Before making your decision think about the end user, are they likely to rebuild or is your home the norm in the area. In Lake Forest a good guess would be to sell without updating. Don't take anyones advice if they have not been through your home and given you multiple suggestions and reasons why.

You've had many fine answers here but let me key in on the term "as is" if you should sell it without the repairs. I wouldn't use the term - period. Buyers, if educated about the local market, should realize that there is work to be done if you price it accordingly. The term is too questionable for many. Does it mean it's time to roll up the sleeves and put a little work into it (sweat equity), is it a money-pit that the seller has given up on, or does it mean the property may be in pretty good shape but the seller doesn't want to be bothered with any potential repairs that the buyer may ask for? You're leaving room in there for individual interpretation and some may pass by the listing without giving it serious thought. There are many homes on the market where the seller thinks they are giving fair warning that they will do no repairs, which is admirable, but in the long run, it gets less people in the house to look, some of whom may have found it in perfectly acceptable condition for them. It also could open the door to lower offers coming in.

In many communities there is a continous demand for "cosmetic fixers" . Contractors and professional flippers (even some amateur flippers) will often pay very close to the market value of the property minus the cost of the needed repairs. It seems like a good deal for them because they often are not fully calculating the value of their own labor. Example: House is worth $300K after fix up. Contractor buys it for $250 and puts $30 K into it. Mr Contractor percieves he has saved $20K. (When it was really just the value of his labor) If you tried to fix it up you would probably spend the 50K because you would be paying for a contractors labor in addition to the materials. You should do all the calculations for your specific situation to obtain the numbers that will influence your decision. A). What is the after fix up value, B). What would it cost Lee K to make the repairs. C). What Can Lee get by offering to flippers/contractors/ investors.
The algebra: if A - B > C then it is worthwhile for Lee K to make repairs. If A - B < C then Lee K should offer house as is for a few weeks to see if he can sell to an overly ambitious flipper.

You are getting some good answers! In my experience, if it shows well it will sell quicker and closer to list price. Even fresh paint and new carpet can make a huge difference! Don't spend more than you have to spend. Check with a Realtor to see what homes like yours are going for and how long they tend to stay on the market in "as is" condition. Seek a professional opinion. Could help you alot. Good luck!

Lee
My rule of thumb is that if you have the time and money, definitely fix it up.
What does "repair" mean?
Some things you can make an allowance and credit the buyer through escrow, like new carpet (so buyers can select their own color and tyype), roof (same reasons).
Somethings need to be fixed in order to get your home sold in your timeframe. Surveys conducted by the National Association of Realtors show that buyer SAY they don't mind fiixers, however their purchasing habits clearly indicate that homes that show well sell more quckly, with less negotiating, closer to list price.

One poster already mentioned market conditions and competition. I agree that consulting with a REALTOR in advance would be a wise use of your time. I am helping a seller get his home for sale, and in my local market, average market time is 90-120 days.

My seler, to maximize his profit, needs to sell his home before Labor Day/. If it doesn't sell by Labor Day, he'll be forced to lower his price Most families are reluctant to move after school starts.
So for his home to sell "quickly", meaning in less than 90 days, it needs to painted, carpeted, etc.

A comparable property just down the street has fresh paint inside and out, new windows, and went into escrow after 28 days on the market. There is similar property a block away, and foreclosre...it has a bad odor inside, dead grass, it dirty, back yard is a mess, and it's been on the market for over a year (and it's priced too high).

Hope this helps.
Keith

Lee,
Real estate is intensely local in nature. What works in one neighborhood may not work in another. Call several good listing agents that serve your area. Even if you're not planning to list for a while, get their take on this question as part of a listing pre-interview. Only a local REALTOR can guide you to the best solution for your specific needs and the area in question. Best of luck!

That depends upon the real estate market in your area. ( Sorry for stating the obvious ...but its true )

Basically, it is first an economic question. How much to spend depends upon what you can sell it for, which depends upon your local market. It is difficult to state a hard and fast rule, such as 10 % of value etc etc. Ideally you want a market that will respond to what you have spent and reward you with an increase value ( selling price )

Secondly, fixing it up may not get you more money, but again, depending upon the local market, fixing it up may be necessay just to get it sold, period.

I have visited Lake Forest and find it liovely! You have a wide range of values in your area. I think your answer depends upon the values, sizes and condition of homes immediately near yours. Would you need to do a little bit of fix up and repair to be similar to the neighbors, or are their properties substantially larger or expanded? If the homes immediately near you are all much larger, than the likely buyer is going to be someone who may want to customize their own renovation plans. In that case, clean, de-clutter, but minimize investment in the property. If the homes immediately near you are similar in size to yours, then spruce up and be competitive with them. In that case do some fixing. I have included a link for cost vs value on some common fix ups.