Selling Up: The Housing Market Vs. Cash Buyers
The modern housing market presents many options for sellers. Traditionally, a seller would list their home with an estate agent. They’d then wait for prospective buyers. Next, there’s inevitably some negotiating on the price. Eventually, if all of the paperwork and cheques clear, the sale completes. Sometimes, there’s also a chain.
While estate agents and solicitors offer a lot of online options, the process isn’t generally any swifter. Where the speed and convenience has been embraced nowadays is with cash buyers. Now, the cash buyer method has become increasingly prominent online. So, here’s a look at how the two options differ.
Working for the Best Price
The traditional home selling route has the potential to get higher prices. After all, you set the price and can wait for as long as you want for the right offer to come along. However, people never take the listing price as gospel. More often than not, they’ll try to haggle it down.
The only exception is if the buying market is particularly competitive. One of the many pitfalls that Investopedia describes for home sellers is setting an unrealistic price. Another is expecting the asking price to be met. Even when a price is agreed, the process is laborious.
Many intermediaries need bringing in and contacting often. Plus, the buyer may need to sell their own home first. The chain is one of the biggest enders of home sales. Even the fastest home sales still take months. So, if moving out promptly is more important than getting the best price, many sellers have to settle.
On top of this, other factors play into how sellable a property is. Visible damage or issues discovered by surveyors can cut the price or cancel sales. The quality of photos and general home cleanliness can also be a sticking point. Plus, resources like the Home Owners Alliance will inform buyers of their power in the market and value swings.
Needing a Quick and Convenient Sale
The sales pitch of the cash buyers is that they’re hassle-free and quick. Usual open market sales take an average of six to nine months, whereas if I were to sell my house with We Buy Any Home, for example, I’d be met with a seven-day sale proposition. Services like this offer a near-immediate free cash offer after you fill out some details on their website, with the potential to complete in a week, or another time that suits you.
Importantly, they guarantee a sale on any property. So, there isn’t any need to take nice photos or clean extensively. Any damage or issues will be noted but not impede the sale on any property guarantee. Plus, the service includes all extra work and costs such as surveyors, solicitors, and the rest.
The convenience of this kind of service and its speed is relayed in the free cash offer. Cash buyers will offer a fair and realistic amount based on the state of the property and won’t try to haggle it down after making an implicit agreement, so you can ensure your time is well spent.
There are pros and cons to the traditional market and turning to a cash buyer. While the traditional market is still the go-to route, cash buyers are gaining in popularity for their convenience.
