Earlier today, a friend asked me what I thought house buyers will be looking for in a house this year. After some thought, I realized that house buyers have changed in a few ways, although much is the same. Also, the real estate market has changed somewhat. To some degree, the type of house buyer and what these buyers want has changed since before the Great Recession.
For a typical house buyer who is buying a house to move into it, it was very difficult to get a loan during the Great Recession. Typically, purchasers of properties were either all-cash home buyers (like us), or the buyers had saved up a significant amount of money and they were in the same job for at least several years.
Loans have eased up some since then. Some house buyers are able to purchase a house with as little as 3.5% down, although the properties are usually in a certain price range and the homes have to be in perfect condition because a buyer like that needs to have both a home inspector and a home appraiser qualify the house. These house buyers usually require many thousands of dollars from the seller toward the buyer’s closing costs, the buyer (and their mortgage lender) usually demands repairs be completed before they can buy the house. Also, sellers in these situations usually have to pay at least 6% commission to real estate agents just to search for a buyer over many months. Many buyers who would move into the house looked for smaller, older houses during the Great Recession. Now, many of the best buyers who want to move into the house are only looking at and buying new construction houses. Hey, who can blame them when they know a new construction house comes with guarantees, warrantees and everything is new. It’s tough for an owner of an older home to try to find a good house buyer like this.
Fast cash house buyers are a little different. They usually do not buy new construction houses; we like well-established neighborhoods and older homes, even if they need some or significant repairs. We can pay all cash for the home. So, we do not need the seller to make any repairs on the house. We are serious buyers, meaning that you do not need to have random people touring through your house for many months just to see if they might even make an offer some day. We do not need to get an appraisal and we do not need to have a home inspector make a long list of items for the seller to repair before closing. We have long-standing relationships with real estate closing attorneys which allows us to buy your house faster than anyone else.
While some things have changed with house buyers since the Great Recession, one thing hasn’t changed: professional fast cash house buyers like us at Charleston SC House Buyers are just plain easier to work with. You will save money and you know that we are able to buy the house quickly with cash. If you’re ready to sell your house today, fill out the short seller questionnaire at https://www.webuycharlestonschouses.com/ or call us at (843) 553-5005.