Today! Sell Your Bay Area House For Cash Now
The new year is the perfect time to take a good, long look at your finances. For many of us, it’s a necessary step to prepare for all of our upcoming goals this year.
All the shots that 2022 fired at us weren’t all large and straight to the heart. Instead, most of the shots we received were small, minuscule, coming at us steadily and from almost all directions. Consider how the last year ended — the continuing pandemic, persistent interest rate hikes, the end of low mortgage rates, steadily rising inflation, looming recession, and a decline in job openings.
It’s essentially death by a thousand paper cuts — a slow, painful death due to small financial issues that can seem insignificant but will eventually build up to a huge problem that can take you out sooner than you think.
Neglecting to get all our financial ducks in a row can be disastrous.
If you find yourself in a tight spot and are in need of some cash fast, an excellent way to get you back on your feet this 2023 is to sell your Bay Area house for cash now (today even!).
Is Now The Right Time to Sell Your House?
Home selling prices may be decelerating, and the housing market cooling, but it is still an excellent time to sell. Despite those two factors, you can still leverage the high buyer demand to get a reasonable price for your home.
Let’s look at other reasons why you should consider selling your Bay Area home for cash today.
Rising Mortgage Interest Rates
Cheap (or cheaper) mortgage rates ended long before 2022 bid us goodbye. As of January 2023, the average 30-year fixed mortgage has gone up to 6.71%, or almost double the 3.28% it was in December 2021.
Many home buyers have put their plans on hold thanks to rising mortgage rates. This can be very enticing to potential buyers on a budget if you’ve got a partially paid-off mortgage.
More importantly, you can expect mortgage interest rates to continue going up. So, if you’ve got plans to sell your home in the future, it’s best to do it now.
If you don’t, you’ll likely fall victim to even higher rates, which are predicted to go up to 8% for 30-year mortgage loans. This translates to a higher likelihood of no longer being able to sell your home. Even with just a 6% mortgage rate and fast-rising home prices, many prospective buyers are more likely to sit or wait out the market.
Experts predict that 2023 will bring the lowest level of home sales in almost a decade. They also noted that median home prices aren’t expected to go up by much. However, if you live in an area with strong local economy, like the SF East Bay Area, you may still see stronger price growth.
All this makes it more appealing to sell your Bay Area home for cash now or at least as quickly as possible — before your property loses more value and potential buyers.
Downsizing Your Budget and Lifestyle
The start of the new year is an ideal time for a lifestyle change. If you’re trying to downsize not only your finances and budget but your overall lifestyle and home, then it’s a good time to sell your Bay Area house for cash now.
Reduce Risk and Repair Costs
Selling your SF Bay Area house for cash quickly helps lessen the risks you encounter. When you put your home up for sale, some of the offers you may be considering might only work on paper.
By this, the total amount you’d potentially receive might be good but when you factor in the overall length of the financing process, repairs or renovations, and other miscellaneous costs, you may find yourself on the losing end.
Selling your house for cash means less risk of complications. Since a cash-for-home selling process is closed faster than conventional sales, you won’t have to worry about having your house in your name for longer than you want or need. You also don’t need to worry about real estate agents pushing you to renovate, repair, or stage your home for a faster sale.
Our Final Advice
With real estate professionals forecasting a tepid housing market this 2023, it’s best to get ahead of the pack if you’re hoping to sell your home and gain funds to afford the rising cost of daily necessities. You can expect a lukewarm demand unless the housing market normalizes and interest rates go down again.
However, waiting that out means continuing to pay your costly mortgage and accumulating higher home-related expenses. As such, you’ll likely find it’s in your best interests to sell your home quickly and for cash to interested buyers — especially if it means less paperwork, stress, miscellaneous fees, and a closing process that doesn’t take a month.