There are a lot of changes happening in the real estate market... But don't be alarmed. Because interest rates are rising with the Federal Reserve, this trickles down to the banks and then to the smaller lenders. The average Mortgage rate to purchase for a home has arisen more than 300% since 2020; what does this mean? Its more expensive to borrow money, which means that people are going to be paying less for a home. Because of this, it will be much harder to get what you want in a home with cash because after the home is flipped, it will not sell for as much as it would've a year ago. But that doesn't mean you still can't get a large paycheck.
This is when creative finance would come into play. We still dont have to get a bank involved who offer high interest rates... you can be the lender! Yes, You! Have you ever bought something online or from a friend who wanted to much money than what you had in your pocket? What did you do? You probably asked your friend for terms. Let me give you an example: Lets say your friend Joe was selling golf clubs for $3,000 and you really want those clubs but you dont have that out of pocket. So you ask him if you can make payments of 300 dollars a month for 10 months. People do this all the time! and you can do it with a home! And if your a goof friend you could even pay him an 11th month for offering you terms.
In the real estate business, this is no different. This works specifiacally works great for people with a lot of equity in their home and want to get all of what your home is worth. But this market is making it really hard to sell at full value... And thats when we come in.
There are many ways to purchase a home creatively, this "owner financing" is one of MANY. Give Garber a call whenever you need to sell a home for cash or are wanting more than what any other cash buyer will offer. We will see if we cant make a game plan to get everyone's needs met!
留言