Alexandria VA Sellers Ask - Should I Sell As-Is In A Sellers Market

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Real Estate Agent with Realty One Group Capital MovingToNova.com

Alexandria VA Sellers Ask - Should I Sell As-Is In A Sellers Market

As Is With No WarrantyAlexandria VA Real Estate - The tide has officially shifted, and we have found ourselves in a sellers market in Alexandria VA.  Homes are being snapped up, multiple offers are the norm, and we are even seeing buyers do the unthinkable...waive contingencies.

So, if the market is so good for sellers, is it even worth it to do repairs before listing your Alexandria VA home, or should you sell as-is and let the chips fall where they may? Working with active buyers gives you first hand experience to the insight, thought process, and the feedback that today's buyers have. Over the past month, I've helped buyers get five written offers accepted.  That means I've shown a lot more than five houses, written a lot more than five offers, and also attended five home inspections.

When buyers are forced to compete due to current market conditions, their desire to get the house forces them to make more aggresive offers.  If they have offered above the asking price then the level of expectation rises as to the condition of the home.  Here's what I've observed:

  1. Most buyers reluctantly waive the home inspection.
  2. Most buyers cannot afford to waive the appraisal.
  3. If a buyer offers above list price, there's a mental trigger that says "this house is in good condition and the home inspection will prove it" OR "I'm paying XXX above list price and the seller had better fix everything that I ask for after the home inspection.

And here's what sellers need to know:

  1. If you're selling your home as-is, and you accept an offer that is contingent upon a home inspection, then the buyer can still cancel the contract. 
  2. If the buyer is obtaining financing, the appraiser may require a repair to be made as a condition of loan approval.  Again, there is a provision in our contract that if the seller doesn't fix it, and if the buyer doesn't fix it, the contract will be cancelled.

Buyers budget for down payment and closing costs, not for immediate repairs.  They plan for basic moving expenses, and for furniture and other cosmetic nice-to-haves after moving in.  Any money that has to be devoted for repairs prolongs the buyer's enjoyment of the home and devalues the property in their minds. 

If a contract falls out due to a home inspection, future buyers may view the home as stigmatized, "Gosh, that buyer didn't want the house so there must be something wrong with it."

It's definitely a gamble to sell your home as-is, even in a sellers market.  While you may get an attractive offer in the beginning, Alexandria VA home sellers should also prepare themselves for the possibility of the buyer wanting to negotiate the price down after the home inspection, or a low appraisal.  For sellers who choose to sell as-is, an all cash buyer is best suited for this type of transaction, but prepare yourself for a lower offer no matter what your asking price is.

To maximize the sales price of your home, talk to your Alexandria VA listing agent about a pre-listing inspection and home warranty to help you plan ahead, and take care of repair items beforehand.  Invest to present your home in the best light.  That's the best way to ultimately win in a sellers market.

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RE/MAXBuying or Selling Real Estate in Alexandria VA? I specialize in new construction homes and short sales throughout Alexandria VA. Contact Tamara Inzunza, Associate Broker of RE/MAX Executives to list and sell your home, or purchase a new home. Proudly serving the beautiful Alexandria VA communities of Old Town Alexandria, Del Ray, Kingstowne, and Manchester Lakes including condos, townhomes, and single-family homes for sale.

Call me at 703-623-8759

Be sure to visit my website where you can Search MLS Listings of ALL Homes For Sale in Alexandria VA at www.MovingToNova.com/. If you're thinking about selling and would like to know how much your Alexandria VA home is worth, visit http://www.confidentialcma.com/ for a complimentary market analysis of your home.

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Comments (1)

Sabrina Solesbee
Solesbee Group - Laguna Beach, CA
Sabrina Solesbee

It all depends on the circumstances of the buyer. All cash is easy to sell as-is. But as you mentioned there may be lender required repairs. I educate my seller's about the different types of buyer's we could get and let them make their decisions on a case by case or rather offer by offer basis. Great post!

Mar 02, 2013 12:44 PM