Is Selling Your Home for Cash Worth It?

Selling your home for cash is quick and easy, but you might be wondering whether it might be right for you. Like any other decision, you must weigh your individual situation and needs. When all factors are considered, for many people, a cash sale can be worth it.

Cost of Repairs

The condition of your home is the first factor to consider. To get top dollar for your home, it must be in pristine condition, and the interior needs to be up to date. That means investing thousands of dollars into making repairs and fixing it up. 

A cash buyer doesn’t require you to make any repairs or cosmetic changes to the home. They will purchase your home “as is,” in its present condition. The condition of your home does influence the amount of the offer, but the offer could still be a bargain compared to the cost of repairs.

Waiting Time

Next, think about how long you can wait to sell. If you have to fix up the house, you could be waiting a couple of months before you’re even able to list it for sale. Then, as the house is shown and you wait for an offer, you have to keep paying the mortgage, taxes, insurance, and utilities. The total cost could easily be several more thousand dollars.

A cash sale eliminates the wait. You can have an offer within 24 hours and close within a week or two. The financial burden could be out of your hands quickly.

Commission and Fees

Finally, in a traditional sale, you have to pay commission and fees. In most areas of the country, the commission averages 5 to 6 percent of the sales price. You never receive the full amount you are offered.

In a cash sale, there’s no commission deducted from your sales price, and you don’t pay any other fees. The cash buyer will pick up any closing costs. Again, you are saving thousands of dollars.

To decide if selling your home for cash is worth it, sit down and do the math. Figure out how much listing and selling your home on the market might cost you. Then ask for a no-obligation cash offer. Compare the two figures. You might just come out ahead. 

Thinking of selling your Phoenix area home for cash? Learn more about the cash sale by clicking here.

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