I just completed a sale and purchase of an up-leg property for a client anxious to make the move from their first home to their forever dream home. They hadn’t intended on moving for years but when an extremely unique home that they’ve admired for a very long time came on the market, we jumped.
Everything happened extremely fast. So, preparing their home for sale by completing repairs we knew needed to be done was not really an option. We put the home on the market immediately “AS-IS”. It was clear in this case that time and resource availability would have jeopardized our chances of securing their “dream home”. *
It worked out in this case, but certainly anyone looking to sell their home would want to evaluate a number of variables before considering the path they want to achieve their goals.
The Pros and Cons of Selling As-is
Selling As-is means no repairs (some that may be sorely needed) will not be made before the sale. In addition, the seller is signaling that you won’t negotiate fixes after inspections. This sends the signal to potential buyers that what they see is what they will get.
This can be a tremendous advantage for both sellers and buyers under the right conditions. There are drawbacks though. Here are the pros and cons:
In most cases, homes that are fully repaired, updated, upgraded and 100% move-in ready garner more interest from buyers, go under contract faster and end up getting a higher sale price.
This is not to say that a home that needs repairs won’t sell. It just means that it may not sell as fast or for as much as it would in top condition.
The great news is that in Long Beach and most of Southern California, even with the days of extremely tight inventory and extremely low interest rates behind us, many buyers show interest in homes that need some work. That’s because affordability and availability is still very low – even with more homes on the market (inventory) when compared to the previous years.
Where Do You Start?
The first step is to have a complete picture of the real estate market in your neighborhood. We can show you what comparable homes in the neighborhood have sold for and what updates some of your neighbors are making that may help real estate values.
Next step is to set a fair price no matter what you decide. We can help you anticipate what your home may sell for whether you choose to make repairs or not. This may be a key factor in making a final decision.
Whether you decide that putting your home on the market tomorrow or 3 months from now, make sure you are presented with and consider all your options so you can make the best decision possible. If you want to know more, give me a call, text me, email me or DM me. I’m always available.
