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How Much is Your Home Worth to a Cash Buyer?

Midwest HomeBuyers • January 10, 2023
how much is your home worth?

When you sell your home to a reputable cash buyer, you can get a significant amount of money for your property in full. Because of how simple and quick this method of selling is, cash buyers typically provide offers that are slightly lower than regular housing market prices. According to a report by ATTOM Data Solutions, cash buyers often offer 5-10% less than the market value, reflecting the speed and convenience of the transaction. Having an estimate of what your home might be worth to a cash buyer can help you decide whether that selling method will work for you.

Competing Properties

Just as real estate agents help you price your home based on other homes on the regular housing market, cash buyers mainly evaluate the value of your home based on comparable properties. They will typically research properties of similar size and layout to yours in your neighborhood or town. The value of those homes will affect how highly they value your home. 

Age of Your Home

Besides just size and layout, the age of your home also contributes a lot to its value. Many of the materials used in homes start to deteriorate or lose strength over time, severely compromising the structural integrity of a home. On the other hand, if you have an older home that was made out of exceptionally durable materials and has a beautiful design, the age of your home could make it much more valuable to a cash buyer. According to the National Association of Realtors, homes built with high-quality materials and maintained over the years can command a premium, even in cash transactions.

Conditions

Finally, a cash buyer will determine the value of your home based on the conditions you are planning on selling it in. For example, if you are planning to complete major renovations and put thousands of dollars into the home, a cash buyer will value your home higher. However, if you are going to sell your home as-is and it needs renovations in order to be safe and inhabitable, a cash buyer will value your home lower. This is because they will need to use more of their own money to fix up the property to either resell or rent out. 

Keep in mind that you have the right to refuse or negotiate any price that a cash buyer offers you. If you aren’t able to find a price you both agree on, you can wait for another buyer’s offer. You should know, however, what a good range to sell your home to a cash buyer is so that you can find a great buyer quickly.

To work with a reputable cash home buying company that will get you a fair price for your home, reach out to Midwest Homebuyers here today. 

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