How Much Do You Lose Selling a House As Is?
Selling your home in its current condition lets you sell it faster and skip the repair costs. One downside is that you may not get as much for it as you would have if you had repaired the home yourself, but how much do you lose selling a house as is? It depends on several factors, which change with the home and its potential buyers.
Read on to learn more about as-is home sales from Chattanooga Property Solutions, a company with well over 20 years of experience in this industry. They’re also a top choice if you want to “sell my house fast” in Chattanooga, so feel free to call the team if you’d like more information.
What Does As-Is Mean in Home Sales?
Selling your home “as is” means just that—selling it to an interested buyer in its current state without repairs or updates. Typically, in these arrangements, the buyer understands the seller’s stance and accepts any problems the property might come with, such as:
- Damaged fixtures
- Faulty systems
- Structural damage
Notably, even when selling as-is, you need to provide legal disclosure requirements and allow a buyer’s inspection.
How Much Do You Lose Selling Your House As Is?
It may seem like a simple solution to sell your house just as it is, but the real question is, how much do you lose selling a house as is? The answer varies drastically, as several factors change the price of an as-is sale, including the following:
Type of Buyer
Even with a comprehensive checklist for moving out and other details in place, people looking to buy a new house might be hesitant about buying it as is if they want to live there right away. Cash home investors who buy houses to rent or resell will be a lot more apt to buy a house in poor condition. These buyers already understand how to make the necessary improvements in order to turn a profit.
Property Condition
Overall property condition also matters. If your home is in poor condition and will take a while to fix up, expect a lower-priced offer. If your home is still in moderately good condition and doesn’t need many updates or repairs, you may not lose much money at all selling as is.
Location
As with any property sale, the house’s location will affect the price. The home’s location may even be desirable enough to outweigh any hit a buyer takes from buying it as is. Homes in more densely populated areas or with desirable school districts tend to go for more.
Housing Market Conditions
Lastly, when there is a seller’s market and demand is higher than what’s available, you can expect an easier time selling your home as is and for your asking price. In a cash buyers’ market (when the housing supply is high), buyers have more power to lower the price.
We Buy Homes in Chattanooga, Tennessee
How much do you lose selling a house as is? If you still have questions, read our blog for more advice on selling a house that needs repairs and how to sell your home quickly. Contact Chattanooga Property Solutions online or call today at (423) 454-3070 to receive a free offer for your home as is!