The demand for homes went up after the pandemic, but not every property on the market is attracting buyers. Some homes can be a tough sell, especially if you need to do a few repairs.
Investing cash to address these issues before you sell your home is an option to consider, but you should know that you can also sell your home as-is. Selling a house as-is is your best option if you want to sell fast or don’t have enough cash to cover necessary repairs.
Here’s what you need to know about finding buyers for a home sold as-is and how to sell your house fast.
Dallas Real Estate Market Overview
Before you sell a house as-is in Texas, you need to know a few things about the current market in your area. You need to get a feel for what people are paying for similar properties and look at the inventory available in your area.
Typically, selling a house as-is is easier if there is a high demand and limited inventory. The good news is that there is a shortage of properties in Texas, with a drop of 3.3% in the number of new vacant developer lots and a drop of more than 8% in new home sales for 2021.
Prices are going up across the state. Dallas is one of the top cities for home price surges, with an increase of close to 25% from 2020 to 2021. However, real estate agents believe there is an average overvaluation of 33% for recent sales in the Dallas area.
Overvaluation is a nationwide issue at the moment, but the average home sells for 10 to 15% more than it’s worth.
Higher prices will likely result in a market correction and a drop in demand from new homeowners. Plus, mortgage rates could go up again and cause demand to drop even further. You should consider putting your home on the market before this correction occurs, whether you want to sell as-is or not.
Tips for Selling a House As-Is
Selling a house on your own is possible if you take the time to do some research and set a reasonable asking price. It’s also important to understand what it means to sell a home as-is since some disclosure laws apply.
What does it mean when you sell a property as-is? Selling a home as-is means that you’re not making any representations or warranties about the property’s condition. It also means you’re not liable for repairs.
Selling a home as-is isn’t about hiding issues. However, you’re upfront about the fact that you don’t know the full extent of the problems the buyer might uncover and that you’re not responsible for additional problems the buyer discovers after the sale.
Read on for some tips that will make your home more appealing when selling it as-is.
1. Make Minor Repairs
Minor repairs don’t require a significant cash investment and make a home more appealing. Focus on things that will make your home look better when buyers visit it.
There are some easy DIY projects you can complete to boost the curb appeal of your property, such as fixing a broken fence or staining an old deck.
There are plenty of minor repairs you can do inside, like fixing a broken garbage disposal, replacing old cabinet doors, covering up stains, or adding a new layer of caulk in your shower.
Things like minor electrical and plumbing repairs can also make your home seem newer. Many buyers will hesitate about making an offer if they know there are issues with these major systems, even though repairs might not be expensive.
2. Consider Major Repairs
Major repairs mean you’ll have to spend money before you can sell your home, but you will be able to ask for more, and finding a buyer might be easier.
Focus on things that could be significant detractors for buyers, like roof repairs that can cost up to $7,000, damages to the foundation, or a vital appliance that stopped working. You can also make flippers more appealing by tackling expensive repairs like getting a new garage door or paving the driveway.
If anything makes your home unsafe, consider fixing it so that the buyer can move in and tackle other home improvements themselves.
You should also think about addressing significant repairs that would make your home ineligible for FHA financing to have a larger pool of potential buyers you can work with. The FHA minimum property standards look at areas like roofing, the electrical system, the water heater, and property access.
3. Redecorate Your House
A factor that can motivate buyers to make an offer is presenting a home where they can imagine themselves living. It can be challenging if the property isn’t in the best shape.
However, you can create a welcoming space by redecorating a little. Realtors often advise home sellers to redecorate in a neutral way. Buyers need to be able to see themselves living in that space.
If you want to sell a house without a realtor, you’ll have to redecorate by yourself. You can, for instance, replace bold colors with neutral hues, get rid of unique accent pieces, remove family pictures, and pick wall art and knick-knacks that feel natural.
4. Highlight Interesting Things About Your House or Area
Repair costs are a drawback. You can balance this drawback by discussing a few selling points instead.
What is unique about your home? Draw attention to features other properties don’t have, whether it’s storage space, a home office, a new appliance, or the potential for a finished basement.
For homes sold as-is, there are often selling points for the area. Is the house in a good school district? Bring up access to public transit, shopping, job opportunities, leisure activities, or landmarks. These things can make your home more valuable to cash home buyers in Dallas.
5. Incentivize Potential Home Buyers
If you want to sell your home fast, you should be ready to negotiate with potential buyers and give them incentives to buy your house.
Set a reasonable asking price that reflects the value of the property. Be ready to accept a lower offer, especially if you want to sell your house fast, but don’t let prospective buyers lowball you.
There are other incentives you can offer. Discuss leaving appliances and even furniture behind. You can also pay for some of the repairs or tell the buyers you will move out quickly.
You can also help by covering a portion of the closing costs. In most cases, buyers can’t finance closing costs. By covering all or a part of these costs, you’re making your home accessible to a wide range of potential buyers.
6. Work With Cash Home Buyers
Even if you take steps to make your home more attractive to traditional buyers, getting financing for a home sold as-is isn’t always easy. The bank that issues the mortgage will want to schedule a home inspection and an appraisal before they accept the request for financing.
Financing can fall through if the bank finds that the offer exceeds the home’s market value or if the home inspection finds too many issues. The lender can also ask you or the buyer to do some repairs before issuing the loan.
You should think about working with cash buyers if you want to sell my house fast in Arlington. These buyers already have funds available and will often consider a fixer-upper.
There are many benefits of accepting a cash offer. The closing process is usually a lot faster. Besides, cash buyers who look at as-is properties typically have additional money put aside to cover repairs.
How to Get a Fair Cash Deal on Your As-Is Home Sale
One of the first steps to getting a fair cash deal is to get an appraisal. You’ll have an accurate idea of what the property is worth in its current condition, and you can use the appraisal as a baseline when comparing offers.
You should also think about having your home inspected so you can present potential buyers with a comprehensive list of all the repairs they’ll have to make. It’s essential to be transparent so buyers know exactly what they’re getting into and so they can offer a fair price.
If you’re wondering, “where can I sell my house fast,” you should know that there are companies that buy houses in Texas. These businesses typically invest in properties as-is, perform a few repairs, and resell these homes.
Finding a serious buyer can be a hassle. If you decide to work with an individual buyer, you’ll have to verify that they have the funds available to cover the sale price. This process can be easier if you sell your home to a company specializing in buying houses for cash. It’s easier to do background research and ask for references when working with a company.
Don’t hesitate to reach out to more than one potential buyer so you can compare a few offers. You should also keep your selling points in mind and negotiate to see if one of the buyers is willing to offer you more money.
Selling your home as-is is possible if you don’t want to invest in repairs. It’s usually best to opt for a cash offer instead of traditional financing since qualifying for a mortgage can be difficult if a property needs repairs.
You can find cash buyers and real estate investors who will make a fair offer on your property. It’s a great option if you don’t want to be liable for repairs or want to sell your home fast.