Tips for Selling Your Home Fast in El Paso During the Pandemic 

Home for sale. Sign in front of new homeTo the surprise of many, the real estate market has not really slowed down the way a lot of other industries have. While folks are traveling less, going out to eat less, staying away from movie theaters, and working from home, the real estate market has boomed due to various factors. Not only did interest rates drop significantly since the Covid-19 shutdowns have begun but the value of having a home has hit many people in a personal way. This has driven many to consider the time to buy now and has sent millions of interested home buyers onto the bustling real estate market. In El Paso, the market has seen a significant uptick in interested home buyers ready to put down a down payment. Traditional mortgage lenders have been incredibly busy with the high demand for these loans as the El Paso seller’s market gets under way. 

Since early Spring, El Paso has seen a pretty significant seller’s market. This is a real estate term but it’s meaning is relatively obvious; it refers to a housing market that favors the seller because there are far more interested buyers than there is inventory. What this means is that a seller will likely get several offers on a home and might even get some high bidders since people are willing to put a little more money upfront in exchange for a long-term fixed interest rate. These are the conditions that have set the El Paso real estate market in the year 2020 thus far. What does this mean for you? Well, if you’re on the fence about selling your home or worried about it being the right time, the truth is that now is a great time. 

You have several options if you’re looking to sell your home fast in El Paso. 

  1. Sell directly. When you sell a home the traditional way, the process is actually quite involved. For many sellers, the process has actually fallen through last minute because the pandemic has added some contract stipulations and complications that often lead to a deal falling through due to unforeseen circumstances while the seller has already waited 2 or 3 months and now has to start the process over. Due to the high-risk lending for many mortgage lenders, many of them are being quite picky about lending to certain people that cannot show proper proof of income. We have heard of several instances where a person has lost their job due to the pandemic right before the closing and the mortgage lender is forced to pull out of the deal. This is, of course, after months of putting the home on the market, advertising it, showings, waging offers, waiting for approval, appraisals and more. Selling directly can save you all of the above hassle by making the deal smooth and easy. When working with a cash home buyer, you don’t have to wait to put your home on the market and risk the deal falling through later. The deal moves through fast.
  2. Skip the open houses. If you’re going to sell through a real estate agent or on your own, you will likely have to have some kind of open house. People will need to see the house before they agree to buy and this might mean letting people tour your home or walk through your home. If you are still living in your home, this becomes quite the hassle, as it involves coordinating visits and allowing strangers to view through your belongings. During the time of a pandemic, this becomes even more complicated and poses other risks that may not have been a factor before. 
  3. Dash right through the repairs. Just because there are a lot of willing buyers out there doesn’t mean that buyers want to buy a home that is in need of significant repairs. And yet, repairing your home can take time and money that you may not have, thus delaying the home selling process even further. Working directly with a cash buyer allows you to skip over that part too. Don’t worry about that leaking faucet or the needed water heater.
  4. Avoid the wait. One of the biggest hassles of selling your home comes with the wait and the often-unforeseen events that delay it. Because of the state of the market, appraisals and other routine stags of the home selling process are taking longer than usual. This means that home sellers are often waiting months for their homes to finally get sold. If you’re looking to capitalize on the sellers market, you can sell your home fast for a quick cash offer. 

Fortunately, it seems that the worst of the pandemic is behind us and many of us are beginning to go back to business as usual. That, however, does not mean that everything is going back to normal right away or that some industries have not been significantly affected for a longer-term. Here at El Paso Cash Home Buyers, we know that selling your home is not something people like to wait on. The decision is often painful, often due to unforeseen circumstances, other times it’s a necessity due to family emergencies or job transfers, and none of it is easy. We facilitate the process so that you don’t have to stress about it. Call us today and find out more.