Getting an Instant Offer Real Estate Deal For Your Home
There are several reasons why someone may want their house sold as quickly as possible: a major health event, a divorce, or maybe you’ve found your dream home but need to sell your current house before you can close. Or perhaps you’ve received a great job offer in a different state and have to move quickly.
Whatever the reason, an instant offer real estate deal — in which buyers use information about your home and data about recent nearby real estate transactions to make a quick offer on your house — can be a good solution to these types of situations.
According to the National Association of Realtors (NAR), as of July 2024, 27% of buyers made all-cash purchases, down slightly from 28% the previous month but up slightly from 26% a year ago. The recent survey also reveals that 24% of homes sold above the list price, a decrease from 29% in June and 35% from the same period last year.
Many house-flipping companies abide by the 70% rule, meaning they’ll offer 70% of your home’s after-repair value (ARV) minus the cost of repairs. iBuyers pay closer to 85%-95% of a home’s market value and typically charge fees of 5% to 6%.
ATTOM, a leading curator of land, property, and real estate data, has published its U.S. Home Sales Report for the second quarter of 2024. Nationwide, all-cash purchases made up 39.1% of single-family home and condo sales in Q2 of 2024, a slight decrease from 41.6% in Q1 of 2024 but an increase from 37.1% in Q2 of the previous year. In metropolitan statistical areas with populations of 200,000 or more and sufficient data, the highest percentages of cash sales in the second quarter of 2024 were found in Myrtle Beach, SC (68.7%); Claremont-Lebanon, NH (63.6%); Naples, FL (61.5%); Utica, NY (61.2%) and Columbus, GA (60.8%).
The convenience, speed, certainty, and low-stress nature of instant offer real estate transactions may outweigh the potential benefits of a lower price for sellers.
This guide will explain how instant offer real estate deals work to help you decide whether this route is right for you.
