Mortgage Rates Hit New Highs
September was a challenging month for the real estate market as the average rate for a 30-year fixed mortgage hit a 23 year high of 7.41%. It is now more expensive than ever for buyers looking to purchase a home. The last time we saw mortgage rates this high was 23 years ago. And that’s not the end of it. The average rate for a 30-year fixed jumbo mortgage just jumped to 7.34%.
With interest rates at an all-time high, and likely to continue to rise, many people cannot afford to purchase a home. What does that mean for home sellers? It is likely that your home will sit on the market longer while not bringing top dollar.
It Is No Longer a Seller’s Market
With interest rates rising, it is complicated to be a home seller right now. Buyers are not only reluctant to buy properties until the economy improves, Others are getting cold feet and backing out of purchase agreements, leaving home sellers in a challenging position.
How did this all happen?
Well, the real estate market has been shaky for several months thanks to inflation and other factors. The current economic landscape has made it more expensive for banks to lend money, so they have been increasing mortgage rates to recover their costs.
Other more complicated developments, such as treasury yields and mortgage-backed securities, have also contributed to rising rates. However, the reason that buyers are skeptical and cannot afford home prices right now does not help home sellers. What matters is selling your property quickly while still making a profit.
Beat the Market
So how do you sell your property when mortgage rates are at a 23-year high? One option for sellers is to work with a reputable cash home buying company, such as Homeinc.
While you may not be familiar with cash home buying companies, it is a great option for sellers looking for a guaranteed sale on a quick timeline. Selling to a home buying company simplifies the entire selling process. When selling to Homeinc, you will not have to deal with typical buyers and all of the complications that may go along with a traditional real estate transaction. For example, Homeinc will not back out of the purchase at the last minute. Homeinc will not ask ,you, the seller, to make repairs, updates or pay commissions.
What are the other benefits of selling your home for cash:
Shorter Lead Times
The average time it takes to sell a property in 2023 is 83 days, according to Realtor.com. And that’s just the average. If your home is in disrepair or located in a less than ideal neighborhood, you could be waiting even longer.
The great thing about selling your home for cash is that the timeline is much faster when compared to listing your property. Homeinc purchases properties in “as-is” condition, meaning that we will take care of the updates and repairs. You will not need to host open houses or stage your home. If you have liens, code violations or are facing foreclosure, Homeinc can take purchase your home and eliminate the stress of dealing with those situations.
No Need to Pay a Commission
Selling your home, the conventional way, involves a realtor who lists your property, shows it to buyers, and takes a commission in the process. The average fee for one of these professionals is around 6%. If you sell your house for $300,000, your realtor will make $18,000.
When you opt for a cash sale with Homeinc, you will not pay any commissions, which means more money in your pocket. The Homeinc team is comprised of all licensed real estate advisors, however, we pass along the commissions and any other unnecessary fees to our sellers, while keeping closing costs low.
Delays in the home selling process are happening more and more. A buyer makes an offer on a home, the seller agrees, and all is well. However, things can change quickly. The buyer might pull out of the sale because of a problem with their finances or their lender. They may get sticker shock when they find out what their mortgage payment will be. Given the current economy, they may realize they cannot afford your home. That means you have to start from scratch and list your property again.
With a cash sale, none of the above can happen. That is because no buyers are involved in the process. Instead, you sell your property to a reputable company that gives you a fair price for your home.
How Homeinc Helps You Sell Your Home When Mortgage Rates Are at a 23-Year High
Homeinc wants to purchase your property. It’s that simple. But many other homebuying companies do too. So why should you choose them?
Well, Homeinc has been investing in homes like yours for 12 years, making us an industry leader throughout Florida and Georgia.
Here are some of the other benefits of working with Homeinc:
Homeinc strives to pay top dollar while eliminating commissions and other unnecessary fees.
Close your home in as little as five days, considerably quicker than the average time it takes to sell a property. If you need to stay in your house, no problem! Homeinc provides post-occupancy options.
Get money for your home wired to your bank account on the same day you close. (Homeinc handles closings through an escrow agent and licensed title company to protect your cash.)
If you need a little more time to sell up, that’s OK too. Homeinc customizes homebuying services based on your current situation.
Sell Your Property As-Is
You can even sell your home In “as-is” condition, which means you can skip the time, money. and stress spent on unnecessary repairs or updates.
Summing It Up
Interest rates for a 30-year fixed mortgage have just hit a 23-year record, while rates for a 30-year fixed jumbo mortgage are higher than at any time since 2011. With many buyers reluctant to purchase properties in Florida and Georgia right now, you might want to consider working with a homebuying company like Homeinc.
Homeinc can buy your home in “as-is” condition in as little as five days. Our team of licensed agents will walk you through a quick property analysis and provide you with a cash offer range. Our agents will work with your timeline to ensure a smooth transition to your next stage of life. Find out more about our team and call or text us today to get started (888)80-2636 www.homeinc.com