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Downtown Lancaster

What Kind of Cash Offer Can I Expect For My House in Erie?

Erie is a goldmine for real estate investors who are willing to pay full cash to buy your home. Many of the properties in the city and surrounding areas are aged and in need of renovation. Whether Investors are looking for a house to flip or to turn into a rental, Erie provides a strong return with a good stock of available inventory.

Erie’s market is extremely diverse, with home value’s ranging from 20k – 1000k+ in under a 25 square mile radius. This is insane, and creates a fluctuation in home prices neighborhood by neighborhood. In order to further understand what kind of cash offer you will receive for your property in Erie, Pa we need to explore how homes values are calculated.

But How Much Will They Offer?

There are several house sales factors that affect house value. If you want to sell your house quickly for as much money as possible, it’s important that you understand how house prices are set and how this can affect the cash offer you receive.

Firstly, it is important to ensure you get a proper market analysis of your home. Here at 717 Home Buyers, we provide our customers with a free market analysis to find out exactly what their home is worth. We use multiple sources to calculate the fair market value of your property including, Zillow, Propstream, and other local investor groups to come up with a ARV (after repair value) of your property. These are the market leaders in real estate data, compiling millions of data points into an easy-to-see value of your house.

Using market analysis from these tools we will look at the location of your home, nearby home values, recent nearby sales, size and features of your home, and home condition. If you would like us to take any additional features of the property into consideration, feel free to send them our way and we will price them into the final offer.

So What Is a Fair Offer?

Home in Erie on Virginia Avenue
A house in Erie can vary in value greatly depending on location.

If your house is in good condition and has had recent updates to appliances and/or flooring, then it is possible to get an offer anywhere between 85-90% of your home’s market value. This oftentimes is great for both the seller and the buyer. Cash offers come with very few fees and expenses along with little to no contingencies. Remember you are also paying for the speed of the transaction, there is a guaranteed timeline in place to get you cash on agreed-upon settlement date. No waiting around for title companies, inspections, or financing from the seller.

This makes selling/buying easy and without headache. Rarely however do we run into homes in this condition.

If your house needs fixed up and work done, be prepared to have an offer anywhere from 60-70% of the value of the home. This is because cash buyers are looking to fix up the property and will pay out of pocket to make these necessary repairs. The most common repairs we see are flooring, roofing, and appliances. One of our reps will be happy to walk you through an estimated repair cost if you have any questions.

Each property is unique and can have different issues that need to be addressed. Depending on the location, market readiness, and size of the unit some properties will move much faster than others. Houses in Millcreek will fetch much higher prices than those located inside the city limits. The same applies for certain sections of the city, those properties closer to the water will most likely go for higher prices than those more in the interior of the city. Additionally, if you are dealing with foreclosure, divorce, or probate we can expedite the process for you to sell even faster.

Interested in Making Cash on Your Home?

Fill out our contact form and one of our experts will begin working on your sale for free! We will perform the market analysis and find a buyer for you! At 717 Homebuyers are mission is to provide the best home selling experience thought-out the state of Pennsylvania to our clients. Join our hundreds of happy clients with a simple phone call today.

About Josh Eberly

A native of Lancaster County, Josh’s roots run deep in his commitment to this community. He especially enjoys helping people find solutions through real estate. Josh is a seasoned investor with experience in many sides of buying and investing in real estate. Josh enjoys reading, listening to podcasts, digital marketing, and hanging out with his family. Feel free to connect with him here.

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