Looking to buy or sell your home this summer… and not break a sweat? It’s no secret the SJ market is hot. If holding out until the market cools off isn’t an option, there may be some good news on the horizon.
According to an Opendoor.com survey from last month, less than half of consumers (42%) say that the current macro conditions will impact their buying timeline. Read: Buyers are resilient.
For homebuyers who are still actively searching for a home, lower competition + more seller activity can help provide some relief.
That, coupled with the rising cost of home loans, may help cool the red-hot housing market as higher rates will lead some borrowers to lose their mortgage eligibility due to banks’ strict debt-to-income ratio requirements.
Mortgage rates continue to sky-rocket, impacting the bottom lines of both homeowners + borrowers. The average fixed rate on a 30-year mortgage reached 5.27% in early May, the highest level in more than a decade.
Homeowners who sell to Opendoor can avoid showings and manage their sale entirely online. Plus, with Opendoor’s all-cash offer, sellers don’t have to worry about a buyer’s financing falling through. Homeowners maintain complete visibility and control throughout the process.
Bonus: Sellers get to choose their closing date — minimizing the possibility of double mortgages or double moving costs. And you can cancel anytime before close, at no cost, for any reason.
Buying with Opendoor
With Opendoor, home buyers can find, tour, purchase + close on homes seven days per week at their convenience and all from their phone.
Buyers can take advantage of Opendoor’s:
- On-demand self-tours for any home on the market
- Cash offers (Opendoor will back your offer with our cash, giving you an edge over other buyers)
- 90-day buyback guarantee
How it works:
Opendoor helps buyers provide cash-backed offers on homes at no additional cost, giving you the power to put forward the most competitive bid for your dream home, while providing sellers the certainty of a fast close.
Download the Opendoor app to find, tour + close on a new home on your timeline.*
Poll
What is your least favorite part about buying/looking for a new home?
