I Need To Sell My House! Who Actually Buys House in Syracuse NY?
The time has come!
You are considering selling your house.
This period in your life can become very hectic. At this point in your life you typically have a family, have settled in with a job, and are taking care of kids while also trying to enjoy yourself. Your life has become very busy.
Now you are also faced with the challenge of selling your home. While some traditional home sales can be hassle free and sell fast with no contingencies, the average home sale does not proceed in this manner.
Well that is a difficult question to answer without understanding your situation.
Every homeowner has a different reason for selling their property and that reason will depict how big your buyers pool is and who you can expect to purchase your house.
Who Can I Expect To Buy My House in Syracuse NY
Let me elaborate a little bit more on the fact that your situation will depict who will purchase your home. Each homeowner will be marketing their home to a different buyer. Depending on your specific property you may be only be able to sell to one group of buyers while others may be able to sell to several different groups of buyers. So let’s discuss a couple different groups of buyers that you may run into during the sales process.
1) First time Home Buyers
These buyers come in all different shapes and sizes. These homeowners will typically range from 25 – 32 and will have a variety of different jobs and income levels. This home buyer has either been renting or living at home with their parents and have finally saved up enough money to purchase a property. Most first time home buyers in Syracuse NY, will be looking to spend anywhere from $80,000 - $200,000 depending on their specific situation. First time home buyers are more likely to purchase a property that needs some repairs, so that they can get the property at a discount.
First time home buyers can be both highly motivated and serious buyers. Typically they have just been approved by a lender and are excited to search for their new home and begin raising their families. This means that they can either be ready to buy today or they may be serious but not in a hurry.
If you have a property that that will be sold in this price range, this will be a good group to target your marketing towards. Expect throughout this process that you will get several FHA approved loans, which means that these home buyers will only be required to put down 3.5% on the home.FHA loans have a higher chance of falling through during the closing process and you may come into issues with the appraisal process since the lender will be loaning more money towards the property.
2) The Move-in-Ready Buyer
These are home buyers that are looking for turnkey properties that have been recently renovated. These home buyers just want to move their furniture in and begin decorating. They do not want to make any repairs to the property but are willing to pay top dollar for this product.
These buyers can be difficult to find because they tend to be on the search for the perfect property. These are great buyers for homeowners who have kept up with the maintenance of their home and are looking to get top dollar for their property.
There are an increasing number of move-in-ready-buyer’s that are hitting the market due to the personalities of the generation of millenniums. Within this group of buyers you will tend to find young professionals with good paying jobs and also homeowners between 45-65 looking to downsize.
3) The Fixer Up Buyer
This group of buyers are typically the smartest group of buyers as they will be bargaining hunting for a property they feel they can add value to increase their equity.
This is a good group to target if your home is in rough condition or repairs are needed and you are looking to sell the property as-is.
If you are willing to sell your property at a slight discount, this group is a good one to consider.
The only issue is that this group of buyers will be looking to get traditional financing. Traditional lenders will not lend on properties that are in poor condition. So if you property is in below average condition you may need to consider an alternative option that we will discuss later.
4) Casual Looker
We consider these group of buyers “professional lookers” or “window shoppers”. At this point in time they can’t afford to buy a house due to lack of funds or poor credit but they are in the rebuilding process and feel they will be able to purchase soon.
This type of buyer will tend to look at homes month after month to really understand exactly what they will purchase when they can.
These buyers tend to go into homes time and time again, lead the seller to believe they will be making an offer and never follow through.
If you are considering some type of creative financing, such as sellers financing this will be a good group for you to consider.
5) Cash Buyer/ Real Estate Investment Firm
We like to call this group of buyers “problem solvers”. These buyers have the ability to purchase your home with cash and this will limit the use of a lender. This is very beneficial to homeowners who are experiencing a financial struggle and need to sell their property fast. The speed of the closing process will be accelerated from 60-90 days to about 14 with no chance of the deal falling through due to lender requirements.
This home buyer will also benefit home sellers who have just inherited a home, do not want to make repairs, are going through a divorce, are behind on taxes, unable to make mortgage payments, have just lost a job or if you own a home out of state.
This type of homebuyer will be purchasing your property at a discount in return for the great terms that are offered. There will be no contingencies on the purchase, no real estate commissions, you will not have to pay closing costs or make any costly repairs while also having a check in your hand in as little as 14 days.
So if you have a property that a traditional lender will not lend on due to its condition or you have an emergency where you need to sell your house fast, this is your best buyer.
Wrapping It Up | Different Type Of Home Buyers in Syracuse NY
So when it comes time to sell your home, understand why you are selling and know which group of buyers will be the best fit for your property. By understanding your specific situation and which buyers will be interested in your property, you will have a better chance of achieving a hassle free quick sale.
If you are looking for a cash offer and you need to sell your house with speed to a trustworthy real estate investment firm, and then reach out to us, we would love to help you with the sale of your property. We can also point you in the right direction if you are looking to sell your property for full market value or for sale by owner.
HS Property Funds
Funds To Help, Problems To Solve