To sell traditional… to opt for a fast sale… as a homeowner in Michigan, you’ll likely find yourself considering the two main options for selling your home: traditional sales and cash sales. Each has its own set of pros and cons – and knowing which is best for your specific situation can help you make the right decision for you and your family.
According to recent data, the average sales price across the state reached $291,186 in August 2023, marking a 5.09% increase from the previous year. However, this growth isn’t uniform across all regions – while Central Michigan saw staggering price jumps of nearly 30%, other regions, such as parts of Detroit, experienced price declines.
With such variability in the market, Michigan homeowners need to get strategic in how they sell. Traditional sales involving real estate agents and potentially lengthy processes have long been the standard.
But the rise of cash buyers – including local companies like Speedy Sale Home Buyers – offers an alternative that promises speed and simplicity. So which is best for you? Let’s look at a few questions you’ll want to ask yourself, and what each has to offer.
Traditional vs Cash – Questions To Ask
How quickly do I need to sell my home?
Traditional Sale
In a traditional sale, the timeline can be quite lengthy. On average, homes in Michigan spend around 30-60 days on the market before receiving an offer.
After that, it typically takes another 30-45 days to close the sale. This process involves numerous steps, including listing the home, hosting open houses, negotiating with potential buyers, and waiting for the buyer’s mortgage approval. Any issues arising during the home inspection or appraisal could further delay the process.
Cash Sale
Cash sales, especially through companies like Speedy Sale Home Buyers, can dramatically shorten this timeline. Often, you can receive an offer within 24-48 hours of contacting the company. If you accept, the sale can close in as little as 7-14 days.
This rapid timeline can be particularly beneficial if you’re facing foreclosure, need to relocate quickly for a job, or have inherited a property you don’t want to manage long-term.
How much work am I willing to put into preparing my home for sale?
Traditional Sale
Preparing a home for a traditional sale often requires significant effort. You’ll likely need to make repairs, possibly update outdated features, and stage the home to appeal to potential buyers.
This could involve anything from a fresh coat of paint to major renovations, depending on your home’s condition. You’ll also need to keep the house in show-ready condition for weeks or months, which can be stressful and time-consuming.
Cash Sale
Cash buyers, particularly investment companies, often purchase homes “as-is.” This means you don’t have to worry about making repairs or improvements before selling.
You also avoid the hassle of keeping your home in perfect condition for showings. This can be especially advantageous if your home needs significant repairs that you can’t afford or don’t want to deal with.
How important is getting the highest possible price for my home?
Traditional Sale
Generally, a traditional sale has the potential to fetch a higher price for your home, especially in a seller’s market. With proper marketing and exposure to a wide range of potential buyers, you might receive multiple offers, potentially driving up the price.
You’ll want to factor in the costs associated with a traditional sale, including real estate agent commissions (typically 5-6% of the sale price), closing costs, and any repairs or improvements you make to the home.
Cash Sale
Cash buyers typically offer less than what you might get on the open market. This is because they’re taking on the risk and expense of any necessary repairs and need to make a profit when they resell the home.
However, the price difference might be less significant than it initially appears when you factor in the costs you save on repairs, improvements, and real estate commissions. But the certainty and speed of a cash sale can be worth the trade-off for many sellers.
How much certainty do I need in the sale process?
Traditional Sale
Traditional sales come with a degree of uncertainty. Deals can fall through for various reasons: the buyer’s financing might not come through, the home inspection might reveal issues the buyer isn’t willing to accept, or the appraisal might come in lower than the agreed-upon price. According to national statistics, about 4% of pending home sales fall through, and this number can be higher in some markets.
Cash Sale
Cash sales offer much more certainty. Once you accept a cash offer, the sale is much less likely to fall through. Cash buyers don’t rely on mortgage approvals, which removes a major
potential obstacle. They’re also typically investors who are less likely to back out due to minor issues that might deter a traditional buyer.
How comfortable am I with the complexities of the real estate process?
Traditional Sale
A traditional sale involves numerous steps and can be complex, especially for first-time sellers.
You’ll need to understand market pricing, negotiate with buyers, interpret legal documents, and navigate the closing process. While a good real estate agent can guide you through this, you’ll still need to be actively involved and make important decisions throughout the process.
Cash Sale
Cash sales, mainly through companies specializing in this type of transaction, tend to be much simpler.
The process is streamlined, with fewer parties involved and less paperwork. This can be particularly appealing if you’re selling a home from out of state, dealing with a difficult life situation, or simply prefer a no-fuss approach to selling your home.
Need To Sell A Home Fast? Speedy Sale Home Buyers Can Help
For many Michigan homeowners, especially those seeking a quick, hassle-free sale, Speedy Sale Home Buyers offers a compelling solution. As a local Michigan real estate team, we specialize in providing fast, fair cash offers for homes across Michigan. Here’s how we can help:
- Speed: We can provide an offer within 24 hours and close in as little as 7 days, perfect for those needing to sell quickly.
- Simplicity: Our streamlined process eliminates the complexities of traditional sales. No need for repairs, staging, or multiple showings.
- Certainty: Our cash offers don’t depend on bank approvals, reducing the risk of deals falling through.
- Flexibility: We can work with your timeline, whether you need to sell immediately or prefer a later closing date.
Remember, the best choice depends on your individual needs, timeline, and the condition of your property. If you’re considering selling your home and want to explore your options, we invite you to reach out to Speedy Sale Home Buyers. We’ll provide a no-obligation cash offer and can discuss how our process might align with your goals.
Don’t let the complexities of the Michigan real estate market overwhelm you. Contact Speedy Sale Home Buyers today at (313) 552-8608 or visit our website to learn more about how we can help you sell your home quickly and easily. Your hassle-free home sale could be just a phone call away.