The leading cash-for-home service has said that increased interest rates mean fewer people in the market for a home, thus making it a buyers’ market.
Modesto, California – Selling a home in Modesto is predicted to become increasingly harder in the coming months if the precedent set by the Fed in 2022 is anything go by. The statement by the leading cash-for-home-buying company comes weeks after the Fed announced another hike in interest rates during the first week of November, the effects of which are now being felt, say, experts.
While many believe that the Fed will lower interest rates, experts believe it will not be any time soon. So, most buyers will hold out on a purchase until the dust settles. However, that leaves sellers holding the proverbial bag. As the number of sellers outnumbers willing buyers, Modesto has already become a buyers’ market. Now buyers demand sellers lower the price because there are other sellers that will.
Property Lark says things will only worsen through 2023, especially since the Fed is expected to raise interest rates again. That means selling for cash is probably the best bet for most homeowners that want to use the money for something better and can’t wait till the market rebounds.
Speaking of rebounding, many market analysts believe it will undoubtedly be during the first quarter of 2023; in fact, the first quarter will be worse than it is today.
Readers can learn more about how they call their Modesto home to Property Lark by visiting https://www.propertylark.com/sell/california/modesto.
“At Property Lark, we have been buying homes in and around Modesto for a long time. Over the years, we’ve purchased so-called ugly homes and offered fair prices for them. However, this is the biggest slump in the market we’ve seen in a long time. While we hope for the sake of sellers that it does not last very long, the fact is that it may last longer than we assume,” said a representative for Property Lark.
He added, “If you want to sell your home, now would be the best time to do it before the market gets any worse, with higher interest rates on the horizon.”
About Property Lark
Modesto, the California-based Property Lark, is one of the leading cash-for-home buying services in the city. The company has purchased several dozen homes and made fair offers for each one.
SOURCE: Press Advantage [Link]
What is PropertyLark, you ask? Our service is designed to bring motivated sellers and qualified buyers together. There are many property owners out there who are wanting to sell their houses quickly.
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