When selling a property, everyone wants the best price and high profit; however, in Detroit, there are two options: either you can sell your house with a traditional sale, which means choosing a real estate agent and listing your property on the open market, or you can choose a fast cash sale to a cash buyer.
Each option has pros and cons, and the right choice depends on how quickly you need to sell, the condition of your house, and how much money you want in return. Let’s find out!
What Does a ‘Fast Sale’ Mean in Detroit?
If you want to sell your house fast, it means selling your property to a cash buyer (known as an investor), who will buy your property as is. These buyers don’t rely on bank financing, so deals can close in as little as 7–14 days (sometimes in as little as 3 days). Cash buyers buy houses in any condition, so you don’t need to spend money on cleaning, repairs, or renovations. This option is best for:
- Homeowners facing foreclosure or financial stress.
- Sellers who are relocating quickly for work or family reasons.
- Houses that need major repairs.
- People who don’t want to deal with showings or listing prep.
What Is a Traditional Sale?
A traditional sale means hiring a real estate agent, listing your home on the MLS, and marketing it to retail buyers who plan to live in it. The process takes longer, usually 30–60 days or even more to find a buyer and another 30–45 days to close, depending on inspections and financing approvals. This option suits:
- Homes that are in good-great condition.
- Sellers who want top dollar.
- Homeowners who have time to wait for the right buyer.
Pros and Cons of Selling a House Fast in Detroit
Pros
- The deal will close in days instead of months.
- No need to fix, clean, or stage the house.
- No risk of a buyer’s mortgage falling through.
- Fewer steps and less stress.
- No closing costs or realtor commissions
- We handle EVERYTHING for you, just sign the dotted line and get paid.
Cons
- You don’t get multiple offers, driving up the price.
- Cash/off-market offers usually come in below what you might get in a negotiated, staged traditional sale
Pros and Cons of a Traditional Sale in Detroit
Pros
- Exposure to the open market can bring competitive offers.
- An agent (if the one you choose is any good) helps with pricing, negotiations, and paperwork.
Cons
- It may take months to close (the person across the street from me just sold in 81 days).
- Repairs, staging, and cleaning can add up (in cost and time).
- Showings… you’ll have many until it’s sold.
- A deal can fall apart if the buyer’s financing is denied
- A deal can fall apart if an appraiser or inspector gives unexpected news.
- Expect to pay 3%–6% in realtor commissions (and another 2%-4% in closing costs).
The Detroit Market
Detroit’s housing market is growing, with home prices around $110,000 and values up around 16% from the past year. On average, it takes 42 to 50 days for a house to get an offer, and about 70 days total to close the sale. Almost half of homes sell for less than the asking price, and only about a third sell above it.
If you need the most money and can wait a couple of months, a traditional sale is the better choice. But if time (or your situation) matters more than price, selling fast to a cash buyer is usually the smarter option.
How to Decide Between Fast Sale and Traditional Sale in Detroit, MI?
Consider a few factors and then decide between the two options:
Check Your Timeline
If you need to sell quickly to avoid foreclosure or relocate for a new job, a fast cash sale is the best choice. If you have a few months to wait, a traditional sale could bring in a higher price.
Look at Your Home’s Condition
Homes in good condition tend to do well on the open market, especially in Detroit, where updated properties are in high demand. If your home needs medium to major repairs, selling to an investor who buys as-is may save you time and money.
Run the Numbers
Always compare your net profit. With a traditional sale, you’ll pay commissions and possibly repair costs, but you might get a higher price. With a fast cash sale, the offer is lower, but you avoid extra expenses and close sooner. Don’t forget about holding costs… those weeks or months you’re waiting to close, you’ll still be paying for utilities, taxes, and upkeep.
Get Both Options
The smartest move is to get a market analysis from a real estate agent and also request a cash offer from a local buyer. That way, you’ll see the profit margin side by side and can confidently choose what works best for your situation.
Choose Money Team Properties to Sell Your Detroit Home Fast!
If you are looking for a hassle-free way to sell your house in Detroit, Money Team Properties is a trusted local option. They buy houses in any condition, whether your home needs major repairs or is simply outdated, and make fair cash offers with closings that can happen in as little as a week.
By working directly with them, you can avoid the stress of agent commissions, showings, inspections, and long waits for financing approvals. Visit their website today to request your free, no-obligation cash offer and compare it with the traditional sale.
Final Thoughts
Living in Detroit and owning a property gives you options. The market is active, prices are rising, and buyers are out there. If your home is in good condition, working with a real estate agent can help you sell for a good price.
However, if your property needs repairs or you want to avoid the delays of a traditional listing, selling as-is to a cash buyer can be a better choice.