Selling an Old House? Here’s How to Get the Best Offer Fast!

The housing stock in Texas, and the United States in general, is getting older.

According to Jonathan Jones at Construction Coverage, "Over the last two decades, the median age of a home in the U.S. has increased by more than 10 years, from 30 years in 2000 to 41 today."

If you want to sell your old home, you are not alone. Whether your house is old and need repairs or has been updated, we will show you how to sell fast and for the best offer.

Selling an old house comes with its own set of challenges in today's market. According to Redfin's Texas Housing Market report, the median days on market was 42 days as of June 2024.

You can decrease this time dramatically by selling to a cash home buyer in Texas or focus on its unique charm and fix any issues before listing with an agent.

The process of selling an older home requires a decision to sell for less but faster, or sell for more, but slower. Setting the right price and showing off your home's best features are crucial steps. With the right strategies, you can boost your home's value and get a good selling price, even in a tough market.

Key Takeaways

• Median time on market for homes is 42 days
• Old houses that need lots of work are best sold to real estate investors
• Professional staging can decrease days on market significantly
• Proper expectations, pricing and presentation are crucial for quick sales

Are Old Houses Hard to Sell?

Selling an older home can be hard depending on the situation. If you have an old home in a highly desired historic district, you can usually easily sell. If you have an old home "on the wrong side of the tracks" or in serious disrepair, you could face some challenges if you are hoping for top dollar.

You can sell your house, even if it is old, if you take the right steps for your situation. We will cover these later in this article. Don't worry. We will show you what will help your home sell.

The charm of vintage homes sometimes doesn't match what buyers want now. Let's look at the trends and challenges of selling an older house.

Current trends in the housing market

Older homes with character are getting more popular in places like San Antonio, Texas. Buyers like properties with a story and special features.

Location, Location, Location

But, the house's location is still key. Sellers should talk up the good things about where their property is.

Unique challenges of selling older properties

Older houses have their own problems in the market:

• Outdated systems: Plumbing and electrical may need updates as these can be serious safety issues
• Energy efficiency: Older homes might lack modern energy-saving features
• Building codes: Some vintage homes may not meet current guidelines
• Location: Older properties might be in a part of town with more crime

To beat these challenges, think about updating key systems and adding energy-efficient fixtures before you list. Working with pros who know how to fix up older homes can help ensure the work is done right.

Buyer expectations for vintage homes

Today's buyers want a mix of old charm and new comforts in older homes. They like the history and unique looks of these houses. But, they also want modern systems and ways to save energy.

To meet these expectations, show off your home's special features and fix any big issues. Do a market analysis to find the best price for your older house. With the right strategy, selling your vintage home can be a great experience.

If you switch your perspective and consider selling your old house as-is to cash house buyers, the situation looks very different. These buyers will not require you to fix anything up. You can sell it the way it is and leave anything you don't want. Just note that you may be leaving a little money on the table when selling your house as is.

We will talk more about this later in the article. Keep reading!

How Do I Sell My Old Dilapidated House?

Selling a house that needs a lot of repairs can be tough, but it's doable. If you're thinking about selling your old home that needs work, you have a few choices.

One way is to sell your fixer-upper as-is. This method can save you time and money on fixing it up. Many buyers, like fix-and-flip investors, look for properties that need work. They're ready to fix an old home and make it shine again. You might receive a lower price from these investors as they are in business to make a profit.

Another choice is to do some repairs before you list it. Focus on making changes that will bring in the most money later. For instance:

• Replacing any potential dangerous deficiencies
• Ensuring the foundation is level
• Fixing big electrical or plumbing problems

These improvements can make your home more appealing and valuable. The aim is to make it more attractive to buyers without spending too much.

"Renovating a distressed home before selling can lead to wasted money. Many buyers look for properties that don't need fixing right away." - Danny Johnson, House Buyer in San Antonio, TX

When setting a price for your old home, think about its location, unique features, and size. These can make up for the repairs needed. It's important to find a good balance - price too high, and your home might not sell fast; price too low, and you could lose out on money.

Last, be honest about your home's condition. Tell potential buyers about any big problems it has. Being open can make negotiations smoother and help sell your home in poor condition faster.

Can You Sell an Old House As Is?

Selling a home as-is is now more popular, especially in Texas. This way, homeowners can sell their ugly house without fixing it up. It's great for those who want to skip the repair work and costs.

In San Antonio, TX, many sellers choose to sell their houses as-is for a quick sale because they don't have the time or money to do the work. This is especially true for millennials, with 68% showing interest in such properties. Cash buyers in the state might offer between 30% to 70% of the home's value for as-is homes.

• Faster sale process
• No need for costly repairs
• Attracts investors and project-seekers
• Reduced stress from renovation planning

Selling as-is can make the sale quicker. But, it's important to be honest about the property's state. Sellers must tell buyers about any known issues to avoid legal trouble.

"Selling as-is can lead to a smoother closing process with less negotiation over repairs, but there may be fewer interested buyers as some prefer move-in-ready properties." Rick Grosvenor, Real Estate Professional

Keep in mind, selling an as-is home might mean a lower sale price. The property's condition, its location, and the local market all affect the final offer. In a seller's market, the price difference between an as-is sale and a regular sale is usually smaller.

How to Sell an Old House That Needs Work?

Selling a home that needs a lot of work is probably something you've never done. Most people haven't experienced selling a house. Don't worry. We've got you covered.

Here are some tips for selling an older home that needs work:

1. Consider selling as is to cash home buyers
2. Have proper expectations regarding the true value of the home in its current condition
3. Research the company or real estate investor buying the house to ensure it will actually close without issue

Who Are Cash House Buyers?

Cash house buyers are real estate investors that buy houses for real estate investment purposes. They like buying houses that need repairs because it gives them an opportunity to add value to the home, thereby increasing their return on investment.

The home buyers typically advertise with 'We Buy Houses' or 'Cash for Your House'. You can Google these phrases to find some local house buyers. Danny Buys Houses is a perfect example in San Antonio, TX.

What Will Cash House Buyers Pay For an Old House?

It's best to have the proper expectations around what kind of offers you are going to get. Cash buyers need to make a profit and therefore cannot offer full market value for your home. They typically handle most closing costs and need a way to ensure they will still have a return on their investment.

Most investors offer around 70% of the ARV. ARV is the After Repaired Value. This is the amount the house might sell for after it has been completed fixed up and remodeled.

Legitimate House Buyers

Be sure to check the Better Business Bureau for any house buyer you are considering. You want to make sure they are accredited and do not have any complaints filed against them. You can also check for reviews online to make sure people are happy with their service.

Addressing Common Issues in Older Homes

If you want to make sure you can sell for full market value, you will want to consider at least fixing the house up a little. Here are some tips.

Older homes have their own set of challenges. Over 38% of U.S. homes were built before 1970. These homes might need updates to systems like electrical wiring, plumbing, and HVAC.

Electrical wiring in older homes can be a safety risk. Knob and tube wiring, common before the 1950s, may need to be replaced. This upgrade costs about $1,322 on average but makes the home safer and more valuable.

Plumbing problems are common too. Homes over 50 years old might have lead pipes, which are harmful to health. Replacing them can cost between $2,500 and $15,000, depending on the home's size.

HVAC systems in older homes often don't use energy efficiently. Upgrading to a modern system can make the home more comfortable and lower utility bills. Energy-efficient windows, costing about $450 each, can also increase the home's appeal.

The roof is a key part of the home. A good roof can raise the selling price, with asphalt roofs lasting 15-25 years. Replacing it costs about $7,879 but can greatly improve the home's look.

• Check for asbestos in homes built before 1989
• Consider foundation repairs, averaging roughly $15,000
• Invest in insulation, costing $1-$1.50 per square foot

Fixing these issues can make your older home more appealing to buyers. Keep records of all upgrades to show the home's better condition and value.

Staging Your Old House for Modern Buyers

Staging an old house can really help attract modern buyers. The right interior design choices can highlight your home's best features. This makes it more appealing to today's tastes.

Highlighting Vintage Charm

Old houses have a unique character that many buyers love. Show off original hardwood floors, crown molding, or built-in cabinets. These details give your home a special feel that new construction can't match.

Incorporating Contemporary Elements

Add some modern furniture and decor for a fresh look. This shows buyers how they can blend old and new styles. A sleek sofa or trendy light fixture can make a big impact. Staged homes with updated elements often sell faster and for more money.

Creating Functional Spaces

Make each room feel purposeful and practical. Set up a home office area or cozy reading nook. Declutter to maximize space and let buyers imagine their own belongings in the home. Consider these staging stats:

• 95% of staged homes sell in 11 days or less
• Staged homes can sell for 6-25% above asking price
• 85% of staged homes sell faster than unstaged ones

Don't forget curb appeal! A tidy yard and fresh paint go a long way. With smart staging, you can highlight your old house's best qualities. This makes it more appealing to today's buyers.

Who Buys Old Houses?

Old houses draw in many types of buyers. First-time home buyers like them because they're affordable. Investors and house flippers see them as chances to make money by fixing them up.

People who love historic homes are also interested. They enjoy the unique look and the stories these houses tell. Some look for homes with a deep history, loving their realness and the skill put into them.

Investors play a big role in the market for old houses. Companies like We Buy Ugly Houses have bought over 140,000 homes since 1996. With 1,100 franchisees in 46 states, they make quick, cash deals for homes in any shape.

Danny Buys Houses in San Antonio, TX is another company that buys old houses "as is." They've been doing this for over 20 years. They make selling easy for homeowners who are dealing with big repairs, inherited homes, or foreclosure.

• First-time home buyers looking for a good deal
• Investors wanting to fix up properties
• Historic home lovers who value uniqueness
• Cash buyers who want fast sales

Knowing who might buy your old house can shape how you sell it. Whether you're showing off its vintage charm or its potential for renovation, understanding your audience is crucial for a good sale.

Marketing Strategies for Selling an Old House

Selling an old house quickly requires special marketing tactics. The right strategies can show off your property's charm and draw in buyers. Let's look at effective ways to market your vintage home.

Leveraging Online Platforms

Today, online platforms are key for marketing real estate. A huge 92% of buyers start looking online. So, having a strong online presence is vital for selling your old house.

• Create appealing real estate listings with high-quality photos
• Use social media platforms like Facebook and Instagram
• Consider Pinterest boards to showcase your home's unique features

Showcasing Historical Features

Old houses have special features that some buyers love. Make sure to highlight these in your marketing:

• Emphasize the home's history and character
• Showcase any recent updates or renovations
• Use virtual tours to display unique architectural elements

Targeting the Right Buyer Demographic

Focus your marketing on buyers who like older homes. Try these strategies:

• Advertise in publications like This Old House and Country Living
• List your property on specialized websites like OldHouses.com
• Host an open house to attract local history enthusiasts

Remember, good landscaping can give you a 100% return on investment when selling. Combine these marketing strategies with curb appeal improvements to boost your old house's selling potential.

Working with Real Estate Professionals

Selling an old house can be tough. That's why it's smart to work with the right real estate pros. Let's look at how to find the best experts for your vintage home sale.

Finding an Agent Experienced in Older Homes

Having a real estate agent who knows older homes is priceless. They get the special appeal and challenges of these properties. Search for an agent with a history of selling historic homes. Talking to several real estate agents can help you find the right one. Remember, they usually charge about 6% commission, but some might negotiate, especially for pricey homes.

It is important to consider the actual cost you will incur in selling your house before making a decision. Some people are surprised at how much they net on the sale of their home.

Understanding the Role of Home Inspectors

A detailed home inspection is important if you are going to be listing your old house. A pro inspector can find issues you might overlook. They'll check the foundation to the roof. This helps prevent surprises later on. Think about hiring an independent inspector for a fair review.

A professional home inspector is not necessary when selling to cash home buyers.

Collaborating with Appraisers

An expert appraiser is crucial for setting the right price for your old home. They'll look at your home's history and market trends. A skilled appraiser can prevent overpricing or undervaluing your property. Their advice is key in negotiations with buyers.

Working with these pros can make selling your old house easier and more profitable. Pick experts who value vintage homes and can showcase their unique qualities well.

Fix Up and Sell an Old House or Sell to a Cash House Buyer?

Deciding whether to renovate an old house or sell it to a cash buyer is a tough choice. According to ATTOM Data, "Nationwide, all-cash purchases accounted for 41.1 percent of single-family home and condo sales in the first quarter of 2024. That was up slightly from 40.7 percent in the fourth quarter of 2023 and from 39.7 percent in the first quarter of last year."

This shows a strong market for selling homes as-is. Texas is seeing a rise in cash transactions too.

Fixing up your home can increase its value, but it costs time and money. Selling to a cash buyer offers a quick sale without needing repairs. Cash investors pay 50% to 70% of market value on average.

If you're in a hurry, selling to a cash buyer can close in 7 to 10 days. Traditional sales take about 42 days. This speed can help you avoid extra holding costs. But, 70% of buyers prefer homes that are ready to move into right away, so a fixer-upper might limit your buyers to investors.

Your decision should consider your timeline, budget, and the property's condition. Think about the potential return on investment for renovations versus the ease of a quick cash sale. While cash sales often mean lower offers, they can save you up to 10% in closing costs. This makes selling to cash buyers a good option for many sellers.

If you have a home that needs repair and you want to see how a cash buyer might calculate your home value, give us a call. This has been the chosen way for selling an old home in Texas for hundreds of homeowners. You can also fill out the fast cash offer form on this page to get a no-obligation cash offer. Talk soon!