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Home Buyers in Philadelphia!
We Analyze The 3 Ways to Sell Your Home in Philadelphia
If you own a home and are considering selling to home buyers in Philadelphia, you have several options available. In this blog post, we’ll look at those three ways to sell the property and break them down to help you determine which method is best for you.
For most people, owning a home is the largest purchase. So, it’s unsurprising that buying a home or selling a property can be highly complex.
Over the years, three home-selling options have developed to allow homeowners like you to sell to cash home buyers in Philadelphia. As you think about selling your home, you need to decide which of the ways to sell property is best for you, given your goals and timeline to sell.
Not sure with of these methods below is right for you? Fill out the form or call [215-359-6090], and we’d gladly give you a no-obligation consultation.
An Important Definition
Since this blog post will be read by people all over Philadelphia (and surrounding areas), with various prices reflected throughout the area, it isn’t easy to write about a specific dollar figure. However, here’s an important concept that will help you understand how much people pay cash for houses in Philly…
On The Market: When a house is sold “on the market,” it’s usually listed by a licensed realtor and sold after several potential buyers have seen the property and at least one has made an offer. Houses sold on the market will often be sold for approximately the same amount as other similar homes. This is called “market price.” Selling property on the market has requirements, inspections, and fees!
Off The Market: When a house is sold “off the market,” the homeowner has decided to sell their home directly to a real estate investor instead of listing their home using an agent. Houses sold off the market will often be sold for slightly less than their market price, “below market price.” Selling a house off the market can be quick, typically within three weeks. In addition, a cash home sale requires the homeowner to sell their home without making any repairs or updates. Lastly, when a homeowner decides to sell a house directly to an investor, the seller does not have to be agent commissions or any other associated fees!
Home-Selling Method #1: Sell Through a Real Estate
This is the traditional way to sell a house, so it’s also the most common. In this home-selling method, the homeowner chooses a real estate agent to list the home.
The agent acts as a “middleman,” showing prospective cash home buyers in Philadelphia through your house until one of those buyers decides to buy. Then, they’ll make an offer, the licensed realtor will negotiate on your behalf, and you’ll close.
The timeline for this selling method can take months (the average is 3-6 months). Sellers who choose this method prefer to gamble on the timeline to do less work (the agent does the job) with the hopes of selling at the market price. However, sellers who use this method will often need to spend up-front to repair their house first and then spend money after the sale on agent fees and commissions.
Home-Selling Method #2: Sell on Your Own
This selling method has grown due to a desire to save money on real estate agent commissions. The process is very similar to the above form to sell my house fast, but the homeowner does it, not the agent.
The homeowner lists their house, shows it to prospective buyers, negotiates with the buyer, and closes the deal.
There are a lot of similarities – the timeline is usually the same, and the homeowner will still have to pay up-front for house repairs on their home to make it sellable. However, sellers who choose this method don’t mind the extra work involved in showing their house; they usually prefer it to save on commissions.
Home-Selling Method #3: Sell Direct to Home Buyers in Philadelphia
This method of selling is gaining popularity as homeowners look for a third way to sell. However, this process is very different – it’s also faster, easier, and doesn’t cost the homeowner anything (so it’s not surprising that this method is gaining popularity).
Rather than listing and showing the house or negotiating, the homeowner sells their house directly to a professional home buyer in Philadelphia with cash who is ready to buy the house as-is.
It’s faster – the buyer has money and is ready to buy; it’s easier on the seller – there is no expense or effort to repair the house before it’s sold, and it doesn’t cost the homeowner anything – professional home buyers (like what we do here at Buying Property 215.)
There are many great benefits when selling a house to a real estate investor rather than approaching the process with a licensed agent. The standard route of listing on the market is time-consuming and costly, with dozens of stipulations and expectations. When listing with an agent, the seller will be responsible for home repairs beyond their financial means; agents and buyers expect inspections to be completed to ensure the home maintenance is acceptable. Traditional home sales require showings and walkthroughs; these can be overwhelming, considering you’ll be expected to keep the house in excellent condition while conducting the walkthroughs during evening hours or on the weekend, which is difficult for any individual, let alone homeowners with children or pets.
Also, when a seller utilizes a licensed realtor, the seller is accountable for paying up to six percent in agent commissions which does not include closing costs and capital gain taxes. When you sell a home to “Buying Property 215,” you have multiple selling options; we provide standard on-the-market listings or quick house sales. Our company purchases property in any condition requiring no repairs or renovations. We can close within twenty-one days or prolong the sale for multiple months. Selling to “Buying Property 215” eliminates fees or commissions; we cover the closing costs and transfer tax. Since we purchased the property as-is, no inspections or walkthroughs have been conducted.
The Better Business Bureau accredits our family-owned company with an A+ rating and 5-star google reviews!
Reasons Sellers Choose Cash Sales:
- No repairs, renovations, or inspections.
- Zero walkthroughs or showings.
- Selling on the market usually means selling it to someone who will choose to live in the house. They’re buying the home for themselves and their family. But when you sell off the market, you’re often selling to a company that might be investing in your house to turn it into a rental property or renovate and sell it.
- Selling on the market usually means the buyer needs financing. In a private sale, selling off the market often means that a professional home-buying company is willing to pay cash for houses in Philly. (That’s why some people prefer to sell off the market – they don’t want to wait for the seller to get financing; they want to know they’ve sold the house right away).
- Selling on the market costs money… sometimes a lot of money. For example, if your house needs renovations and repairs, you usually have to spend money fixing your home before selling it on the market. However, when you sell it off the market, such as to a company like us at Buying Property 215, you may be able to sell your house as-is – saving money (and the time and hassle).
- Selling on the market through real estate agencies will often result in commissions and fees to the agent for their work to “sell my house.” But selling off the market to a home-buying company like Buying Property 215 usually means no commissions, fees, or closing costs.
How much can you get for your home? Selling on the market may mean you sell your house for more money, but it takes longer and costs more; selling off the market may mean you sell your home for below market price, but it’s faster, and there are no expenses or fees.
So, how much will sellers get in cash for houses in Philly? It depends on how you sell – on the market or off the market… and that is determined by how quickly you want to sell and how much time and money you’re willing to invest in selling.