You have three main options when selling a house:
- List it the traditional way and work with real estate agents to find a suitable buyer
- List on auction sites and sell to the highest bidder
- Sell quickly for cash
The first option makes the most sense 90% of the time because it’s how you recoup as much money as possible from the sale. The second only seems sensible if your house is in a total state of disrepair. But the third is a smart move if you want to sell your home quickly and avoid real estate agents. What’s also interesting is that selling your home for cash can be a better choice than anything else, depending on where you’re selling.
Location matters – and here are three US cities that suit cash sales more than most.
Las Vegas
On average, it will take up to 62 days to sell a house in the US. Condense this down to Las Vegas and it can take 65 days for a home to stay on the market before someone submits a bid. It then takes another 35 days for the deal to close – meaning you could wait up to 100 days to sell your home here.
That’s the main reason people are turning away from the traditional selling route in this city. Sellers now look for Vegas Home Cash Buyers in Nevada to cut the selling time. Some will submit cash offers in as little as 24 hours, meaning the seller no longer has to wait around to offload their property. It’s simply become so difficult to sell a house in this particular real estate market, and so cash buyers are on the rise.
Miami
The beating heart of Florida, Miami’s real estate market is littered with illustrious properties and luxury mansions. It’s one of the most expensive places to live in the country – and yet cash buyers are dominant here.
Why? Homes are so expensive here that this means real estate companies earn a fortune from every sale. When you look at Florida as a whole, the total average commission rate is around 5.59% – which, ironically, is the average across all 51 states. However, Miami properties are more expensive, and estate agents in this city take a slightly higher cut. It means you lose more money from a house sale here, so people turn to cash buyers.
Why pay an estate agent extra money when you can walk away with more from a cash buyer in some cases – when accounting for all you save on fees?
NYC
Like Miami, NYC has a lot of high-value homes, which means they tend to sell for cash to avoid extortionate real estate agency fees. What happens here is that so many cash buyers enter the ring to purchase homes, meaning it creates a competitive cash market.
You’re more likely to find extremely good cash offers in NYC compared to anywhere else because there’s an abundance of cash buyers floating about. Cash sales only seem poor in places without this level of competition.
Generally, if you want to sell a home quickly, cash is always the route to go down. But as this article shows, certain cities and real estate markets lend themselves to cash buyers more than others. If you’re based in any of these places, perhaps it’s best to avoid the traditional selling route.
