If you’re a Vegas home seller, you have many options when it comes to selling your property. However, with interest rates rising, the market is changing fast. That may impact your ability to make the most of the sale. And selling your home takes significant time and effort. With busy lives, it can be difficult. Fortunately, there is an easier way: selling to a local and trusted cash buyer.
Here are five reasons to consider a cash sale in today’s changing market environment.
Reason 1: A Slow Sale May Mean a Lower Price
Interest rates are going up. According to Fortune Magazine, the average mortgage rate has jumped more this year than it has in a century.[i] That is pricing some buyers out of the market.
It’s not over yet, either. The Federal Reserve is now forecasting at least six monthly interest rate increases this year. [ii] This will impact more buyers going forward. If you sell the conventional way, your transaction will likely be affected. As rates rise, borrowers will have more difficulty qualifying for mortgages. Lenders may require them to increase their down payment to make up the difference. As a result, fewer buyers can afford your house. That can mean a slower sale and probably lower and fewer offers. So in this unique environment, selling fast may be wise.
Reason 2: A Conventional Sale Takes Significant Effort
Because most Vegas home buyers use financing, your transaction will most likely require an appraisal by a lender. With increasing rates, appraisals will likely be an even bigger challenge than they were in the past. When appraisals come in low, lenders expect the buyer to make up any difference in cash, or the lender may not approve the loan at all. Since not all buyers can increase their down payment, that can mean higher numbers of transactions failing.
So that may mean you get partway through the transaction, and the buyer is forced to back out. That means wasted time for you as it puts you back at square one.
Reason 3: Substantial Effort is Required to Sell Right
Even in the best market conditions, selling a home still takes significant time and effort. First, you’ll usually need to do substantial cleaning. Or, even if your home is perfectly tidy, you’ll need to declutter.
Homes show best when they are depersonalized, which means you need to store photos and small personal items out of sight. Ideally, you’ll also focus on creating curb appeal by sprucing up the outside, which usually means more cleanup. Depending on the condition of your property, this can take a few weekends or even a few months.
Once the property is ready, you’re not done yet. You’ll need to get the house ready for showings and probably need to leave the house anytime someone wants a look.
On the other hand, if you work directly with a cash buyer, you can avoid much of this hassle. Cash buyers, especially professional ones that are looking at your home as an investment, don’t expect you to do all that presentation work. They can look past the clutter and deal with the house in its current condition. Instead of giving up your next weekends, you can simply get a price from them and avoid the extra work, cleaning and maintenance. Gr8housebuyers® can save you time when you sell your home to them.
Reason 4: Commissions and Other Expenses Reduce Your Profit
Another downside of the traditional real estate transaction is the layers of costs involved. As a seller, you pay for the majority of these expenses. The largest is usually the commission paid to real estate agents. That alone can account for up to 6% of the total sales price. On top of that, you need to pay costs for escrow, title and other fees. These costs add up quickly and can often take tens of thousands out of your profits.
You can avoid most of these fees by working directly with a cash buyer. Plus, Gr8housebuyers® can save you money on moving(local) expenses, clean-up, repairs, and much more! That savings goes straight into your pocket.
Reason 5: Traditional Sales are not Usually Flexible
When you enter into a traditional real estate sale, the entire deal will be quite structured. Standard deadlines and specific dates will be assigned, which cannot be easily adjusted. But what if you have tenants, or you haven’t found a new place yet? If the buyer wants to move in, even if you need more time, you may be out of luck.
It can be different with a cash buyer who is buying your property as an investment. They may be flexibility to deal with tenants, adjust the closing date, or even lease back the property to you.
Benefits of Working with a Cash Buyer Agency
You will occasionally find cash buyers among the other traditional home buyers. Still, if they come with an agent, you may not avoid many of the other problems and the expensive agent commissions.
But you can get the most flexibility by dealing with a cash buyer agency that professionally buys and sells houses. Here’s what dealing with one of these firms can do for you:
- No showings or cleanup required. These are professional buyers who can look past the current property condition.
- No appraisal is required.
- You can close when you want, not according to the buyer’s requirements.
- You can lease back the property if needed, so you will have more time to find your next home with your cash in hand.
- You can sell your home with tenants in place.
- Moving(local) assistance
Now, of course, there are pros and cons to each method. But dealing with a cash buyer agency such as Gr8housebuyers® can help keep your sale smooth and stress-free. And in this rising interest rate environment, time is your friend, so selling fast can be a smart move.
Cash Offers—How Does it Work?
If you’ve never used a cash buying service before, it can be hard to know what to expect. Here’s how the process works.
Contact Gr8housebuyers® and request a quote. It is provided free and with no obligation. You may be asked a few questions about the condition of the home. If your home meets the company’s requirements, typically, you will be asked to select a time to meet at your house, so they can discuss your options with you, and view the interior condition of the home.
At our firm, we will meet with you briefly at your home to review the property and answer your questions. The meeting usually just takes 10 to 15 minutes.
We will provide you with a written quotation. If the quote is acceptable, you can move forward by choosing a closing date and time to move. Usually, you can close in as little as seven to 10 days. That means you will be free of mortgage, tax, insurance and utility bills within a very short time frame. This is much faster than a traditional sale that often takes several weeks.
Avoiding Negative Experiences
Over the years, we’ve helped many homeowners sell quickly and easily. Here are our best tips for dealing with a cash buying agency:
- Always get multiple offers. Your home is a significant asset, so it is worth your time to research and find the best option.
- Check the background of the firm you’re dealing with. You want to ensure they are established and trustworthy, so check their reviews. If they don’t have good reviews from buyers, that may mean you waste time, and the transaction never closes, or they don’t stick to the price promised.
- Always ask about all of the fees and costs involved. What matters is what you end up with. You don’t want to be lured by a higher price that is later reduced by hefty fees, netting you less.
Interested in Selling Your Las Vegas Home to a Cash Buyer?
Gr8housebuyers® is a premier investment company that specializes in acquiring real estate with respect and integrity. We are actively buying property in Las Vegas, NV and Henderson, NV that is difficult to sell or that you prefer to sell hassle-free.
We believe in 100% full transparency and clarity to all our clients.
Call us today at (702) 291-7577 for a free, no-obligation evaluation, or visit us at https://www.gr8housebuyers.com.
[i] https://fortune.com/2022/03/25/mortgage-rates-just-made-biggest-jump-this-century/
[ii] https://www.cnbc.com/2022/03/16/new-federal-reserve-projections-show-six-more-rate-hikes-this-year.html