All You Need to Know About Selling Your House “As-Is”
The coronavirus pandemic blindsided the U.S. real; estate market in March, bringing home sales to a screeching halt. As we enter the fourth quarter of 2020, the housing market has started to pick up again. The pent-up demand during the lockdown resulted in record-breaking home sales in August, compared to last year.
If you are thinking of selling your house in Cleveland, now is the perfect time to get good value for your property. However, if your property has a leaky roof or faulty plumbing and needs time-consuming repairs, you might lose out on getting a good price for your home while you wait for the issues to get fixed.
The best option for you is to sell your home as-is.
What Does Selling the House As-Is Mean?
As-is means selling your property in the existing condition without any repairs or improvements that many homebuyers request. The term as-is is used to let the buyers know that what they see is what they will get. The buyers will have to invest in any repairs or improvements the property needs once they become the owners. Selling property as-is only recommended to homeowners when they need to move quickly and don’t have the time and money to invest in extensive repairs.
Pros and Cons of Selling A Home As-is
Homeowners need to keep in mind that when they list their house to be sold as-is, they are basically showing that they need the money or need to sell the property as quickly as possible. There are some pros and cons for this, such as:
Fewer Offers — You might attract plenty of buyers with the lower price of a house being sold as-is. But don’t be surprised when they run for the hills after they see all the repairs that need to be done. A property that is a fixture upper typically gets fewer offers compared to one where the seller is handling all the repairs.
Lower Profits — Traditional buyers are only interested in properties that need repairs if the price is lower than the market value. This leaves room to invest some money in repairs after they have purchased the house. This means that the seller will have to lower their profit expectation and settle for a less-than-ideal price for their property.
Save Time — The best part about selling a home as-is is that the homeowners don’t have to wait for an eternity for the repairs to be done before they can list the property. They can sell the property faster and save themselves all the hassle of looking for reliable home repair experts and deal with the hassle of making sure the property will be perfect to attract potential buyers.
Save Money — Many homeowners often estimate an amount for the repairs needed for their property but end up going way over their budget once the repairs and renovations start. They even go into debt trying to fix the property before listing it for sale and hope for a good price to repay the debt. This is never a good strategy because often, the selling price of a home with repairs is just not worth the risk. By selling the property as-is, homeowners can save on costly repairs and avoid the risk of loss when selling their house.
SELL YOUR HOME AS-IS TO US FOR CASH!
Worried you might not get the right price when selling your home in Cleveland as-is? We buy houses Cleveland offers the chance to sell your house to them for cash as-is without having to lose any money on the sale. Our team of home investors Cleveland works with homeowners to sell their houses as-is for the best price without any hassle. Find out more about our house selling process, or get in touch with our team today by calling at 216-303-8558.