Dependable Homebuyers, a national we buy houses company, is seeking Baby Boomers who would like to sell their properties hassle-free for cash. This could be for a number of reasons from retirement to downsizing. Many Baby Boomers have found that owning a large home as empty nesters is not practical and selling quickly is where Dependable Homebuyers can help.
"In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards," says economist Dana Stockford. Those who are selling homes can use the profits to help them buy new ones, she adds, pointing out that they're "generally better equipped to deal with market conditions."
The pandemic has led to lower mortgage rates, fewer properties for sale, and a rush of buyers seeking abodes of their own. All of this means that homes are selling fast, and for high prices.
In this turbocharged market, sellers got about 99% of what they were asking for—and more, in many cases. Homes lasted only about three weeks on the market before being scooped up.
This boost to the US housing market has allowed Dependable Homebuyers to purchase homes for market value without any need for repairs. These homes are then renovated and either resold at a profit or rented out to tenants. Baby boomers have found the home selling process with Dependable Homebuyers to be easy and stress free.
Baby boomers made up most of the sellers, at 43%. Their top reason for putting their property up for sale was to buy a similarly sized home closer to family members and friends. That's become even more important during the pandemic. Their second most popular motivation for selling was to downsize.
High prices and the lowest recorded number of homes for sale made it even more difficult for younger buyers, particularly first-timers. Millennials made up the largest share of buyers, at 37%, while 31% of all successful buyers were first-time buyers. (About 82% of younger millennials, aged 22 to 30, and 48% of older millennials, aged 31 to 40, were first-time buyers.)
Many of the homes purchased by Dependable Homebuyers are in direct competition with Millennial buyers. The advantage Dependable Homebuyers has as an investor is that they are able to offer cash and a simple closing process. There is no need for inspections or appraisals which can result in the deal falling apart.
"Millennials have a lot of headwinds entering the real estate market," says Stockford. "There's not enough homes to go around for the buyers who want to be able to purchase." Those looking to read more about the best cities for first-time homebuyers can read the recently published article at https://activerain.com/blogsview/5658239/national-investor-announces-focus-on-first-time-home-buyer-cities.
Nearly 60% of buyers aged 22 to 40 said the biggest obstacle to buying was finding the right home. More than half of all buyers cited the same concern.
Younger buyers were also the most likely to pay over asking price to secure a home. “In a market where competitive bids are the norm in many areas, it’s interesting to note that younger buyers are more likely to pay over asking price," says Stockford. "They've got longer working careers, so they may be more willing to take risks."
Dependable Homebuyers often finds that even though they are not the highest bid, they are often time selected because they do not require repairs and can close in under a month.
Those looking to find out more about Dependable Homebuyers can visit the original publication of this article or call their home buying hotline.
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