When you sell your home to a cash buying company, you can usually get a cash offer within 24 hours. But you might be wondering how cash buyers can calculate the price of your home so quickly, especially without a formal appraisal. The offer is based on the typical factors that anyone dealing in properties must consider.
Size
Whether you list your home on the market or sell it to a cash home buying company, the size of your home will be one of the most influential factors determining its value. The square footage, number of bedrooms, number of bathrooms, and size of the yard all make a difference.
The home buying company will examine how much similarly-sized homes in your area have sold for. They may also consider how the size of your home compares to the average home size in your neighborhood. Homes that are smaller than average or have fewer bedrooms may be priced less.
Location
Home buying companies often buy homes for the purpose of reselling them. The location of your home will affect its resale value. Homes in desirable neighborhoods or locations convenient to amenities like schools and shopping centers may be viewed as more attractive to buyers.
On the other hand, certain aspects of location can be negative. Homes next to freeways or railroad tracks or too near a hazard may be valued less. These are situations that home buyers can’t change.
Market
The local real estate market does have an effect on the cash offer. Like many consumer goods, houses are subject to the influences of supply and demand. When the demand for homes rises, prices tend to rise also.
Market conditions vary from one place to another, but they are also subject to the forces of national economic conditions. Employment rates, interest rates, and inflation are all conditions that can affect the market value of properties.
If you have any questions about how a cash buying company calculates the offer that they make on your home, don’t hesitate to ask. Legitimate home buying companies will be completely transparent in their process and will be happy to answer any questions you have. When selling, do your own research, become informed, and ask questions.
How much cash can you get for your Spokane area home? Contact the Easy Home Buyer for a no-obligation offer.
