When the market is as hot as it is right now for sellers, you’re probably asking why you would even want to sell your house to a cash for homes company when you’re expecting to receive more demand and higher offers. It’s a valid question! If you can take advantage of the current real estate market, you definitely should!
However, not every homeowner has the means to sell their home on the traditional market or the funds to make the required repairs. This is when selling to a cash for homes company might be an ideal option for you. Before we get into all of that, let’s take a look at the current real estate market so you can accurately weigh all of your options.
The Current State of the Real Estate Market
Since the beginning of 2020, U.S. median home list prices on realtor.com are up 27%. In the metro Phoenix area, Zillow’s home value index grew by over 31% from Feb 2021 to Feb 2022.
Because of this, many homeowners are looking to sell their home for a large profit.
So why would you want to miss out on that? The answer is simple: there is no “missing out” when you’re still often required to spend thousands to update and renovate your home, as well as open it up to hundreds of potential buyers. Though you may be able to make a decent profit, the money may not be worth all of the time and stress you spend dealing with the traditional market, mortgages, FHAs, and more.
On top of that, not all homeowners are able to sell their home through traditional means. Today, we’re going to outline why you should consider selling to a cash for homes company during a seller’s market.
Why Sellers Like All-Cash Offers
Cash offers are easier for everyone involved. There’s no mortgages, no lending or financing, and the seller often faces fewer proof of funds stumbling blocks. When an individual buyer uses cash, it’s likely that their offer will be slightly lower as a compromise (though today’s market is the outlier for this). The same can be said for cash for home companies. That shouldn’t be a deterrent from all-cash offers, though!
There is more to consider than just avoiding financing. Many cash offers take the need for the final home appraisal off the table. The process can add a week or more to the sales process, which can be a breaking point for some buyers and sellers.
Cash sales also take less time. Buyers do not need 30 or 60 days to close if they are not obtaining a loan. In some cases, closing with an individual buyer can take as little as 7 days (though the average is around 2 weeks). When you sell it to Property Spot, you can pick your closing date, so you’re not locked into the buyer’s timeline.
The bottom line is this: An all-cash offer usually means a faster closing, which puts money into a seller’s pocket sooner.
Benefits of Selling to a Cash for Homes Company
If you don’t want to wait for the perfect all-cash offer to come your way, you can get a few offers from cash for homes companies within a few days. For example, Property Spot can get you an offer for your home in under 24 hours.
In most cases, the company will send an employee to walk through your home (no staging or cleaning needed) to get an idea for the layout, square footage, and state of your home. With Property Spot, it’s like a tour – our evaluator will come in, take a few pictures if you let them, and will leave. That’s it! That’s no pressure and no need for repairs or renovations. You’ll receive your offer and can choose to take it and move out when you’re ready to move (Closing takes only a few days!), or you can decline the offer without any problem. Property Spot is built on respect and we want you to make the best decision for your future!
In addition to being one of the fastest ways to sell your home, it’s also the easiest. At Property Spot, we do most of the paperwork for you.
Disadvantages of Selling to a Cash for Homes Company
No method of sale is perfect. When selling your home for cash, it is unlikely you will receive the full market value of your home, though you will receive a fair offer. Some companies may only offer what you still owe on your mortgage, while others will go above and beyond.
The other disadvantage is navigating through the scams. While this is an established industry, there are still things you want to avoid, such as trusting a “Cash for Homes” sign on the corner of the road. You will need to do plenty of research to find a trustworthy company who will work with you.
However, if you want a fast sale, a fast closing, and to avoid making any repairs or renovations, then selling your home to Property Spot is the way to go! Give us a call at (480)400-7792 or visit us online to schedule your appointment and to get your fair cash offer.