Should You Sell Your Home For Cash?
When thinking about selling your home, typically the first thing that comes to mind is listing on the market with a real estate agent, but, did you know that as a seller you have other options? A less traditional, but popular way of selling a home is to work with a cash home buyer like Flight Home Solutions.
In this article, we’ll discuss the pros and cons of selling your home on the market versus working with a cash home buyer as well as how to determine if selling your home for cash is right for you.
Traditional MLS Listing
Pros
Real estate agents, especially those associated with reputable organizations, have a large reach and great marketing tools at their disposal. Top agents will be knowledgeable of the local market and will work with you to identify the best price and time to sell your home. Ideally, they will want to ensure that the home is priced right for the current market, as buyer interest tends to decline the longer the home sits on the market.
In addition to helping you prepare your home for the market, your agent will support you in scheduling and conducting tours, guiding you through the selling process, and negotiating with potential buyers. Selling a home on the market to a traditional buyer requires complex legal and financial transactions, requiring expertise in the process.
Cons
While listing with an agent has its benefits, it also comes with several drawbacks. Listing your home on the market can be time-consuming and expensive. One of the most frustrating aspects of a traditional sale is preparing the home for showings while also navigating the oftentimes stressful process of moving to your next location. In order to attract interested buyers that are willing to pay top dollar for your home, it has to be in great condition. For some, this may not be a problem, but for others, this can mean costly renovations and repairs. With repairs, maintenance and renovations come hiring professionals or managing the projects yourself while also preparing the home for showings with cleaning and de-personalizing.
Getting your home ready for the market, finding the right realtor, and then working through the closing process with a potential buyer can take months. Some offers will be straightforward whereas others may require longer closing times and stringent inspection processes, potentially drawing out the timeline even further. Working with a realtor comes with a premium. Be expected to pay commissions between 5-6% of your home’s sale value.
Selling to a Cash Buyer
Pros
Cash buyers can move quickly, saving you time and money. These buyers are typically motivated to buy homes as-is, allowing you to avoid preparing your home for the market and making repairs, as they are willing to put forth the means to renovate the property themselves.
Because these buyers purchase homes with cash, they are able to bypass the typical sale and lending process allowing you to close quickly and have cash in your pocket in as little as two weeks. They pay the closing costs and because there is no realtor involved in the sale, you’ll pay no commissions.
Buyers like Flight Home Solutions can also offer more creative solutions that realtors are unable to offer. Sometimes that’s a seller financing agreement, joint rehab venture, or even offering to coordinate your moving, storage, etc.
Cons
In exchange for convenience, speed, and saving you money, a cash buyer takes a premium on the sale. Cash buyers will take into consideration the market value of the home in its current condition less the anticipated repairs needed. It’s important to weigh this reduced offer price against the time and money you would invest to make repairs, get your home ready for the market, and work with a realtor.
Is selling my home for cash right for me?
Determining the best way to sell your home really comes down to your unique situation and ideal outcome. Selling a home to a cash buyer is not the right move for everyone even though it has its advantages. When deciding if selling your home for cash is right for you, it’s important to consider the following:
How fast do you need to sell?
Cash buyers can close quickly and will buy your home as-is whereas listing your home on the market can take anywhere from 30-90 days.
What condition is your home in and how much can you afford to spend on updates and repairs?
If your home is in pristine condition or pretty close to it, listing on the market might be right for you. If your home needs some love and you’re unwilling to deal with or invest money in the repairs, working with a cash buyer is a great option.
How much time and energy do you have to get your home ready for the market?
If you’re willing to invest the time, money, and energy into getting your home ready for buyers, listing on the market is a great option. If not, a cash buyer can make the process quick and efficient, getting you the cash you need to move forward.
Where do I go from here?
Flight Home Solutions is here to help. Whether you are still debating the best path forward for selling your home or you are ready to get the process started, our trusted team of experts is here to help you think through your options. Fill out our form, give us a call or send us a text at 919-635-4164, and a member of our team will be there to learn more about your ideal outcome, your unique situation, and your home.
Flight Home Solutions is a small local business with Army Veteran roots established in Raleigh, North Carolina. We are dedicated to providing practical home solutions and outstanding service to both sellers and home buyers in the Central North Carolina market.
