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!

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!