If you’re preparing to sell a home that has some significant faults, you may be wondering whether to put it on the market “as-is.” Sellers take this step when they want to forgo repairs and preparations—even if it means accepting a lower sale price.
Selling as-is may seem like a safe bet in a hot market, where many buyers are more willing to overlook a property’s flaws. That said, it’s important to know that this strategy can come with drawbacks as well as benefits. By getting to know the potential pros and cons, you can make a more informed decision about how you market your home.
If you’re thinking of selling your property in its current condition, here’s what you should know about selling your home as is…
Why some sellers market their homes as-is
When you sell your home as-is, you’re making it known to the buyers that no repairs will be made. Your property will come with its existing flaws, and you’ll likely need to spell that out in your Agreement of Purchase and Sale. This proposition is attractive to many sellers, and it’s easy to see why.
Put simply, the process is less complex when you opt not to perform in-depth repairs, cleaning, staging, and exterior improvements. You’ll spend less time and effort than you would if your primary goal was getting the highest price possible. The result may be less stress—at least initially.
Home preparations always matter
The truth is, strategically preparing and marketing your property is always a good idea—even if you’re more interested in a convenient sale than maximizing your price. Here’s why
Sellers often underestimate how poorly homes that haven’t undergone preparations can be perceived. In many cases, buyers will jump to the conclusion that these properties are plagued by issues that can’t be fixed. They may even believe you’re trying to hide something.
Negative buyer attitudes could translate to bids that come in at even less than you were expecting. While you may be willing to accept a lower figure than your home would get in mint condition, there’s a good chance you’re not prepared to be lowballed!
Also worth mentioning: if your property sits for too long without receiving any offers, buyers may begin to think there’s something wrong with it. The first two weeks after you list is crucial, so it’s important to make sure your home is looking its best from the beginning.
Be ready to take action
Your home is your biggest investment. No matter your goals or life circumstances, it pays to put the effort in when you’re selling it. That means not only preparing it for the market, but being ready to move quickly (which is especially important when the market is hot). Taking steps such as setting up a pre-listing inspection and securing your own pre-approval for your next home purchase can expedite the process.
You should also be aware that all the reasons sellers prepare their homes in a buyer’s market still apply when conditions are in your favour. Ensuring your property looks its best improves the likelihood that you’ll attract qualified buyers, get better potential offers, and secure conditions that you’ll be completely satisfied with during negotiations.
Proper pricing, home preparations, and marketing efforts don’t have to be a hassle. Whether your goal is making a highly-profitable sale, one that’s quick and convenient, or both, an experienced agent can help you reach it—and make the process seamless.
Preparing to sell your home? Reach out to learn how we can help you meet your selling objectives!