What is the Cheapest Way to Sell My House in El Paso, TX?

A home selling image

For homeowners that are selling their home for the first time, the expenses of selling that home will often raise eyebrows. Many people do not realize that selling a home can be quite expensive, not to mention a bit of a hassle. When the outlook of the economy does not seem as sunny, people look for ways to downsize or reduce their monthly expenses. As the year 2020 comes to a close with many jobs lost and the economy remains on the balance, many homeowners are looking to sell to move to a new place in search of work or remove the headache of a mortgage they can’t quite afford any more. 

Depending on the market, the seller will often have to pay closing costs or at least cover a good chunk of those closing costs. This is why homeowners that are looking to sell are focused on one thing: cutting costs. For many, looking for ways to save money and even expedite the process is an important part. There are many reasons why people are looking to sell their home quickly—whether it is a necessary move for work, financial troubles, or other circumstances. Whatever the reason, there is great interest in selling fast and avoiding getting caught in the long selling process. So we thought we’d look at some ways you might consider to save some money on selling your home. 

Reduce Realtor Commissions and Fees 

Realtor commissions are typically 6% of the selling price. It doesn’t seem like much, but take a moment to do the math and the amount might surprise you. If you haven’t owned your home for a few years, this might mean that you actually take a loss on the home. Let’s take an average home in El Paso at about $150,000. When using the traditional method and using a realtor, that means you are losing $9,000 on that sale. 

Now, if you have not had enough time to build equity and pay off into the home, the chances that you are losing money are pretty high. So how do you get around these commissions? Well, you don’t really. If you are using the traditional method of selling your home, you likely need a realtor and that will cost. It is possible, however, to shop around and find a realtor that is willing to do it for a flat fee. Because of today’s competitive market, this might be a possibility. Also, some realtor companies might offer a 4% commission, so it is possible to shop around. 

Skip Repairs and Reparations

It is possible to sell your house as-is. What that means is, you are looking to sell the home without making major repairs on it. It might be that your home is simply outdated, maybe it’s an older home with older features and appliances or there has been some damage done to the house. Upgrades to older homes take time and money to complete, so it will mean you will have to reduce the selling price or wait sometime before repairs can be completed. Selling the house as is also means you are likely to deal with investors that want to buy the property and are not willing to make any good offers. 

Cut the Closing Costs 

Other costs arise when selling a home through realtors. Closing costs can cause a big dent in your pocket. Some additional costs that come when transferring a home include:

  • Title policy and insurance
  • Attorney fees
  • Property and transfer taxes 
  • HOA fees
  • Escrow costs 
  • Brokerage fees

These are all expenses that will eat away at your possible profits. At the same time, typical closing costs won’t happen until the buyer has had time to inspect the house, and maybe they will like to order an inspection on it. All of this can extend the process to 30 days or more. 

Selling With a Cash Buyer and Avoiding the Hassle 

What we do here at El Paso Cash Home Buyers is just that: help the homeowner reduce costs and eliminate the headache and back and forth involved in a traditional sale. The process with us is easy: 

  • Call us up
  • We view the house
  • We make an offer
  • You decide

There is no obligation in taking an offer or calling us. Our underwriting team here will work out a fair price based on market conditions, similar properties, and the specific condition of the home. This way, the repairs, and renovations are not necessary. You don’t have to worry about curb appeal or cleaning up the yard or fixing that leaky toilet. We take care of that. 

If you are looking to sell your home in El Paso. Call El Paso Cash Home Buyers today and learn more about what we can do for you. 

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. 

Ways to Sell a Home: Is a For Sale By Owner a Good Option? 

Happy young couple in the garden holding sold signOk, we all love to save money. Many of us look for ways to save money on everything we do: from grocery shopping to vacation flights, to the clothes we buy. There are some areas of life, however, where the allure of saving money might actually cost us more in the long-run. There’s the old saying that time is money and for busy Americans, that phrase is all too real because spending hours a day trying to sell your home might not only be less effective but it might end up costing you in stress, hours of sleep, and day-to-day frustration. So, if it’s time to sell your home, you may have come across the idea that there are two main options for you: hiring a real estate agent or putting a For Sale By Owner sign up front and digging into it yourself. 

Well, there’s a third option, of course, and that’s trusting a professional cash home buying service to buy your home for the best price. Here at El Paso Cash Homebuyers, for example, we not only make sure the process is expedient and efficient but we get you the best cash deal without the headaches. So, let’s look at the myths about putting your home on the market and what that might entail or cost you in the end. 

What Does It Mean To Sell Your House on Your Own?

Let’s begin with some well known real estate lingo. Often called “fizbo,”  or FSBO stands for For Sale By Owner. You’ve likely seen these signs around once or twice in your living room. Most real estate agents have strongly informed opinions about this and you’re likely to hear a variety of answers on this if you ask several real estate agents. So a fizbo sale is when there is no real estate agent or other party involved in the selling of your home. What that means is that the owner is responsible for putting the home on the market, listing it, advertising or marketing it, and more. On the surface, this might seem like a mighty good idea and certainly many people across America are empowered every day that they put on the handy sign in front of their yard and they get to work. 

Does it work out for them?

Well, sometimes. Yet, studies show that for people selling their home on their own, they’re likely to lose money on the deal. 

Also, there are other considerations like the possibility of getting stuck in a bad deal and the fact that liability is on the seller; without errors and omissions insurance, it can cost you. 

According to the National Association of Realtors, research shows that people that chose to forego the real estate agent and sell their home themselves are spending lots of time hustling to get the house sold and figuring out the paperwork. According to 2017 Home Buyers and Sellers Profit report, sellers said the process involved at least creating yard signs, listing homes online on multiple sites, telling neighbors, friends, cousins, coworkers and spreading the word by word of mouth, putting out classified ads, posting on social media, doing open houses, tours, staging the home, and registering with Multiple Listing Service (MLS) database. All of this is a lot of work that ends up costing the home seller a lot of hassle. 

According to information from NAR, Fizbo home sales make less money. Many times this has to do with the amount of time they are on the market. One study performed in Wisconsin looked at single-family homes sold in Madison. They compared the prices between For Sale by Owner homes to regular sales and found a 0% price difference between the two. 

So What If You Want to Sell Your Home Fast? 

There are many situations that propel somebody to sell their home. It might have to do with work, family, or finances. Regardless of the reason, people have different goals. If you need to sell your home fast for one reason or another, cash sales are one option that can get you a great price without the long process of finding agents, putting on the market, inspections, negotiations, etc. 

What if My Home Needs Some Major Work or Repair?

If you ask most real estate agents about what sells homes, you will likely get answers you might not expect. Some, you will expect. They may range from beautiful landscaping, cleanliness, granite countertops, large kitchens, layouts, remodeled bathrooms, etc. And yet, making some of these repairs costs money and your situation might mean that you are not quite able to make the repairs. So what happens then? Do you settle for a bad price? 

This is another situation where considering a cash sale might have great benefits for you. Here at El Paso Cash Homebuyers, we will purchase your home for a more than fair price and get you the cash fast. Our goal is to make transactions happen quickly so that homes are not sitting there vacant and the owner and seller can move on with their lives.

Looking to Sell Your Home? Consider a Secure and Fast Sale. 

One of the reasons that people choose cash home buyers is the reliability in the sale. Picture this scenario: you’re selling a home, you put it on the market. According to most data, homes will sell in about two weeks. So you get an offer, accept it, and move on with the process. After that, the buyer has time for inspection. Once that happens, they might ask for repairs or look to negotiate. You can either take it or leave it, or make repairs as necessary. Then there is the appraisal process, the loan process on their end, and before you know it there goes 2 months. And since coronavirus happened, this is often taking way longer and deals often fall through at the last minute. Then, you have to start all over. 

Here at El Paso Cash Homebuyers, we act fast so that you can move on to the next chapter of your life. Call us today and find out more about what we do and how we do it. 

 

Economic Outlook and the Need to Sell Your House Fast

A man wearing a suit holding a piece of paper that says "time to sell" in a bold fontAs of late April 2020, there were up to 30 million Americans who had filed for unemployment. This, of course, is an unprecedented number and exceeds the numbers of the Great Depression, which topped at about 15 million. The job market has certainly changed a lot since then, as has society in general. So at the time of this writing, there is still a lot of uncertainty out there about what’s going to happen and how the economy will pick up after being shut down for almost two months. Meanwhile, many people might be worried about the bills that are piling up and the unemployment checks that are not exactly covering the necessities. 

It’s a time that has affected us all and this has prompted many homeowners to wonder about whether it might be time to sell their house, and sell their house fast. And that might prompt some questions about the best way to go about doing that without doubling your worries or prolonging any anxiety you might be feeling. 

Here at El Paso Cash Home Buyers, we understand the type of anxiety that many homeowners are feeling. It’s possible that they’ve lost one or two money makers in the home and the income has been reduced significantly. Questions begin to arise like, what if we downsized and found something smaller? What if we moved to a town with better job prospects for my career? 

Going the cash route comes with some advantages, including:

You skip over the hassle

Putting your house on the market and finding an agent can be problematic in normal times, let alone when there is a shutdown or semi shutdown happening. 

You keep the money for the sale

In other words, there are no third parties. You don’t have to deal with hiring a realtor. The closing fees and costs that are a big part of a traditional home selling transaction vanish.  

Save on repairs

One of the big hurdles some prospective sellers face, is the fear of having to make major repairs. It’s a common conundrum: if I don’t make the repairs, no one will buy it, if I make the repairs, I have to spend money on it and not guarantee it’ll raise the sale price. That’s because some repairs would be required, depending on what it is and whether it affects the house’s livability. Selling your house cash means that you don’t have to worry about investing a couple of grand on the new roof, or replacing the bathroom tile, or changing out the floor to make it look pretty, etc. When you choose to sell your house cash, you are bypassing that process. 

It happens fast and doesn’t fall through

Ask anybody that has some kind of home buying or selling experience about sales falling through. In fact, to get to closing day and leave closing day without some little detail, or some little hiccup to cause the sale to fall through, sometimes feels like a miracle! You don’t have to worry about this with a cash sale. Not to mention the fact that you don’t have to wait around for the buyer to do the inspection, to write up their lists of requested repairs. You don’t have to wait until you get that list, refuse to do most items on that list, and then go back and forth on the price until you can agree on something reasonable. It can be a tedious process if you are simply wanting to move on to the next chapter of your life. Cash sales will close in 1-2 weeks, as opposed to the 5-7 weeks that it can take for a home on the market. 

The process is transparent

With a trusted and reputable cash home buyer, the process is relatively simple. There is no running around and no hassle. It’s a direct transaction that doesn’t involve a million people and endless paperwork. 

There are plenty of reasons why you might be considering a fast cash sale. Life happens and we’ve seen people of all walks of life choose this path because it is fast, convenient, and reliable. We understand the stress of selling your home and some of the emotional reactions that might come with that. 

During a time of uncertainty, this is not always the best way to say goodbye to a home that may have provided you with years of wonderful memories and the ability to grow a family. 

Go With a Buyer You Trust and a Process that Promises Peace of Mind

There is peace of mind in knowing that your home will be in good hands. Whether you are selling out of financial hardship, change in your family, or maybe you simply just want a change of scenery and don’t want to wait months. We’re here to help and here to walk you through the process. Call us today. El Paso Cash Home Buyers has a solution for you. 

Economic conditions don’t always directly affect you as much. In other words, whatever the economic downfall of this virus will be, if you are not relying on the traditional market to purchase your home, you might not be as affected. Of course, economic conditions affect everything across the board, but waiting for another buyer willing to pay a fair price might be hard in dire times. 

How A Crisis Might Impact the Housing Market in 2020

Anytime there is a change in the economy, the housing market reflects that change. So much of the housing market depends on externalities and what happens to the world and the nation’s economy. As of March of 2020, the economy suffered a particularly hard blow when the coronavirus was deemed a global pandemic and brought the U.S economy to a halt. So many homeowners that were thinking about putting their house on the market may now be experiencing some uncertainty. The whole world is experiencing uncertainty when it comes to the markets and the foreseeable future in the economy. We thought we’d look at some important things to remember about cash home buyers and how we might be able to help in these times of economic uncertainty. So we thought we’d take a look at some foreseeable changes and how selling your home for cash might be an option.

There is certainly a decline in confidence due to the uncertainty of the economy. Everything is bringing an abundance of caution, especially large financial transactions like home purchases and sales.

The virus crisis is not expected to last long. The experts say that unlike the subprime mortgage crisis of 2008, this is more of a temporary downfall due to the slowdown of the economy. So even if there is some current uncertainty, it is not likely to last long. We should stay optimistic for the end of the year, as the economy will likely pick up then.

On the demand side, the data shows that there will be buyers in the market, as the curve starts to slow down and consumer confidence picks up. In the early part of March, there was some decline in buyer interest and yet investors seem to be scooping up some good properties. This means that while some might tell you it’s the wrong time to sell, you actually might benefit from putting your house on the market.

Advantages to Selling Your Home for Cash

There are a couple of upsides to selling your house for cash, even when you might be unsure:

  1. The sale is more unlikely to fall through. Unlike going through a conventional sale and loan, if you are selling your home for cash, the sale is less likely to fall through.
  2. Closing is much faster. These transactions happen quickly and there is no wait of 40 or more days before closing and inspections and all of that. As the saying goes, cash is king when it comes to real estate deals.
  3. Cash sales are ‘as is.’ If you’re trying to avoid making costly repairs on your home or need to make the sale quickly, the cash option allows you to make that sale without having to invest time and money on a repair or renovation.
  4. Liberates you of Renovation costs. When homeowners look for a home, they often want to see recent renovations or maybe updated features of the home. With a cash offer, you can avoid these renovation costs and free yourself up from having to consider changes to the bathroom or living room.

So while you are hearing a lot of talk about the uncertainty of the market, one good thing to focus on is the fact that it is likely to be temporary.

Many homeowners worry about the right time to sell their home. This is a common worry and especially when there is uncertainty in the air. If you wait too long, you might end up getting less for your home or a foreclosure, sell it impulsively and you might miss the upswing after a downturn in the economy. If your home is already needing repairs, then you might end up losing more value as those repairs accumulate.

So is it a Right Time for You To Sell?

This is a common question, so let’s look at a few things that might indicate this.

  1. Making the payments every month feels like a painful stretch.
  2. You are feeling overwhelmed with financial uncertainty.
  3. You are feeling overwhelmed with the many repairs you might have to make.
  4. You’re ready to move and are not wanting to wait the time for repairs and/or a traditional loan.

Sell Your Home Quickly With El Paso Cash Homebuyers

Here at El Paso Cash Homebuyers, we want homeowners to stay calm throughout all of this. We are here to answer your questions about selling your home and help you through the decision.

An Outlook on the 2020 Housing Market

Portrait of happy senior couple packing cardboard boxes while moving to new house

It is no question that the housing market is a tricky thing to deal with. Economics, as a subject, has never not been complicated. We are here to hopefully help you better understand what the housing market will look like in the new year of 2020 so that you can make the best decisions to suit your financial needs. The outlook for this year is looking rather optimistic compared to the last ten years or so. We hope to explain all the nitty-gritty details in a way that can hopefully help you get the most from your home buying or home selling experience. Buying or selling a home is never an easy decision to make and many times, it’s hard to even know where to start. Selling a home is risky, but we’re here to make it as easy as it can possibly be. El Paso Cash Home Buyers is here to help you navigate through this tricky system.

 

Optimistic but Slow

 

Overall, the outlook for the 2020 housing market is looking pretty optimistic for home buyers and home sellers, but there are still some drawbacks. Things are looking probably the best that they’ve looked within the past ten years or so, but we’ve had a long road of recovery from the 2008 recession and housing crisis. In regards to the last ten years or so, things might seem great but compared to the last fifty years, we’re still not at our best. 

 

We have developed a strong job market, which means that more people (young people especially) are ready to buy homes as they start their professional and lifelong careers. Mortgage rates are also significantly lower than they have been since 2000. This means that people purchasing new homes will get better deals in regard to how long and how much they pay for their homes every month. 

 

Not Enough to Go Around

 

Unfortunately, there are not enough homes being built and there are not enough people moving out of their homes to make up for how many people are now entering the housing market. The problem this year isn’t necessarily the cost of housing, but finding a home in the first place. More homes need to be put on the market to account for all the new families that need places to live. 

 

Given everything that was just explained, if you are looking to sell your home, you are more likely going to get more for it than you would have just a few years ago or even last year. The sale price of an existing home is expected to go up as much as 4.3 percent this year, but the expected existing home sales are thought to go down by 1.8 percent. Putting your house on the market can wield a lot of cash, but it might take a while to find someone who is willing to buy it. 

The initial prices of homes are expected to increase, but mortgage rates are actually expected to go down with these new home sales. 

 

Hispanic neighborhoods, in particular, are expected to find price increases because there is such a high demand for housing in these areas because the Hispanic community is the biggest amongst new home buyers. 

 

Home sales are, without a doubt climbing, but they are doing so very slowly. This is making the housing market even more competitive than it was last year. Finding a house is more difficult with unemployment steadily decreasing as well as mortgage rates. 

 

However, builder confidence is higher than it’s ever been in the past two decades. This means that more houses are looking to be built this year. It’s still not great compared to the last fifty years, but compared to the last ten, we are doing a lot better. 

 

So what does this all mean? Well, it means that the housing market is about to get a lot more competitive. For example, because of a steadier job market, purchase applications will slightly rise, but because of better mortgage rates, more people are looking to stay in their homes longer and seek out less refinancing options. This is great news if you are looking to sell your home, but not so much if you’re looking for a new one. It’s a bit of a double-edged sword right now, but things are slowly being to look up and all of these complicated numbers might actually become more evened out toward the end of 2020.

 

How We Can Help

 

Lucky for you, if you are looking to sell your house, you don’t need to look any further. We buy any kind of home in almost any condition. You leave the “find new owners” part to us. If you have any questions about selling your home, don’t hesitate to contact us. We are here to help you make selling your home less complicated and quick. 

 

Sell Your Home With Us

a hand handing over keys while another hand has a handful of cash with a home in the backgroundHomes are, by and large, the most substantial purchase most of us will ever make. So much planning and careful thought goes into the home buying process that it’s something almost no one can do on a whim. Although achieving the prospect of being a homeowner is something only a few are able to boast, there are issues that can take place further down the line that may require homeowners to sell their homes as quickly as possible.

Perhaps your career took a turn for the worst and you were laid off, or maybe you’re on the bring of foreclosure. As unfavorable as these situations are, we’d like to let you know that there is an escape rope for you to get yourself out of whatever situation you currently find yourself in. This escape rope is El Paso Cash Home Buyers. Keep reading to learn more about what we can do to help.

Our Process

Homeowners, at some point or another, may decide to sell their homes. Perhaps a new job opportunity has arisen, forcing you to leave your home behind in order to move to a new city. Or, perhaps, your family has simply outgrown your current home. Whatever the reason may be, one thing remains true: you want to basically get rid of your home as quickly as possible, without losing too much money.

If you have the time to spare, you could potentially work with a real estate agent who could sell your home in a few months, but if you need to see your home fast, then you should steer clear from real estate agents. Instead, you should go with a fast home seller like El Paso Cash Home Buyers. You see, we’re here to help people who need to sell their homes as quickly as possible, for cash. We won’t beat around the bush and make you wait for months only to produce no results.  If this sounds intriguing, then let us explain our home buying process.

Give us A Call, We’ll Give You an Initial Offer

The very first step starts when you call us. We will ask the appropriate questions, such as the state of your property and the timeline you have in mind for when you hope to vacate the premises. With this info in mind, we will then provide an initial offer. After this, we will view the property in person.

We Will Get Acquainted with Your Property

Once we schedule a time, we will visit your property and gather information on its current state. You’ll be pleased to know we buy homes as-is, in any condition, so you don’t have to worry about fixing or cleaning it up. As you can expect, this is where we differ from real estate agents.

We will pay out-of-pocket to repair the homes we purchase; you’ll never have to worry about any of these maintenance costs. This is why our services are particularly popular among individuals who own property that they received as an inheritance. Perhaps that home has been in a state of disrepair for years and you’ve been looking for some way to basically wash your hands of it but it’d be too much work at this time to invest in remodeling it and fixing it up. Well, that’s where we come in!

Time for a Cash Offer

Now for the fun part, once we gather all the information we need, we’ll draft up a cash offer. This will be a fair offer, with no obligation to you. If, for any reason, you’re not happy with our offer, then you’re welcome to speak with other local home buyers. We guarantee our offers so if you’re able to find one that’s better than ours, then we’ll give you $500 in cash. That’s right, even if you decide to sell your home with another home buyer, we’ll give you $500 in cash.

If you do accept our offer, then you can expect for the deal to close in as little as one week. Unlike real estate agencies, our offers won’t require you to pay any extra fees or costs. You’ll receive your cash and you’ll have the freedom to walk away from your property, no strings attached!

Choose El Paso Cash Home Buyers, Today!

And that’s it! The process really is as simple as it sounds. We’ll buy your home, in any condition, for cash. You’ll have the freedom to easily rid yourself of the property that might’ve been a source of stress and anguish in your life. The sooner you contact us, the faster we’ll be able to provide a guaranteed cash offer. So, what are you waiting for? Contact El Paso Cash Home Buyers, today!

How The U.S. Housing Market Has Been Impacted by the 2008 Recession

3d image of house with graph falling

The financial crisis that occurred in 2008 threw everyone off unexpectedly. After all, it had been the biggest market disruption since the Great Depression. The number of renters to owners has decreased from 43.3% to 38.5%. The people that endured or forced to take up this shift were mostly far east and west coasters, older millennials, and wealthier households. The recession and its effects took most of a toll all the way up to 2014. It might not seem like a significant number, but we can construct a visual to show exactly how this decline has played out. 

An Increase in Rent

Not only is the amount of renters increasing, but so is the actual pay of rent itself, which has risen faster than income. The average rent in the top fifty markets has risen by 22.3%, while incomes have nationally fallen by 5.8% since the recession. To put this into context, the average homeowner spends approximately 30% of their paycheck on making and paying rent. Seems to be a bit much, right?

A Step Down from Homeownership

Not only has there been an existing decline in homeownership, but as well as many of the markets that were hit hardest by foreclosures. As rent increased, renters were having a harder time meeting the payment deadline, eventually being forced to foreclose. Although, most of this foreclosure ended up benefiting no one. Lenders weren’t even able to balance payments themselves. 

The Fortunate Few

There was only a small amount of markets that weren’t directly impacted by this recession. Most of the housing markets that saw the smallest increase in renters were in New York, Connecticut, and Boston. 

Cash Home Buyers Is Here to Help

It can be a gamble to buy a home, and if you’re not comfortable with owning one, it may be in your best interest to sell. Contact Cash Home Buyers today so we can take your homeownership off your hands!

 

Why A Looming Recession May Mean Its Time To Sell

A man stands atop a red line and tries to predict a future recession

With many economists and experts predicted a recession soon, many home sellers are wondering if now is the time to sell their home. It can be intimidating to think about, but many economic signals indicate that it could be a serious possibility in the next year to year and a half. If you’re on the fence about selling your home, here are a few factors to take into consideration.

What type of home do you own?

A recent study by the real estate brokerage group Redfin recently conducted a study to determine which homes were most likely to lose value in a recession. The conclusion was that condos and townhomes lose the most value overall, while single-family and two-story homes generally kept the most value. If you have a condo or townhome, your best financial option may be to sell quickly, before a recession torpedoes the value of your home.

What’s your current financial situation like?

If you’re strapped for cash or need to sell your home fast, a cash sale may be the best decision for you. In a recession, the housing market becomes what is known as a buyer’s market. This simply means that buyers have more sway in home buying negotiations since fewer people will be looking to buy a home. In this scenario, getting the value you want for your home will be even more difficult, and you may have to take significantly less money in order to land a sale.

What are your future plans?

People sell homes for a number of reasons. It may be their livelihood, or it could be a home they inherited from a loved one. A new job opportunity can also mean it’s time to sell, so it’s best to closely evaluate your situation before a big decision. If you anticipate a big move in your future, then a quick cash sale may best set you up for success.

El Paso’s Best Cash Buyers

El Paso’s real estate market continues to grow in size and value, and El Paso Cash Home Buyers expands with it. If you’re looking for the most cash return for your home, contact us to have money in your hand in as little as seven days!