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Despite a multi-year trend of being a “seller’s market” when it comes to single-family real estate, Philadelphia property investors are bracing for a surge in business as talk of a housing correction begins to percolate through the housing market.
A recent CNBC article cited a 13 percent drop in new home construction, a three-year low in homebuilder sentiment and a nearly 20 percent dip in year-over-year home sales as warning signs that the market may already be in a correction – and all that is keeping the phones of property investors like Stav Buys Houses founder Stav Chen ringing constantly.
“Homeowners are getting nervous about leaving their homes on the market waiting for that ‘perfect’ buyer to come along,” says Chen. “We can offer them a cash offer in seven days, with no closing costs. With the percentages that a traditional realtor takes and the other costs of selling a home combined with nerves about the home prices falling in the next six months to a year, it’s making more and more sense to get out quickly.”
Chen says unlike realtors, who must wait for banks to approve loans for their buyers and meet stringent requirements before agreeing to purchase a home, property investors actually purchase the homes from the sellers, minimizing a lot of the burden on the homeowner. By being the purchaser, property investors can offer sellers cash offers on the spot.
“When a property investor buys your home, we absorb the cost and the frustration of taking that home and making it sellable,” says Chen. “We may not give you the absolutely highest offer, but depending on the situation, we might be able to get a homeowner out of a home they don’t want to own before the market makes that situation worse.”
Stav Chen is available to discuss the current Philadelphia and Montgomery County Pennsylvania housing market as a subject matter expert. More details can be found at https://www.stavbuyshouses.com.
Release ID: 464387