize. Can you afford to take this time to fix up your home to get it ready for listing on the market? There are family and employment considerations along with financing issues to think about.
Repainting your home does not cost too much, particularly if you do the work yourself. But major repairs and renovations take more funds than most consumers have available. This usually means a loan of some kind with interest costs etc. The cost of the loan must be factored into the overall cost of all of the upgrades. Can you obtain a loan? Is your credit rating sufficient to support a loan with a decent interest rate?
Selecting a Realtor
Just like every other profession, there are great realtors and not so great realtors. Some you will get along with and others you may not. Sellers should interview several realtors to find one that they feel can do the best job for them. Be prepared with a list of questions, such as how long they have been in the business, how many homes they have sold this year, what commission do they charge and what services do they provide? Also ask them to review the anticipated closing costs to determine what your total cost will be to list with them.
Market conditions are impacted by the season and local economic conditions, along with the number of homes on the market. In a seller’s market, homes sell for near or at asking price, while in a buyer’s market with lots of competition you may have to provide incentives to garner interest in your home.
Pricing Strategy and Marketing
Your realtor can provide some guidance in this area that is aligned with local conditions. General guidelines suggest pricing slightly lower than market value in a hot market to ignite a bidding war. Sellers may have to list their homes at market value and be prepared to negotiate downward in a slow market.
Sell House in Any Condition
There is a great deal to consider when selling a home and we have only really touched the surface of many issues. Many homeowners upon reviewing all of these concerns opt for selling their homes in their present condition knowing that the price they will receive will be lower than homes on the market that have many upgrades etc. They may lose on the sale price, but gain on not investing in upgrades, repairs and commissions when they sell to an investor.
Sell House Fast
There is also the time factor which we alluded to earlier in this post. Selling to an investor can be accomplished quickly. There is no need to renovate and upgrade which can take a great deal of time. There is no need to appraise the home, list the home, negotiate and then wait for closing. Sell your home fast to an investor like, We Buy Houses and complete the deal in less than a month.
Consider the Options and Make a Decision
There are many options for the home owner. Take into account the cost of repairs and renovations, the time factor, the price you will get for your home and then make the decision that makes most sense for your situation. Selling to an investor can save a lot of time and depending on the condition of the home, work out financially as well.