The real estate market in Redmond is changing. A lot. And fast. If you are planning to cash sell your property, you must understand these changes. By ‘cash sell,’ we mean you are planning to sell to someone who can pay you directly. This method doesn’t rely on traditional financing methods that limit your pool of buyers, drastically lengthening the time it might take you to sell your property (40-day average for financed properties).
As Redmond home values have skyrocketed (increasing the barrier to homeownership), the number of traditional buyers has likely gone down, which should impact the likelihood you will successfully sell your property for a “fair market price.”
However, in spite of the overwhelming evidence of an ever-increasing barrier to entry into the homeownership market, data shows that demand for owning homes in the Redmond area has not gone down (even in the glaring face of increasing home values and increasing mortgage rates). Though a multitude of reasons might cause this, one possible explanation is the continued growth of the housing market in Redmond (even as the home values have risen) – high demand/competition among buyers.
In almost any situation, companies like We Buy House As Is dramatically reduce the “time value of money” by allowing you to sell your property in “as is” condition (thus no dragging on, waiting for the right “traditional” buyer so you can fund the required updates to your home before the sale).
The Current State of the Redmond Real Estate Market
There have been significant changes to the Redmond real estate market in recent years. Here’s why:
- Economic factors: Home to Microsoft and multiple other tech companies, Redmond has seen (and continues to see) significant job growth. The vast majority of these jobs are high-income, which has transformed the housing market. What does this do to home values? The result is straightforward supply and demand. Anytime you increase the number of high-income professionals in an area (or disproportionately to other places in the country), you see rapid home value appreciation because these individuals have to live somewhere.
- Social factors: As more and more of the “work-life balance” generation hit the housing market, they are seeking specific amenities and experiences that Redmond and the Eastside of King County provide. The most significant factor is simply the 20/30/40-something crowd that “wants it all” and is willing to pay for it.
- Environmental factors: Every day (not just yesterday, his historical existence, but His creation that sustains us every day.) The good news: more people are realizing this! “Going green” is currently in vogue—and for good reasons. Redmond puts a strong emphasis on the environment and “green” spaces, and these factors are huge ammunition for an already elevated housing market.
The Rise of Cash Sellers in Redmond
Your home can be sold for cash, and there are some benefits to doing this, particularly if you are what is known as a Redmond cash seller. Here are some things to think about.
Speed: Many people who sell their home opt to sell for cash just because of how quickly they can do so. There is no need to wait for a long, drawn-out mortgage process to take place. In fact, the home can usually be sold in about a week.Rather than going through the process of having to go to closing, wait weeks or months to find a suitable buyer, and deal with typical contracts drawn up during the mortgage approval process, the seller can instead deal with a more assured process that is much faster and doesn’t leave them waiting for the “other shoe to drop.”
Convenience: In most cases, the contract involves fewer contingencies and has a much higher likelihood of closing than in cases where a drawn-out process takes place. It is still necessary to have an actual, formal closing (though this doesn’t always happen), but in some cases, it is easy enough for the homeowner to have a discussion with the buyer, come to an agreement about sale price and other factors, figure out a date that works for everyone involved, figure out how funds will be transferred, and then actually selling the home. Paperwork doesn’t go away and is not completely avoided, but it is significantly reduced.Similar to the above point, a lack of repair requests. A contingent offer typically will lead to the seller doing everything they can to prep their home for sale in any way that they can. While contingent buyers may throw “shade” at a home, cash buyers often take “as-is” agreements, thus “shade” is significantly reduced.
How Home Values Are Changing for Cash Sellers
“How Home Values Are Changing in Redmond for Cash Sellers” is very important to know now. There’s one stat that has recently shown to be a game changer. Right now we are seeing a huge increase in cash sales. On average, 30% of homes are being purchased without a loan. These are generally people who have just sold a home and are looking to avoid going through the loan process.
Recently, for example, we sold a three-bedroom house for $750,000. This was not in the middle of nowhere: it was in Redmond. Like I mentioned before, it was in a good spot. It was in the type of neighborhood where multiple offers are the norm. In the end, the person who bought it purchased the home with cash. Not only does this show that the person buying the home is well-off, but it also shows that the $750,000 price point was so competitive that houses around it all sold for a similar price, and it probably wasn’t the only home that also sold for cash.
And this will show the reader that there are people who are buying twenty, thirty, and hundred-thousand-dollar homes who are also using cash, and that people reading the article will give them some sort of fear of missing out and hope to buy. Or if a home is calculating value, this might want to show them how being in a bidding war against a cash buyer might have them either bail or place a higher bid. If they are able to buy the home, despite the cash buyer outbidding them, then clearly the home will appreciate faster than a home in an area that only sells for cash. Since the home they are trying to buy is in an area that is not being sold for cash.
Tips for Cash Sellers in Redmond
To prepare your home to sell, reduce the number of items in it so that buyers can picture themselves there; neutral paint colors use the same idea. Holes in the wall should be patched up, and leaky faucets repaired. But not all homesellers have the time or money to devote to these tasks. That’s where We Buy House As Is is there to help. They can provide a fast option. It’s not always the most money in sellers’ pockets, but these “ugly houses” investors do provide an interesting service, and should at least be checked out. Not only could they eliminate many nursing-home costs in this and other situations, but they would get the money faster, too. Don’t be dismayed if your modest home doesn’t have all the bells & whistles, or thinks you haven’t put in “all of it.” Just because you worked for the fancy windows, doesn’t mean they have to be removed—maybe somebody else bought them on their back or they fell into some money.
Selling a property in a traditional sale can be frustrating. When the time has run out, a good fast alternative is a cash buyer. Many cash buyers are Machiavellian—more interested in improving their situation than in helping sellers. But some are angels. For more information on how to get an “as-is” zero-hassle close, reach out to Wes Buys House As Is. Wes knows the cash market well and can help you with comps and other details inside a probable fast sale. Readers that want to sell fast should ask many questions before and during the selling process. Call today so that you can decide which step you’ll take.
Home values in Redmond have been bouncing all over the place over the last few months, so selling a house for cash takes on added intrigue. Quick cash sales can prevent this wavering from having much of an effect.
We’d love to hash out more about that sort of stuff, but let’s face it—if you’re thinking about looking into it at all, there’s a chance that you’ve gone about as far with the home selling rabbit hole as you can. If you are in a “We Buy Houses As Is” situation, or if you just want your house sold as quickly as possible, then you need to really think about the amount of time that you’ve got left!
We Buy House As Is is a “we buy houses fast” operation based out of Redmond, Washington. If your house is in the Redmond area (or, really, practically any area within driving distance), we might be able to set up a deal with you. We’re a “we buy houses for cash” type of people; fewer realtors mean not having to wait for a “retail” buyer to be enticed!