The housing market hasn’t gotten any easier for anyone. Q4 of 2022 is looking like a tough market for both sellers and buyers. Mortgage interest rates are at 7% now, and inflation continues to be an issue for the entire country.
Here’s what you need to know.
For Buyers
Many buyers will struggle to find affordable housing in Houston. Inventories have remained low, prices have remained stable, and mortgage interest rates have gone up.
Higher interest rates mean higher closing costs, higher mortgage payments, and a need to produce a higher down payment.
Many of the buyers who intend to use and live in a home are nervous about buying because the economy seems so uncertain. Avoiding foreclosure remains a major concern.
For Sellers
Many sellers will have to hold on to their houses a lot longer. The national medium time on market is 50 days. That means paying for the home a lot longer. The higher interest rates could increase the chance that deals will fall through due to banks.
In addition, cautious buyers are once again expecting fully repaired homes and reasonable prices. The era of getting dozens of offers in less than a week is over. So is the era of selling homes without an inspection, getting off scott free without having to make any repairs.
If you need to sell fast waiting on an owner occupier to buy the house might not be your best bet. A service like ours, that buys houses for cash and does it fast, might well be the way to go, especially if you can’t afford to hold on to the house for months. That way you can get cash in hand without making repairs or waiting for months.
Get Help Today
When you work with us, you can sell your house and close in as little as seven days. You’ll pay $0 in commissions or fees, and you’ll receive a quick, fair cash offer. It’s a risk-free, hassle-free process.
In some cases, we even pay moving expenses! We’re here to help you take the stress out of selling your home.
Not sure whether selling your home to us is the right move for you? Why not get an offer from us and find out? Work the numbers and see how they add up. You might find out you come out ahead.