The iBuyer market is a hot topic right now in real estate. If you don’t know what in the world an iBuyer is, it is a company that will offer to buy your home for a certain price, without even seeing it in person. The concept behind it is supposed to make selling your home a simple and painless process, but is it?
New iBuyer companies are entering the market in droves right now. If you are considering trying to sell your home using an iBuyer, make sure you choose a reputable one. Do some research to find out how long they have been in the business, do they offer all the services you need, and read company reviews. iBuyer companies may work for some sellers, but probably not for everyone selling their home.
What are the benefits of selling to an iBuyer?
- Transactions are based on your timeline, not the iBuyer’s.
- You will receive an offer for your home within days.
- Some iBuyer companies purchase homes in as-is condition.
- Closing happens when you want it to happen, not when it works for the iBuyer.
What are the benefits of selling with a traditional Realtor?
- A Realtor will assess your home and market it to receive top dollar in the current market.
- Competition of multiple offers may drive up your selling price.
- You have a real estate expert in your corner to guide you through the selling process.
- Your Realtor will work with you to sell your home as close to your timeline as possible.
iBuyer vs. Realtor which is for you?
- If net proceeds are not a high priority, the iBuyer market may work for you, but if you need to get the most out of selling your home, a Realtor is the better choice.
- You will need to pay an average of a 6% commission whether you choose an iBuyer or a Realtor. Don’t be fooled into thinking there is no commission with an iBuyer.
- Read the fine print. Not all iBuyers purchase homes as is, and you may end up putting a lot of money into repairs. By selling with a Realtor, you may or may not have to make repairs for your buyer, it is all a negotiation process.
- Can’t afford two mortgages but need to move on a specific date? In this case an iBuyer may be a good option. Traditional sales may work as well, but there is no guarantee on the closing date.
- As with any big decision, you need to weigh your options carefully, figure out your goals, and decide whether a Realtor or iBuyer would be the best solution for you.