According to a recent survey by the National Association of Realtors (NAR), most home sellers (61%) have completed at least some repairs before putting their homes on the market. However, in reality, time, budget, or resource constraints can make repairs difficult. In fact, 39% of sellers choose to sell their homes "As-Is," as shown in the chart below.
What does selling "As-Is" mean?
Selling a home "As-Is" means that the seller makes no repairs before listing the property and does not negotiate repair requests after an inspection. It signals to potential buyers that the home must be taken "as it is" without any changes or improvements.
In situations where time and budget are limited, this can be a way to reduce the burden. However, there are also some drawbacks:
Pros and Cons of Selling "As-Is"
Pros:
- Time and cost savings
- Quick sale potential
Cons:
- Reduced buyer interest
- Lower sale price
- Longer time on the market
Generally, homes that are repaired sell for higher prices. Buyers are willing to pay a premium for move-in ready homes. As a result, selling without repairs could lead to lower buyer interest, fewer offers, longer market times, and ultimately, a lower sale price.
However, there’s good news. In today’s market, 56% of buyers have expressed willingness to purchase a home that needs some repairs. This is largely due to the high economic burden of homeownership and a lower-than-usual supply of available homes.
Work with a Real Estate Agent
Before deciding to sell "As-Is," it’s crucial to consult a professional.
- Market Comparisons: An agent can show you recent sales of similar homes in the area and what updates neighbors have made.
- Fair Pricing: An agent can help you set a reasonable price based on whether or not repairs are made.
- Marketing Strategy: An agent can highlight the home’s strengths and show its potential to buyers.
Conclusion
Selling a home "As-Is" is possible, but there are clear pros and cons. To make the best decision, it’s advisable to consult with a local real estate expert to review all options.
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