Tag: should i sell my home?

3 Reasons to Sell Your Home Before 2019 is Over

Posted on by El Paso Cash Home Buyers

 

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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

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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

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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

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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

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

Posted on by El Paso Cash Home Buyers

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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.    

3 Signs It’s TIME TO SELL Your Rental Property

Posted on by El Paso Cash Home Buyers

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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!