iBuyer companies nationwide aren’t buying homes in bulk with major repairs at foreclosure auctions, leaving home sellers who need to sell a home in foreclosure or with repairs to turn to local cash homebuyers as alternatives, according to the website Housingwire.com article.
San Antonio, TexasAnd May 9, 2022 /PRNewswire-PRWeb/ — iBuyer businesses nationwide across the US and local cash home buyers “cash sales accounted for 23% of existing home sales,” according to the National Association of Realtors® website.
But according to a recent article on Housingwire.com, iBuyers nationwide may not be buying as many homes in foreclosure, or buying homes that require major repairs:
“So far in 2022, only 5.4% of foreclosure auction sales have been to wholesale buyers…but that also makes sense given that their large-scale acquisition strategies can falter under the logistical pressure of making major renovations to hundreds or thousands of homes at once, “
Home prices experienced significant price increases in 2021, as scarcity of home inventories in urban and suburban areas drove demand up by record. However, according to a Bloomberg.com article in 2021, more home sellers chose the speed and convenience of cash buyers to sell a home compared to the previous year.
But according to this new data, a local cash home buyer, such as We Buy Houses In San Antonio™, may be a better solution for a homeowner selling a home with repairs, or trying to sell a home in the event of a foreclosure or foreclosure.
Concerns about supply chain issues causing surges in home building materials are likely to continue to weigh. Traditional selling methods like registering with a real estate agent still take time, even in today’s hot real estate market. According to Realtor.com, the average time to sell a home to a real estate agent in 2021 is 54 days.
The Federal Reserve also recently raised interest rates by 0.25% on March 16 And .50% again May 5with “six more increases this year” planned for 2022, according to USNews.com, the market effects of higher interest rates may have on homeowners with adjustable mortgages and potential homebuyers unknown, but according to Forbes.com, ” An increase in interest rates has historically seen a decrease in home values.”
Regardless of unpredictable home selling market conditions, the data shows that the convenience of all cash home offers is attractive to many home sellers across the United States, and if the home has major repairs or is undergoing foreclosure, get cash Without obligation offer to buy a home from a company that connects home sellers with verified local cash home buyers in their area like We Buy Houses, a readily available solution, a solution that is widely adopted by home sellers all over the world. United State.
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