What to Do in the Florida Shaky Property Market
This year is on course to have the fewest existing home sales since the height of the Great Recession in 2008, according to Redfin. With mortgage rates at 8% and high house prices in multiple markets, many Florida homebuyers are holding off until the economy improves.
The current landscape makes life difficult for homeowners in the Sunshine State. If there is little interest in your property, it might be time to look for an alternative way to sell. One of the best ways to do this is to use a company specializing in instant cash sales. You can close in as little as ten days without paying expensive realtor fees.
The State of the Economy
With mortgage rates at their highest levels for over 20 years, many buyers can’t afford to purchase a property right now. As a result, mortgage applications have fallen to a 28-year low, according to Redfin. Low housing stock is another reason buyers are reluctant to invest in real estate. With fewer homes for sale in many markets, those looking for new properties have less choice than they did several months ago.
These economic and market factors have led to homebuyers canceling property purchases at an alarming rate. Redfin estimates that around 16% of contracts were withdrawn in August, the highest level in 10 months. Moreover, pending sales are down 18.7% year-on-year, according to research from the National Association of Realtors.
Despite all that, you can still sell your home successfully. Working with a reputable company specializing in fast cash sales can free up the money in your property, which you can use to purchase a new home, make another investment, pay off debt, or spend however you like.
Why Florida Homeowners are Selling Their Properties for Cash
With mortgage rates at record highs, now’s a great time to sell your home for cash. Here are some of the benefits of doing so:
No Realtor Fees
The average realtor commission is around 6% of the total sale price for your home. So, if your property sold for $300,000, realtors could make $15,000-18,000. That’s money coming out of the seller’s pockets.
When selling your home for instant cash, you don’t have to deal with realtors at all, meaning you could save money on commission in the long run. In fact, the best companies in Florida don’t charge any fees.
Reduced Waiting Times
The conventional way to sell a property is to list it with a realtor who shows your home to potential buyers. Depending on your market, this whole process could take several months. If the economy gets even worse, buyers might get cold feet and decide they don’t want to move after all, leaving you with a home that you can’t sell.
Prevent the above from happening by working with a cash homebuying company. The best ones can make a fair offer on your property after a property analysis that considers the current market, the age of your home, and any ownership complications. If you accept this offer, you could close on your home in as little as five days — considerably less time than a conventional real estate sale.
Sell Your Property As-Is
In the current market, a realtor might ask you to make repairs to your property before listing it. Or insist you lower the value of your house to take into account any renovations. If you opt for the former, you need to find money for home improvements.
A reputable cash homebuying company will buy your property as it is. That means you can get a quick sale even if your house is in a bad state of repair. As a result, you can sell your property in a quick timeframe and get the money you need.
How Homeinc Helps
Homeinc is a cash homebuying company that provides a competitive price for real estate while eliminating realtor commissions and other fees. The company has closed on thousands of properties in Florida and Georgia and can help you sell your home in a shaky property market.
In addition, Homeinc has invested in properties like yours for a combined 130 years and can close your house sale in as little as ten days. So, if you need to release cash from your home quickly, this company could help. If you need a little more time to sell, Homeinc will work according to your timeline.
2023 could have the fewest existing home sales since 2008. That’s because of rising mortgage rates and high house prices in many markets that are causing Florida homebuyers to reevaluate their options. However, you could still sell your property for a fair price when you work with Homeinc. The company eliminates realtor fees and can close a sale in ten days.
Find out more about Homeinc’s services by calling or texting 888-850-2636. Alternatively, get an offer on your home now!