Nationwide iBuyer companies aren't buying as many homes in bulk with significant repairs at foreclosure auctions, leaving home sellers that need to sell a house in foreclosure or with repairs to turn to local cash home buyer real estate investors as alternatives, per Housingwire.com article.
SAN ANTONIO, Texas, May 9, 2022 /PRNewswire-PRWeb/ -- Nationwide iBuyer companies across the US and local cash home buyers "cash sales accounted for 23% of existing-home sales," per a National Association of Realtors® website.
But according to a recent article on Housingwire.com, nationwide iBuyers might not be buying as many homes in foreclosure, or buying homes with significant repairs needed:
"So far in 2022, only 5.4% of foreclosure auction sales were to bulk buyers...but it also makes sense given that their large-scale acquisition strategies could buckle under the logistical pressure of performing major renovations on hundreds or thousands of homes simultaneously,"
Home prices saw significant price increases in 2021, as scarcity in home inventories in metropolitan and suburban areas drove record demand. Still, according to a Bloomberg.com article in 2021, more home sellers chose the speed and convenience of cash buyers to sell a home than in the previous year.
But according this new data, a local cash home buyer, like We Buy Houses In San Antonio™ might be a better solution for a home owner selling a house with repairs, or trying to sell a home in pre-foreclosure or foreclosure.
Concerns of supply chain issues causing significant increases in home building materials likely will continue to have an impact. Traditional selling methods like listing with a real estate agent still take time, even in today's hot real estate market. According to Realtor.com, the average home sale time for a real estate agent in 2021 was 54 days.
As the federal reserve recently increased interest rates .25% on March 16th and .50% again on May 5th, with "six more increases this year" planned in 2022, according to USNews.com, the market effects of interest rising rates may have on home owners with adjustable mortgages and prospective home buyers is still unknown, but according to Forbes.com, "an increase in interest rates historically sees a decrease in home values."
Regardless of unpredictable home selling market conditions, the data suggests that the convenience of all-cash home offers is appealing to many home sellers around the US, and if a house has significant repairs or is in a foreclosure process, and getting a no obligation cash home offer from a company that connects home sellers with verified, local cash home buyers in their area like We Buy Houses is a readily available solution, and one that is widely adopted by home sellers across the United States.
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