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!

The Perils of a Traditional Home Sale 

A massive decline in property values shown by wooden houses and a downward arrow overhead

If you’re not sure whether you should sell your home the traditional way, first read up on some of the issues that may arise from a traditional home sale.

How a Traditional Home Sale Works

Remodeling

Contractor gluing wallpapers onto a white background during a home renovation project

A traditional home sale can take months to years, depending on your location, the condition of your home, asking price, neighborhood that you reside in, and a plethora of other factors. The first step in a traditional home sale is often the remodeling period, which can take weeks or even months to complete and will bleed your wallet dry of thousands of dollars in the process. In some areas, older and stagnant homes can stay on the market for several years or even a decade, which can make a remodel a necessity to get your home sold. El Paso Cash Home Buyers allows you to skip this expensive step, since we buy your home as is.

Home on the Market

For sale sign in front of home waiting to be sold in a slow housing market

After the lengthy remodeling process, now the home has to sit on the housing market and wait for potential buyers to inquire. This can lengthen the home buying process by several months depending on where you live, and this can eat up more of your money since you have to maintain the home while it sits on the market. If you needed a quick turnaround for your property, this could be one of the worst decisions you could make for achieving that goal. If you find yourself in this situation, don’t hesitate to call us—we can have your home sold ad cash in your hand in as little as seven days!

Signing the Contract

Real estate agent instructing potential homeowner on how to sign the contract for the new house

 

Once a contract is finally agreed to between you and a buyer, you would think that you could wipe your hands clean of your old home, get your money and move on, right? Nope! The process is still not over. The buyer still needs to get a mortgage worked out by a mortgage company, and will likely have to get the home professionally inspected as well. This can add 30 to 90 days to the already several month or several year-long process, and this assumes that the buyer doesn’t change his mind halfway through and you have to start the process all over again. In a cash buyer sale, you can have money for your home in as little as a week, which means having cash to use right away for all your needs.

Hidden Fees and Commission

A hidden fee is revealed behind a light blue wallpaper

Once you finally reach a final deal on the home and all aspects of the home selling process have been finalized, you’ll still have a mountain of headaches from fees, taxes, and other financial surprises at the close of the sale. Fees may come from the realtor, title company, or attorney that helped close the sale, and that doesn’t even factor in the commission that the realtor may take from the sale, which can shave several thousand dollars off the money you recieve. In the end, the home selling process is typically a major financial and mental burden of the seller, and can be potentially ruinous if you need money in a short amount of time.

Skip the Hassle with El Paso Cash Home Buyers

The traditional home buying process can be a hassle. Call us today for quick cash for your home!

3 Reasons to Sell Your Home Before 2019 is Over

 

home keys

On the fence about selling your home? By no means is this an easy decision but if you have goals to be free of a mortgage you can longer afford and want a fresh start, then it’s time to sell.

With a healthy national market on your side and El Paso’s favorable real estate growth, 2019 is proving to be the best year to sell. Here’s why:

1. New Buyers Continue to Enter the Market

sell my home

El Paso is seeing a wealth of real estate growth. Unlike other major cities, this growth is attracting buyers from all vantage points. Whether it’s the young professional who wants a starter home in an established neighborhood or a retired couple who is looking for a smaller home since they’re now “empty nesters”, there are various types of buyers out there.

How does this all affect you? Selling your home for a cash home this year will guarantee that you receive the highest cash offer possible. When the odds of reselling your home are higher, the cash offer will be higher. Compared with previous years, in 2019 homes are sitting on the market less time because of the influx of buyers.     

2. Interest Rates Are Still Attractive

home sale

While we are still seeing relatively good interest rates, those rates may take a leap next year. According to John Pataky, a chief consumer and commercial banking executive at TIAA Bank interest rates are expected to rise.

In a 2012 U.S. News article, Pataky was quoted as saying, “We do expect over the next 12 months that mortgage rates will continue to drift higher.”  

So if you’re looking to sell your home and move into a new one, you’ll want to act sooner rather than later in order to get the best interest rate possible.

3. There’s No Telling What 2020 Will Bring

cash for homes

We’re halfway through the year, El Paso. Before we know it, 2020 will be here. If there are things currently preventing you from reaching your goals, it’s time to do something about them. Financial goals are something we all deal with. Whether your 2019 resolution was to be debt free or to rid yourself of your bad spending habits, it’s never too late to start working towards your goals. However, there’s no telling what 2020 will bring. With a favorable real estate market, you’d be a better position to sell this year.

Sell Your Home for a Competitive Cash Offer Today

Now that you know the odds are in your favor, it’s time to act. The best part is—you don’t have to do much! When you sell your home to El Paso Cash Home Buyers, we’ll present you with a cash offer for your home as is. We don’t require any home improvements or repairs before our walk-through. Once we do a market analysis on your home, which is a free Comparative Market Analysis (CMA) that examines your home’s value as well as how it measures against the competition, we’ll give you a cash offer. Then, the ball will be in your court!

Since we’re competitive, we’ll give you the opportunity to scope out other legitimate buyers and see if they’re able to match or beat our offer. If we’re not able to match it, we will give you $500.

Don’t delay getting the help you need today. Give us a call: (915) 229-8974

When Selling Your Home for Cash Outweighs Putting it on the Market

sell my house for cash

There are currently 2,691 El Paso homes listed for sale on Zillow.com. In that search result, the lowest priced home is selling for $114,668 and the highest priced property is $6 million for 51.22 acres of land. The contrast in these listings have very little to do with personal situations and everything to do with real estate value. But as someone who is going through a difficult situation, selling your home the traditional route whether it’s with the help of a real estate agent or placing it on a listing sites such as Zillow, may not be your best option.

In situations where time, money, and a rough situation are the biggest factors, selling your home for cash may be the best option for you. Let’s explore these determinants further.

Time is a Factor

It takes time and effort to sell a home. Depending on the condition and location of your home, it may sell quicker. Right now, El Paso’s real estate market is in good condition. This means, people are actively buying homes. Additionally, many longtime homeowners are moving into newly built homes. The growth in new development has made older homes less sought-out unless they’ve been renovated with all the new, in-demand amenities like energy efficiency. But even then, it may take several months of viewings and hosting open house events to draw in the right buyer. If you’re looking for a fast turn-around time, selling your home for a competitive cash offer is your best bet.  

You Can’t Afford the Repairs

With a healthy real estate market comes more room for demand. Buyers in the Sun City are looking for move-in ready homes. While there are the occasional single-home buyers looking for a renovation project, most buyers want a home with little to no repairs. As someone who cannot afford to pay for all the potential repairs, a cash sale is a viable option. El Paso Cash Home Buyers will buy your home no matter its condition. Since we don’t require any work on your end, there’s no need to make any changes!

Your Situation is Complicated

No situation is alike. We understand that what you’re going through is specific to your circumstances. Selling your home is likely your last resort and one you’d much rather avoid. As cash home buyers, we do our best to make the process as easy as possible because we know that time, finances, and other personal matters are all on the line. When you come to us and provide a synopsis of your situation, we work fast to provide you with the competitive cash offer so that you can make a decision that best meets your most pressing needs. Our process is seamless because we know that in these time-sensitive situations, the last thing you need is another issue to worry about.    

Don’t Stress. Give El Paso Cash Home Buyers a Call Today.

When the traditional route of selling your home doesn’t meet your needs, consider selling your home for cash. At El Paso Cash Home Buyers, we’ll provide you with the most competitive cash offer around, and we’ll ensure you are able to move out as soon as you need to. Please give us a call today to get started.  

I Can No Longer Afford My Mortgage: What Are My Options?

bills

When America experienced the financial crisis of 2007 – 2008, the housing market went into a frenzy. The housing bubble popped and real homeowners were scrambling, trying to figure out their next move. Though we like to think of our mortgage as something that is secure and will keep us in our homes until that final payment, unfortunately, nothing is certain.

If you can longer afford your mortgage payment, there are options. Know that you are not alone in your struggle, even if it feels this way. Taking action now can help eliminate any additional financial damage.

Here’s what to do if you can no longer afford your home:

Contact Your Lender Right Away

As soon as you realize you won’t be able to afford your mortgage payment, that’s the time to contact your lender. Inform them of your situation. In some cases, you may be able to apply for a loan modification. Options such as refinancing due to financial hardship are feasible when there is enough evidence to prove you’re going through a serious financial struggle because of a life change such as losing your job or becoming injured.

If you’re unable to secure a modification in your loan, then the next step is to consider selling your home.  

When Selling Your Home is the Best Move

Time is especially critical when you can no longer afford your mortgage. As soon as you miss your first payment, your mortgage lender will begin taking steps for foreclosure. You do NOT want your home to go into foreclosure. If you allow this to happen, you will essentially lose everything. Not only will you be forced out of your home, but you also won’t have the funds to move.

When you have no clear sight in mind of when you’ll be able to afford your next mortgage payment, that’s when selling your home is the best move. Whether you lost your job, are dealing with a serious health condition, or made a bad financial decision, selling your home through a quick sale will allow you to have funds for your next move. Through a short sale, such as selling your home for cash, you’ll be able to have the means necessary to pay for an apartment or other more affordable housing options.  

You’re Not Alone — Help is Available

Although it may feel like your world is caving in, remember that you’re not alone. So many other homeowners have been through what you’re currently going through and although you likely never imagined yourself in this position, you will get through it.

El Paso Cash Home Buyers is here to offer you the highest cash offer possible for your home. Since we base our cash offer on the market value of your home and we will beat any legitimate competitor’s offer, this ensures you will receive the best cash offer around. Connect with us today to learn more. In many cases, we are able to get you cash for your home, in your hands, in as quickly as seven days.    

Selling Your Inherited Property in El Paso

inherited property

So you’ve inherited a home! There are contrasting emotions that come with being given a home. For one, you could be excited about the possibilities of the new home. On the other end, you could be scared and/or stressed with the thoughts of maintaining it. These emotions will have a lot to do with the home itself and your plans for it. Will you move into it? Does it have the potential to be rented out?

If you’re currently feeling as though you want to sell the inherited property but haven’t quite made up your mind, take the following into consideration:

1. Do you have the time and resources to maintain it?

As a whole, consider the realities of keeping the home. If you have the needed time and money to maintain the property than you are at an advantage. If you fall on the other side of the spectrum, that’s okay. Not everyone can afford a second home, even if it was given to you as an inheritance. Do you know that common saying, “Nothing in this world is free”? Unfortunately, It’s true. Inherited properties still come with a cost in the form of maintenance and possibly property taxes.     

2. Is the inherited property located in the same city as you?

Living in a different city than where the inherited property is located comes with some major drawbacks. Unless you have friends or relatives who are willing to help you out, you’ll need to find time to check on home every couple of months. Even if no one is living in it, you need to make sure there are no major issues going on. For example, you’ll want to make sure that there isn’t any property damage such as a leaking roof or pest infestation.  

3. Do you plan on renting it out?

One of the biggest advantages of owning an inherited home is that you can rent it out and earn additional income. However, renting it out does require work, time, and money in order for it to be successful. Since renters in El Paso want homes that are modern, clean, and hassle-free, you’ll need to get the home in shape before you can list it. With an older home, this may require several renovations or a complete makeover. While it is possible, you will need to determine whether you have the money for these renovations. Additionally, once you have tenants, will you be able to keep up with the maintenance?

4. Is the home causing more stress than anything?

When parents or grandparents pass away, their children are often surprised at how they chose to divide (or not divide) their lifetime earnings. A home is often one of the most controversial items on the will. It can create tension, fights, and even months or years of not speaking. If you currently find yourself in this situation, it may be best to sell the home. When an inherited property is causing more harm than good, you should move forward and away from the situation by distancing yourself as much as possible. And the furthest you can get is selling it.   

5. Do you need money for something else?

Homes are amazing assets. An inherited home is twice as amazing because you didn’t have to pay upfront for it. The question of whether you should sell it will come down to this: Do you need the money? Even if the home has sentimental value, it’s important to consider whether you could use the money you earn for the home on something more pressing. For example, let’s say you need help sending off your son or daughter to college or you’re tired of being in debt and want to pay off those high-interest rate credit cards so you can sleep better at night. If there are other large expenses that need your immediate attention, selling the inherited home could be wise.

Don’t Stress! Contact El Paso Cash Home Buyers Today

No one is ever prepared for the realities of being granted a home. Even if your parents, grandparents, or whoever left you the home gave you advanced notice of their plans to leave the home in your name, when the time comes, things can feel very differently. Perhaps your situation today can’t afford you the time and resources needed to maintain an entirely separate home.

If you’re feeling overwhelmed by the whole situation, give us a call. We can provide you with a market analysis of your home, which will ensure that we present you with a 100 percent competitive cash offer based on the current real estate market. To learn more, simply give us a call!

3 Signs It’s TIME TO SELL Your Rental Property

sell my home

Whether this was once your primary home or you inherited it after a relative passed away, having a rental property can come with numerous benefits. This does, however, depend on what the situation looks like. It’s possible to have a rental property that’s lucrative and easy to manage one year then find yourself with a money pit the next.

If it’s been years since you last saw positive earnings from your rental home, you should consider selling. A good real estate investment looks vastly different than a home with one too many repairs whose current dwellers are making them worse! In addition to not earning the money, you should be from monthly rent, putting money into the home could wind you in the negative.

So if you’re experiencing any of the following, consider selling your home sooner rather than later:

1. Your Rental Property’s Finances Are Always In the Negative

This reason alone should be why you act fast. A rental property should bring you consistent POSITIVE cash flow. When you’re consistently having to chase down the tenants or you find yourself forking out your own money to cover the needed repairs, this can’t be good. Monthly cash flow includes your income on the rental as well as the expenses. These two should leave you with positive income. If the rent isn’t consistently covering the additional expenses, this will hurt you. You might think a month or two of paying out-of-pocket expenses is okay but once you go past that, you will only be damaging your finances.  

2. It’s Located in a Less Than Desirable Area

El Paso’s real estate market is changing. It is one of the top cities to buy a home and yet there are areas that aren’t necessarily seeing those benefits. The reason? Unfortunately, with new development, potential buyers are flocking to areas with newly-built homes. Another possible reason your rental home isn’t seeing traction since the margin of renting vs. buying is so close, many are choosing to buy vs. rent. From a financial standpoint, even renters are looking for the best way to invest. This means finding a home that’s a)for sale and b)located in a new development area. Of course, this isn’t always the case but it may be for your rental property.    

3. Managing it Feels Like a Full-Time Job

The purpose of owning a rental property is to bring in additional income. If this isn’t your primary source of income but it feels like a full-time job, then something may be wrong. From receiving calls from the tenants while you’re at work to spending countless weekends making repairs, the time you devote to the rental property shouldn’t drastically overlap with your professional and personal life. Moreover, if it’s affecting your health in the sense that you’re stressed and consistently worries—this can’t be good.

Ready to Make a Positive Change?

If you’re ready to rid yourself of a rental property that’s no longer worth your time and effort, then consider selling it for cash. At El Paso Cash Home Buyers, we buy rental properties in any and all conditions. With the cash we give you for your property, you’ll be able to use it towards your own home or invest in something else for that matter. Our cash offers are competitive and we’ll even beat another competitor’s legitimate offer. Connect with us today to learn more!

Do You Need a Fresh Start? When To Consider Selling Your Home

Financial assistance

The reality is, the majority of Americans live paycheck to paycheck. On top of paying the bills that come every month such as the mortgage, electricity, water, and other personal needs including groceries and hygiene products, we still have other bills. It could be the credit cards we used to buy furniture and Christmas gifts, a car payment, student loans, something we financed, and essentially this list of additional bills can go on and on. Carrying debt means that not only are we living paycheck to paycheck but essentially we’re taking on additional debt in the form of interest that won’t go away until the account is paid in full.

It’s no surprise that the desire to start all over again is alive in so many of us. We’ve all made mistakes with money even if it was as minor as buying the wrong pair of shoes that we can no longer return, the feeling of defeat is something we’ve all experienced. If life were as simple as hitting a reset button the majority of us would have hit it by the time we turned 32. But since we don’t have this option, it’s time to be practical. This begins with a financial plan.  

Creating a Financial Plan — Deciding What Goes and What Stays

Think back to a time when you didn’t have debt. What did your life look like? Perhaps you weren’t driving the same vehicle, your student loans were non-existent, you didn’t own so much stuff, or perhaps you didn’t have the house you live in today. It’s easy to get comfortable to a certain lifestyle but once you realize you can longer afford that life, it’s time to make changes.

Making a financial plan begins with listing all of your debt. Write down the lender and exactly how much you owe. Then, determine how long it’s going to take to pay off those accounts. Once you have a clear picture of what your true debt looks like, it’s time to decide what should stay and what should go. Do an inventory of our home. Clean out the garage and see what items you could possibly sell.

One of the biggest items on your list will easily be your home. If you can longer afford your mortgage and your income won’t be changing anytime soon, it’s time to sell.

Selling Your Home for Cash

Imagine not having a monthly mortgage. Or imagine if that payment was even half of what it is today. You could pay off those credits and you wouldn’t feel like you’re consistently suffocating. When you sell your home for cash, not only will you have the ability to start fresh but you can make wise decisions with a clear mind that will put you in a better position then if you were to stay in the one you’re presently in.

financial help

Explore How Selling Your Home in El Paso Can Provide You With Financial Freedom

El Paso Cash Home Buyers is an investment company. We buy homes and invest our own resources to fix them up and make them move-in ready for the next dwellers. When you sell us your home, we are investing in you. Our cash offers are competitive because we know that this amount is going give you the leverage you need to begin your new journey. But above all, our offers are based on the real market value. We’ll never ask you to make any repairs and we always buy as-is. You can think of us like a reset button. Sell us your home and start fresh!  

How to Deal With a Probate Property

companies that buy houses in any condition

When you inherit a home that is less than desirable, you are tasked with the job of selling it or maybe putting it up for rent. Both options are easier said than done. When you look at the house all you can see is the old faded paint, damaged stucco, outdated design, and overgrown garden. Selling this property may seem impossible. The problem can be even worse if you are not actually in the same city as the home. And even worse, if it was the home you grew up in, it may be heart-wrenching to see it in such terrible condition.

So what are you to do? Your best option is to find companies that buy houses in any condition. Companies that buy homes in any condition are not concerned with how bad or ugly the home looks, they know that you don’t have the resources or funds to renovate the home yourself, so they are prepared to take it off your hands in the condition it stands.  

You Don’t Have to Conduct Repairs

When you turn to companies that buy houses in any condition the biggest benefit is not having to conduct any repairs. Investors will often take the home off your hands and simply deduct the repairs from the price paid out. This gives you a huge service. At the end of the day, you don’t have to worry about paying for and conducting any repairs yourself. There is no need to hire an expensive repair or renovation team either. There’s no need to worry when an investor will take the property off your hands and give you the value in cash.

Don’t Worry About an Outdated Home

There’s also no need to worry if the home is in outdated conditions. Normally, when selling a home on the real estate market, outdated kitchen and bathrooms can be a huge downer. There is no choice but to conduct a renovation before trying to sell. However, when you turn to companies that buy houses in any condition this is not the case. You can simply hand the house over and receive cash in hand!

Don’t Wait for the Market

Listing your home on the market is a long extensive process. Aside from repairs and renovations, you still have to find a reputable real estate agent and stage the home. Then, you have to wait for interested buyers to ganders through the home and offer bids. The process can take several months to a year. On top of all that, prospective buyers may end up trying to negotiate a lower price than you had intended. Many people try to sell their probate home on the market only to find out that they won’t get what they hoped for anyways.

Work With the Best Cash Home Buying Company in El Paso

At El Paso Cash Home Buyers, we can help you get rid of your home quickly. Even if this is a probate property in poor condition, our experts can take care of the problem for you! We make it fast, easy, and competitive. Contact us today for more information.