Sell As-Is or Make Repairs? A Fresh Perspective on What’s Right for You
When it comes to selling a home, not every seller has the same goals, timeline, or resources. While a recent study from the National Association of Realtors (NAR) found that 61% of sellers completed at least minor repairs before listing their homes, a notable 39% chose to sell as-is instead (see chart below).
a pie chart showing 61% repaired homes, 39% sold as-is
For some sellers, life’s demands or financial constraints make repairing a home before sale challenging. If you’re considering selling your house as-is, it’s important to understand the benefits of doing so and how the current market might make it a viable option.
What Does Selling As-Is Mean?
Selling as-is means you’re putting your home on the market in its current condition, without making repairs or negotiating fixes after a buyer’s inspection. It’s an approach that prioritizes simplicity and speed over potential updates or renovations.
For sellers short on time or money, this route can be a relief. It eliminates the stress of arranging repairs or coordinating with contractors. However, there are a few considerations to keep in mind.
Why Selling As-Is Could Work in Your Favor
While homes in top condition often sell for higher prices because buyers appreciate move-in-ready options, there’s still a significant portion of buyers (56%, according to recent surveys) willing to purchase a home needing some work. This is especially true in today’s market, where affordability challenges and lower-than-average inventory have made many buyers more open to rolling up their sleeves for renovations.
By selling as-is, you may attract buyers eager for a property they can customize to their tastes or investors looking for opportunities to add value. Though the final sale price might be lower than it would be for a fully updated home, skipping repairs can help streamline the process and get your home on the market faster.
Navigating the Decision
The choice between selling as-is or making repairs doesn’t have to be all-or-nothing. A real estate agent can guide you in assessing your home’s value in its current state compared to what it might fetch with some upgrades. They’ll use local data to help you weigh the cost of repairs against potential increases in sale price.
Additionally, a good agent like myself can highlight your home’s strengths – whether that’s a great location, ample space, or other standout features – ensuring buyers see the potential even if the home needs a little TLC.
Key Considerations
- Market Conditions: In today’s seller-friendly market, buyers are often more flexible about a home’s condition.
- Buyer Pool: With over half of buyers open to homes requiring work, selling as-is might not limit your options as much as you think.
- Convenience: By skipping repairs, you can save time and stress, particularly if life’s other demands are pressing, at the cost of price and Days on Market.
Bottom Line
Selling a home as-is is not just a compromise; it’s a choice that can align with your priorities and circumstances. Whether you’re pressed for time or simply want a no-fuss sale, the key is working with an experienced agent like myself to ensure your home’s potential shines. Let’s discuss your options and find the best approach to meet your goals.
Read the Original Article Here: Should You Sell Your House As-Is or Make Repairs?