With inventory being so low in the region, you may be thinking that now is the best time to put your home on the market. Median sales prices climbed to $335,000 in May – a new record high for Hampton Roads. These factors coupled with the strong buyer demand currently in the market, could make you tempted to list your home “as-is.” Here’s what you should know before you list your home “as-is.”
What Does Selling As-Is Mean?
When you see a home listed “as-is,” it means the seller isn’t committing to making any repairs or maintenance to the home. The buyer is purchasing the home in its current condition. If any damage is found in the inspection, the buyer will be responsible for making the repairs.
Reasons to List As-Is
Listing your home as-is may be the right choice for you if you identify with the following:
- Don’t have the money to make significant repairs:If you know your home is in need of serious remodeling and you don’t have the finances to take on such a burden, listing as-is may be your best option.
- Time isn’t on your side:Maybe you need to move quickly and simply don’t have the time to do any major remodeling. Being transparent and listing as-is might be a fit for you.
- It needs a lot of TLC:If the home has become hazardous and unsafe, it could be an investor's dream. Listing it as-is with full disclosure of the shortcomings of the home could attract a very specific buyer who’s interested in fixer-uppers.
Challenges to Selling As-Is
Selling any home has the potential to present many different challenges, but listing as-is has specific challenges you need to be aware of before you list. Seeing a home listed as-is could be a turnoff to some buyers because the phrase usually reads as a red flag that something is wrong with the house. You may see buyer interest come in like a slow drip rather than a steady stream. Interested buyers may also come with lower offers. Don’t expect a huge profit selling as-is.
If you’re leaning toward selling as-is, connect with one of more than 9,000 agents to help you navigate the process. Consider working with someone who is experienced in this specific kind of sale. Ready to buy but not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. Download the REIN.com app and put the power of fresh and accurate listing data in the palm of your hand. The app is available free in the App Store and Google Play Store. For local listings you can trust, start with REIN.com.
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