This is the second post in a blog series on the advantages and disadvantages of selling a home As Is in Northern Virginia. So far, we’ve covered Part 1.
When Selling a Home As Is Isn’t a Good idea
When you take out of the equation the buyer’s ability to negotiate for repairs, you force the buyer to seek a much bigger discount on the property, because they have to factor into their offered sales price the cost of the work they think the property needs. Buyers almost always overestimate the cost of what a home will cost to renovate and repair, and when you think about it, why shouldn’t they? They’re not contractors, so they don’t have a good idea of what each type of work costs to take care of.
A lot of people aren’t very handy when it comes to home improvement projects, and this type of labor in Northern Virginia isn’t cheap. Whenever you hire a licensed plumber or electrician to come out and do some work, the labor alone costs a lot of money.
For these reasons, homebuyers generally offer significantly lower prices on as-is home sales in Northern Virginia. Also, regardless of how much work a home really needs, buyers perceive these types of homes as needing a lot of work, which can be intimating. This is one of the main reasons why selling a home As Is attracts certain types of buyers, namely investors. And as a general rule, investors want big discounts, so they tend to make a lot of low ball offers.
So, long story short, if your home is in good condition, it's generally not a good idea to sell it as-is.
Read Part 3 of my three-part blog series on selling a home As Is in Northern Virginia.
Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com if you’re thinking of selling a home As Is. I’ll be able to give you a good idea of whether you would net more on the sale of your home if you marketed it as a standard sale instead.