So you’re thinking about selling your Massachusetts house but know you have your work cut out for you to get the house ready to list. You’ve been putting off replacing the roof, getting that crack in the foundation looked at, and figuring out why your faucet periodically leaks. No worries, we get it!
A study by Poarch.com found that the average American home has nine DIY jobs that desperately need attention, and 32% of homeowners have been putting off at least one home improvement job for 12 months or more. Combine that with the fact that the highest percentage of houses in Massachusetts were built before 1940- it’s no wonder your home needs some work.
On the bright side, though, there is another way you can sell your home if you don’t have the time or money to do renovations. You can sell your Massachusetts home as-is. However, to make a confident decision on whether to sell your house as-is, there are several things to consider—like what as-is actually means, the pros and cons, and what’s involved with this type of home sale. But have no fear; we’ve got you covered with the answers. That way, you have all the information to make a decision that’s best for you and your family. So let’s get started!
How To Sell Your House As-Is In Massachusetts
What Selling As-Is Means
To begin, it would be helpful to know what selling your houses as-is in MA means exactly. Selling as-is usually means the home is a fixer-upper and that the current owners won’t be making any repairs or renovations before selling. Basically, what you see, is what you get. Furthermore, the price should reflect the home’s condition- which is usually an amount that is good for the seller to sell quickly without spending any extra money- and for the buyers to get a good deal.
However, selling as-is does not mean you are not obligated to disclose the condition of the home. Massachusetts is one of the few states that still follow a legal rule known as caveat emptor, otherwise known as “buyer beware.” But you are required to disclose the existence of lead paint and the presence of a septic system.
Since “buyer beware” is a common practice in Massachusetts, buyers definitely conduct home inspections and ask questions about the property, which you cannot legally lie about or actively hide the truth. And just to be safe, the buyer may request additional disclosures in negotiations.
Just something to keep in mind, that you can sell your house as-is in MA, but it doesn’t mean buyers won’t want to know what they’re buying into.
Pros and Cons of Selling A House As-Is
Honestly, there are some pros and cons to selling a house as-is. The obvious one is a price reduction. But being able to sell your home as-is fast without having to foot the bill for costly repairs is a plus! When figuring out if selling your house as-is, is for you- listing the pros and cons would be helpful. That way, you know you’re making the right decision. Here are some pros and cons you may want to consider.
Pros of Selling a House As-Is in MA
- Ability to sell quickly– Since you don’t need to make any repairs or renovations, you can sell the house faster. Depending on what repairs need to be done, it could take weeks or even months to finish construction- putting you months behind selling your home. By selling as-is, you could list your property within a few days.
- The ability to save money-This is a big advantage of selling a house as-is in MA. Repairs and renovations can be very expensive. A mid-range home renovation can cost anywhere from $48,000-$75,000- which includes a full bathroom and kitchen remodel, as well as some exterior updates such as new siding. A high-end remodel can cost as much as $85,000- $200,000+, and we’re just talking about remodeling; this doesn’t include making repairs. Installation of an asphalt shingle roof in Massachusetts costs on average $250 per 100 sq. ft, and to repair the same type of roof costs $70 an hour, not including materials. The average cost that homeowners paid for a foundation repair in Suffolk county is between $1,100 and $12,000, and to treat mold costs anywhere from $500 to $5,000. Needless to say, not having to take out a loan or go into debt to sell your house is a huge pro to selling your house as-is especially if you’re already dealing with mortgage-paying trouble.
Cons of Selling a House As-Is in MA
Ok, so you’re probably thinking selling your house as-is in Massachusetts sounds great, but is there a catch? Kind of… take a look at some of the disadvantages of selling your house as-is to decide for yourself.
- Less offers– Since you’re selling your house as-is, your pool of potential buyers will be a lot smaller. Most Massachusetts buyers are looking for homes that are move-in ready that require minimal if any changes. When a buyer sees the words as-is, they instantly see dollar signs. Even if you were to find a buyer, some lenders won’t even approve buyers for a home loan on a fixer-upper. This may limit your potential buyers to house flippers and real estate investors that pay in cash.
- Fewer profits– Prospective buyers will want a lower price for the property to make up for the cost of home repairs- so you probably shouldn’t expect to get market value. Fixer-uppers tend to see offers for 25% less or more, compared to move-in ready houses. However, the trade-off is not having to spend thousands of dollars on repairs, managing contractors, and supervising renovations.
Tips for Selling Your House As Is in Massachusetts
If you’re sold on the idea of selling your house as-is, you’ll want to check out these tips to make the process a success. Although you’re not doing any major repairs, there are still a few things you can do in preparation for selling your house as-is in Massachusetts.
Know the Property Market
It’s important to have an idea of what houses are going for in your area. Even though you’ll be comparing your fixer-upper to move-in ready homes, it will be helpful to know what a fair asking price is. The other thing to look into is the right time to sell in your market. This will help you increase your chances of selling quickly. For instance, if more people are buying houses in the summertime, it may help to list your home in April or May in preparation for summer.
Value Your House Correctly
It will be hard to put a value on your house since it needs repairs and renovations; however, the best way to figure out what you should list your home for would be to hire a real estate appraiser. An appraiser will look over your property and assess its condition and then run comparables for your area to determine its true value. This will be helpful to have when negotiating with a buyer instead of guessing how much your home is worth and what you’ll take for it.
Be Honest About Current Condition
Remember earlier how we mentioned disclosing the condition of your home. When you sell your house as-is in MA, make sure you’re honest about its current condition. And a good way to do that if you’re not sure what your home’s true condition is would be to get a home inspection done. A home inspection will detail repairs that need to be made and any issues going on with the house. Also, having your own home inspection report will be helpful to have when negotiating with buyers. They will likely get their own inspection done, and it would be nice to know ahead of time what concessions they may bring up. Because it’s one thing if you’re financially prepared to take a price reduction because you have a leaky roof, but it’s another when you learn there is a foundation issue too.
Do a bit of Spring Cleaning
If you try to sell to a traditional buyer, you’ll still need to do a bit of spring cleaning. But you’re probably thinking why? “I’m selling the house as-is, shouldn’t they expect it to look a certain way”? Yes and no. Yes, you’re selling a house as-is; however, will your chances of selling be greater if your home was clean and looked maintained? Uh, absolutely.
Doing a bit of spring cleaning will go a long way and help the house show better. Honestly, would you buy a dirty house? Cleaning is also necessary right now because you’re trying to sell during COVID-19. So make sure to dust, sweep, mop, vacuum, clean mirrors, and windows. Don’t’ forget to sanitize high contact areas like door handles, light switches, countertops, and stair railings before and after showings. Also, if you have pets, make sure to try to eliminate pet odors.
While your spring cleaning, don’t forget to do a bit of decluttering. If the house is full of stuff, it may be hard for prospective buyers to look around the place freely. They will need to be able to walk into the garage, attic, and any other storage areas, as well as be able to open closet doors or cabinets without items falling out. Doing some organizing will help the house look tidy and well maintained. Plus you’ll need to move all that stuff out anyway; it may be helpful to get a jump start on going through everything.
Stage Your House Perfectly
Once cleaning and decluttering are done, you may want to consider doing some staging. Again it isn’t something you have to do since you’re selling as-is, but will it help your chances of getting an offer? Definitely!
Buyers are visual, so staging the home will allow buyers to see the potential in the property. Even moving big pieces of furniture to storage will create more open spaces, making the rooms appear bigger. Another staging tip, put any personal photos and belongings away. This helps buyers visualize living there.
And if you want to even take it a step further, doing some simple fixes would also be helpful. The fewer renovations the buyer has to make, the better. For example, updating faucets and light fixtures, painting the walls to a neutral color, and replacing carpet are all things that the buyer would be happy to check off their to-do list.
Remember, you don’t have to do these things, they’re just some simple fixes, or changes you can do that may sweeten the deal.
Consider Selling to a Cash Home Buyer That Buys Houses As Is
Since you’re selling your house as-is, repairs, and all, you know you’ll have your work cut out for you trying to find a buyer. Even if you were to follow all the tips for selling a house as-is in Massachusetts, that doesn’t guarantee a fast home sale. Currently, the average time it takes to sell a house in Massachusetts- from listing to closing- is approximately 89 days. That is 54 days to get an offer, plus the typical 35-day closing period. That is the timeline for houses in good condition.
Instead of going about this the traditional way and dealing with the hassle, you might want to consider selling to a cash home buyer in Massachusetts.
Ocean City Development is a cash home buyer and purchases homes in as-is condition. Repairs and renovations are not required to sell to Ocean City Development.
They are a local home buying company in Massachusetts that buys and renovates houses. So buying as-is isn’t a problem. They also help people sell with unique situations like pre-foreclosure, bankruptcy, divorce, probate, code violations, abandoned properties, and unfinished construction.
Since they are a cash home buyer, they can make you an offer for your home within 24-hours and close in as little as 7 days. Their home buying process is super easy and doesn’t require cleaning, decluttering, or staging your home. You would basically show the house once to them and then get an offer; it’s that simple, which sounds pretty nice not having multiple showings and strangers walk through your home.
A Cash Buyer Can Save You Thousands In Commissions
Another perk that is a really big deal when it comes to selling your home to Ocean City Development is there are no realtor commissions or service fees. If you were to hire an agent to sell your home, they charge a listing fee of 2.5-3%; also, if the buyer uses an agent, they have a 2.5-3% commission too. So you’re looking at possibly spending 6% in realtor commissions trying to sell your house as-is. That’s a big deal considering you’re already taking less for your home. To put that into perspective, if you sold your house for $350,000, that would cost you $21,000 (6%) in commissions.
Another selling scenario would be to sell to an iBuyer. They are large home buying companies that treat the process as a business transaction. They have been known to charge service fees that cost even more than realtor commissions, and they may not even be in the market for a fixer-upper.
On the other hand, Ocean City Development is a local home buying company that doesn’t charge either of those fees to work with them and will even help pay closing costs. Do you know a buyer willing to do that?
Conclusion
The good news is that selling a house as-is in Massachusetts is possible, but as you’ve probably already figured out, it’s not as easy as one might think. However, if you don’t have the time or money to spend on home repairs, selling as-is might be your best bet to help you focus on your next adventures. And since you can easily do that by selling to a home buyer like Ocean City Development, you can quickly move on to bigger and better things. If you’re sold on the idea of selling as-is, give Ocean City Development a call and get the process of selling your house started today!