The higher interest rates in Baltimore are discouraging homebuyers from investing and this is turning the market in favor of real estate investors with cash. Dependable Homebuyers had predicted this when the Federal Reserve raised the rates of interest on home loans or mortgages late last year. The Federal Reserve is likely to raise the rates of interest further. Homebuyers who have been planning to buy a property in Baltimore are not reconsidering their immediate considerations. They would be paying a much higher mortgage than earlier and this is affecting their buying power.
The We Buy Houses company based in Baltimore believes more investors with cash will come forward to buy properties. Outright sales are not uncommon but still have not become the norm. This is poised to change as the number of buyers plummet and more properties are available for sale in the city. Cash purchases help both investors and sellers. The sellers get upfront offers and can secure better deals. Investors are able to circumvent banks and other lenders to expedite the process. Cash investors can also avoid going through realtors and hence find it easy to deal with owners directly.
The current real estate environment is not in favor of sellers. Buyers who can afford to pay higher interests are negotiating for reduction in ask prices. Not everyone can accommodate the increasing interest on their mortgage or their financial plan may be in jeopardy. Sellers who can afford to reduce ask prices have a greater chance of actually selling their properties. This makes the situation worse for those who cannot reduce the ask price. Such sellers are likely to have their properties listed for a much longer period of time. It is probable that their properties will remain unsold for the rest of the year.Read the recent press release they published at https://www.pressadvantage.com/story/29128-dependable-homebuyers-says-the-real-estate-market-of-baltimore-continues-to-favor-sellers
Dependable Homebuyers is a cash investor. The company inspects residential properties for free and makes cash offers. The purchase offer is nonobligatory. Owners turned sellers do not pay anything to the company, either initially for the inspection and offer or later for the sale. There is no commission or service fee. The closing cost is also paid for by the We Buy Houses company. Other cash investors are also coming forth sensing the opportunity. An all cash purchase does not necessitate the involvement of a bank or mortgage provider. Hence, appraisals are no longer required. There is no uncertain wait time either as the offer is for an outright sale and the process can be expedited. Dependable Homebuyers has a track record of presenting cash purchase offers in a day or two and they can close the sale immediately if sellers want. They can complete the purchase in one week.
The higher rates of interest are going to prevail for now. More buyers will choose to rent than invest in a house. Many will ask for drastically reduced ask prices. Some homeowners will concede to such negotiation and make selling at desired prices difficult for other sellers. Cash investors like Dependable Homebuyers are the only pragmatic alternative now for homeowners in Baltimore. For more information about the company and the services they provide visit their website.
SOURCE: Press Advantage [Link]
Dependable Homebuyers is a local home buying company in Baltimore, MD. We buy houses in any condition and any situation. If you want to sell your house fast, give us a call at (443) 266-6247 and we’ll provide you a cash offer within 24 hours.
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