Did you know that almost 410,000 homes were put up for sale in March of this year alone?
The housing market can often be a dog-eat-dog world. That's why it's important to know about assessing a fair cash offer. Getting cash for your home is oftentimes a win-win situation.
Are you wondering what's involved in the process? Keep reading to learn how you can determine a fair cash offer on your home.
Look at Other Similar Homes
When it comes to selling your home for cash, you should take a look at homes that are similar to yours. It's a good idea to note what others are asking for. Of course, an asking price is not a guarantee of anything.
It's also crucial to see what similar homes have actually sold for in the recent past. As long as the location, square footage, and other aspects are in the ballpark of yours, then the information should end up being helpful for determining a fair cash offer on your home.
Think About Renovations
Are you still asking yourself, "Is a cash offer fair?"
Before you even start considering offers, you should first spend some time thinking about the worth of investing in repairs and other fix-up projects. In some cases, you can get a much larger cash offer if you renovate the kitchen or re-insulate the attic, for instance.
There are a wide variety of projects that can boost the value by quite a bit. However, sometimes it's just better to take the money and run, so to speak.
Remember the 70% Rule
Are you wondering when to accept a cash offer on your home? This will depend on a case-by-case basis but you should definitely consider cash when you're struggling to get the home out of your hands.
The 70% rule is something you should keep in mind. After you've determined the fairest going rate for your home, 70% is the typical amount that people are willing to accept for cash.
One reason for this is that you'd be selling your home as-is. That means any repairs and other projects will become the responsibility of the new owner. You'll save money by avoiding those renovations and the buyer will save some money on the cost of the home itself.
Plus, paying cash is faster and easier than other methods.
Are You Ready to Determine a Fair Cash Offer?
Now that you've learned all about how you can determine a fair cash offer on your home, you'll be much more prepared to sell it for as much money as possible. Calculating the fairest price can allow you to sell sooner rather than later as well.
Are you in Phoenix or elsewhere in Arizona and want the process to be easy? We can do all the heavy lifting so that you can have a fair cash offer on your hands instead of a house you don't want.
Feel free to reach out and learn more.