Selling your home is an important decision and there are many things to consider when preparing to do so. Due to the long list of responsibilities that come with listing on the market, it can often become overwhelming for a homeowner.
But what if there was a way to avoid the stress of selling your home on market? For many, this is done by selling their house as is. In this blog, I will cover everything you need to know about selling a house as is versus on the market.
What is Selling As Is?
Selling a house as is simply means you are selling the home in its current condition. Thus, there are no contingencies on the condition of the home or any repairs being made.
A homeowner may choose to sell a house as is for many reasons, but first let’s go over the pros and cons of selling a house as is versus on market.
Listing On Market
Pros
- Higher sales price: When you sell your house on the market, it is being advertised in front of thousands of people via sites such as Zillow, Redfin, and the MLS. This means that you will typically get a higher sales price on the home.
- Professional representation: Listing a house on market means that you will be working with a real estate agent, who will be your guidance and representation through the process. They will assist you by performing the marketing, negotiating, and facilitation of the transaction on your behalf. Having the help of a professional real estate agent can be great, but it doesn’t come for free.
Are you looking for a real estate agent to help sell your home in North Carolina? I have great referrals for preferred agents all across the state. Click here to get connected!
Cons
- The fees can add up quickly: Common fees associated with selling your home on the market are realtor commission fees and closing costs. These are typically 6% and 1-2%, respectively.
- You’re not the only one with an agent: Yes, you will receive professional guidance and help with negotiation from your realtor, but so will the buyer. Many buyers’ agents will negotiate several contingencies and seller credits into the purchase. This means there is a potential for added risk and less money in your pocket.
- Inspections, repairs, and appraisals: The typical real estate buyer looking on market will be utilizing a mortgage to purchase the property. Thus, there are many things that must happen in escrow, including an inspection and appraisal of the property. The results of these contingencies could potentially lower the sales price, extend the closing date, or even cause the deal to fall through.
- Longer process: As you can see, there is a lot that goes into selling a house on the market. This leads to a lengthy process that can last for months. In fact, the average length of a home sale in 2021 was 75 days in North Carolina.
When Should I List A House On Market?
Selling on the market is often the best route to take when you have kept up with your home. If you are flexible with timing, have kept your house in good condition, or have a trusty realtor, this is probably your best bet.
Selling As Is
Pros
- No Fees: When you sell your home to us as is, you will not have to pay any commission fees, closing costs, or repair costs.
- Quick and Flexible Closings: We understand that everyone’s situation is different. Because of this, we are able to work with your timeline and close on a date that works best for you. We can close as fast as you’d like or give you as much time as you need.
- No Repairs Necessary: Because all of our purchases are made in cash, we are able to buy the property in its current condition. Meaning there is no need for any repairs or stress for you!
- No Hassle, All Convenience: When you sell to us, we will always work with you and your individual situation. It is our goal to cater to your needs to ensure the best experience possible.
Want to receive a fair, no obligation cash offer? Give us some basic info here and a team member will reach out to you!
Cons
- Lower Sales Price: Due to the purchase being made in cash, you will often get a sales price that is lower than listing with an agent. However, since you do not pay any fees, our offer will often net you close to the same amount.
When Should I Sell A House As Is?
You may choose to sell a house as is for many reasons. Here are a few reasons you may choose to do so:
- Heavy repairs needed
- Need to sell fast
- Facing foreclosure
- Job relocation
- Inherited properties
- Divorce
- Deferred maintenance/outdated
- Challenges such as title issues, financial concerns, health issues, or large liens
Conclusion
There is no “one size fits all” when it comes to selling your house. The best choice for you is unique to your own individual situation. Here at Northstate Equity, we understand that and will work with you, no matter what that may be.
If you would like to receive an offer on your house as is or get referred to one of our preferred real estate agents, reach out to us here and we will take care of all of your needs!