Fix up your home or sell it as-is? It’s a question every homeowner has asked themselves at some point: should I sell my house as-is or invest in repairs?
There’s no easy answer, but you should consider a few things before making a decision. Make sure to be aware of the real estate market, as well as the pros and cons of both selling as-is or repairing your home.
The Pennsylvania Real Estate Market
Pennsylvania’s real estate market is currently 7.4% down from last year, according to the Pennsylvania Association of Realtors® in their May 2022 housing market report. However, prices are predicted to rebound in 2023, so now may be a good time to sell.
Of course, the state of the market isn’t the only factor to consider. Make sure to think about your circumstances and what’s best for you and your family.
Pros and Cons of Selling As-Is
The most significant advantage of selling your house as-is is that it’s the quickest and easiest way to sell. You don’t have to spend any money on repairs or renovations; you can put your house on the market immediately.
This can be a great option if you’re facing financial hardship or need to move quickly for another reason. It’s also a good choice if your home is so in disrepair that it would be difficult or expensive to make the necessary repairs.
However, there are some downsides to selling as-is. Because your home will be in its current condition, you’ll likely sell it for less than you would if you had made some repairs or renovations first.
You may also have a more challenging time finding a buyer, as many people are looking for a move-in-ready home. In the rare case that your home is in awful condition, you may only receive low offers from investors interested in flipping the property.
Pros and Cons of Investing in Repairs
The most significant advantage to doing repairs is that you’ll be able to get a higher price for your home. Making even minor repairs or cosmetic updates can increase your home’s value and make it more appealing to buyers.
Investing in repairs can also help your home sell more quickly. A well-maintained home will stand out on the market and is more likely to catch the eye of a serious buyer.
Of course, there are also some disadvantages to this option. The most obvious is that making the repairs will take time and money.
You’ll also need to be prepared for the possibility that the repairs may not increase the value of your home as much as you expect. If you’re planning to sell soon, consulting with a real estate agent is essential to get an accurate estimate of how much your home is likely to sell for.
Making the Final Decision
There are pros and cons to selling as-is and investing in repairs. The best option for you will depend on your circumstances.
If you need to sell quickly or your home is in such disrepair that it would be difficult to make the necessary repairs, then selling as-is may be the best choice. However, if you’re able to wait a bit longer and want to invest the time and money in repairs, you’ll likely be able to get a higher price for your home.
If you’re unsure whether to fix up your home or sell it as-is, it’s a good idea to consult with a Pennsylvania real estate agent. Contact Your Home Hero today to get the most current information about the market and help you make the best decision for your situation.
