How Much Cash For Houses In Cincinnati Can You Get?
If you’re thinking about selling your house, here’s how much money you can get
Sellers are asking about cash for houses in Cincinnati – they want to know how much they will get if they sell their house. If you’re thinking of selling and wondering how much you might get, this blog post will help to answer that question.
An Important Definition
Since this blog post will be read by people all over Cincinnati (and the Greater Cincinnati area including Northern Kentucky), with various price prices reflected throughout the area, it’s difficult to write about a specific dollar figure. However, here’s an important concept that will help you understand how much people pay cash for houses in Cincinnati …
On The Market: When a house sold “on the market”, that means it’s usually listed by a real estate agent and sold after several potential buyers have seen the property and at least one has made an offer. Houses sold on the market will often be sold for approximately the same amount that other similar houses in the area have sold for. This is called “market price”.
When we make a calculation for how much cash we will pay for your house, we look at the market price or what we call the After Repair Value (ARV). This means, after we repair your house, how much can it be sold for?
Off The Market: When a house is sold “off the market”, that usually means the homeowner has decided to sell their home directly to a buyer instead of list their home. Houses sold off the market will often be sold for slightly less than their market price, this is called “below market price.” The reason why they are sold for less is that usually the repairs aren’t made to these houses. So, the price of the home needs to come down by the repair costs and other fixed costs that occur while making the repairs (closing costs, insurance, etc.)
You might be reading this and asking, “why would anyone accept below market price, and less cash for houses in Cincinnati than others?”
That’s a good question but there’s more to the story:
- Selling on the market usually means you’re selling it to a person who will choose to live in the house. They’re buying the house for themselves and their family. But when you sell off the market, you’re often selling to a company that might be investing in your house to turn it into a rental property or to renovate it and sell it.
- Selling on the market usually means the buyer needs financing. Selling off the market, in a private sale, often means that a professional home-buying company is will to pay cash for houses in Cincinnati or NKY. It can be a pain in the rear to find a buyer who has their financing lined up. This can often take weeks or months, but when you sell to a cash buyer, you know they can close right away.
- Selling on the market actually costs money… sometimes a lot of money. If your house needs renovations and repairs, you usually have to spend money to fix up your house before you sell it on the market. However, when you sell to a cash buying company like We Buy NKY Houses, you don’t have to spend any money on repairs up front. You can save that money and use it for your next home.
- Selling on the market through an agent will often result in commissions and fees to the agent for the work they did to sell your house. But selling off the market to a home buying company like We Buy NKY Houses usually means no commissions, fees or closing costs.
How much can you get for your home? Selling on the market may mean you sell your house for more money but it often takes longer and costs more; selling off the market may mean you sell your house for below market price but it’s faster and there are no expenses or fees.
We like to present both options to all of our sellers, and we are extremely upfront in how we get to our cash offer. If you want to know how we got to our ARV, repair costs, profit amount or any other number, just ask. If it makes more sense for you to list the property and sell it on the market, we’ll tell you! We’re not going to pressure you into an off market cash deal.