In the vast majority of cases, people looking to buy a home will do so after obtaining a mortgage for the property. While this is the most common way for people to buy a house, it is still entirely possible to sell a property for cash, and in some cases it may be the preferred means to do so. Here are five reasons you should consider selling your property for cash:
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The Chairman of the Federal Reserve, Jerome Powell, has signaled a potential end to a series of rate hikes, after once again raising the interest rate by .25%. As a result, the real estate market was invigorated, with mortgage demand increasing by 5% over the course of a week. However, people remain cautiously optimistic, as future rate hikes may be necessary to further slow inflation.
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For the first time in several months, mortgage interest rates have begun to decline somewhat, bringing some relief to the real estate market. This drop in interest rates is considered to be a sign of inflation beginning to drop off, which is an overall positive for prospective homeowners. Unfortunately, however, interest rates are still far higher than they were at the beginning of the year, and some home buyers may still be hesitant to put money down on a new house. Continue reading “Mortgage Interest Rates Fall as Inflation Lightens”
The number of people who are looking to purchase new homes has dropped, as mortgage interest rates have gone over seven percent for the first time in nine years. This increase in interest rates has also left some lenders worried that more borrowers may begin to default on their mortgages, thanks to a cooling economy. Despite these concerns, however, mortgage defaults are only increasing gradually, although some fear that increasing interest rates could have a negative impact on borrowers as time goes on.
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Overall demand for mortgages fell by 2% during the week of August 10, bringing demand to the lowest levels that they have been since 2000. This represents an overall cooling of the market that has brought mortgage rates down over the past few weeks, despite rising interest rates.
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Mortgage rates declined nearly half a percent over the course of two days after worse than expected economic reports became public. These reports have stoked fears that the economy may be facing a potential recession, with mortgage lenders reacting by lowering rates. This also comes at the same time that inflation is reaching the highest levels they have been at in decades, while the Federal Reserve is raising interest rates more broadly.
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It is a common practice in the real estate industry for sellers to require buyers to get pre-approval for financing for any sale. This is true even in cases where a buyer has the liquid assets available to potentially purchase a property outright, without needing a mortgage. So why do sellers tend to require pre-approval for a mortgage before they will sell, and why should you do the same?
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