You took the advice of an agent who convinced you to list your house at too high of a price. It needs to be updated yet it’s priced similar to other rehabbed homes. This happens sometimes with agents who are hoping to get your listing and hoping it sells itself.
So now it’s just sitting there, collecting dust. If you’re listing your houses ‘as-is’ it’s probably well suited for an investor buyer. Most consumers need to secure financing to buy a house. Lenders (especially for FHA loans) require pretty strict and thorough inspections before they approve mortgage loans. This translates to you needing to spend your time and your money fixing up your ‘as-is’ house. This does not apply to cash buyers because they don’t need to secure financing.
You think your house just needs a bit of paint, cleaning and a few minor repairs. However from an investor’s perspective it really needs a whole lot more. Your house doesn’t have to be a total wreck. It may just need an updated kitchen and bathroom. But even minor updates are quite expensive. Investors know their numbers. They know when someone is asking too much for a house in its current condition. If cash buyer can’t net at least 20% profit they know it’s time to walk away.
You looked at Zillow and the Zestimate told you the house is worth a lot more than the offers you’re getting! Did you know that the Zestimate can be off by as much as 50%, at times even more, which means the value of your house is significantly overestimated. But the PVA you says your house is worth so much more! Well when it comes to the PVA it’s hit pretty much hit or miss, often times it’s a miss. Investors know that a lot of the time a house is assessed too high. For example, the valuation may be based on what the house looks like on the outside, with no consideration of the interior conditions.
In conclusion: it doesn’t matter how hot the market is when it comes to selling your house. The numbers have to make sense for buyers or they’ll be stuck with a house that’s not selling in a “hot market.”