The news is full of reports of rising interest rates, record-high home prices and inflation, but what does this all mean for the person who is considering selling their house?
All of the above-mentioned factors affect a buyer’s monthly expenses and the amount of mortgage they are qualified to borrow. What buyers can afford to pay for housing has a direct effect on the real estate market.
For instance, and only using round numbers, if a buyer qualifies for a $100,000 mortgage at a 3% rate of interest, their monthly mortgage payment would be approximately $421. However, if they borrow the same amount of money at a 6% interest rate, their monthly mortgage payment would jump to about $599.
The buyer’s income didn’t change, but their buying power or the amount of house they’re able to afford has changed. Factor in record-breaking home prices, widespread inflation and a growing housing inventory, and you can see how buyers have much less financial flexibility.
However, there is some good news in all of this! We Buy Any House Fast continues to do exactly what their name says. They purchase houses in any condition for cash, so the interest rate doesn’t influence their buying power like it does for your average home buyer.
When you sell your house to We Buy Any House Fast, you don’t have to repair or upgrade your house in order to compete in the market and you don’t have to wait around for offers. We Buy Any House Fast can give you an offer on your house on the same day and can close in less than 2 weeks.
We Buy Any House Fast has been in business for two decades and has weathered many busts and booms in the real estate market. If you’re thinking about selling your house, visit www.WeBuyAnyHouseFast.com or call 215-977-4911.
PHOTO CAP: If you are considering selling your house, you need to keep in mind the economic factors that may affect home sales in the near future.