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Learn More About Sell My House for Cash St. Louis Missouri
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https://www.instapaper.com/p/cash4homeslouis When it comes to selling your house, don't let the hassle and pressure take over. Cash For Houses is here to give you a relaxed and straightforward solution! With our cash-based offers that come without any extra fees or charges, all proceeds go straight into your pocket. Plus, with our knowledgeable advisors guiding you through each step of the process, we make sure that this entire experience is both fast and easy for you. Put down those worries - at Cash For Houses we'll handle everything while providing you with the most beneficial outcome possible! https://cashforhousesstlouismo.bigcartel.com/cash-for-houses-st-louis-mo
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How out-of-state companies are buying up homes and changing the St. Louis area market
For the past half-century, couples and families from all over have flocked to Courtyard Place in north St. Louis County for their very own version of the American Dream: owning a brick, ranch-style home nestled among tall trees and wraparound sidewalks as part of 900 homes Pleasant Hollow subdivision. Now, many out-of-state companies are joining them on Shackelford Road near Florissant and embracing their own dreams with this vibrant neighborhood community. Unfortunately, during the Great Recession many of these homes fell into foreclosure. Subsequently, the area attracted real estate investors from out-of-state companies like Ohio's VineBrook Homes and Austin's Main Street Renewal as well as private equity firms such FirstKey Homes. As a result of this influx in investment, today only two remaining houses on Courtyard Place are owned by its original residents. Out of the 14 that remain, five are owned by small investors while nine properties belong to large out-of-state companies. Our recent analysis of St. Louis, St. Charles County and St. Louis County real estate records uncovered that up to 34,000 single-family homes are likely investor owned today! In the counties mentioned, 6.4% of single-family housing stock is subject to landlords - an astonishing number that has doubled in a decade's time! This concentration is most noteworthy in South City, North County and O'Fallon area of St. Charles county respectively. These mom-and-pop landlords generally own one or two properties. Moreover, a considerable portion of residences are owned by leading out-of-state companies that possess hundreds and thousands of houses pervading the area. Businesses often purchase standard and cost-effective houses, the same kind sought after by first time homebuyers. To maximize their capital, they buy multiple dwellings in one transaction; up to a hundred or more! The Great Recession sparked a revolution in the local housing market – as investor-owned homes have taken over, competition has risen to an all-time high. Homebuyers are now being forced to pay above asking prices and waive contingencies and repairs just to close on their ideal home; while renters experience yearly rent hikes with little assistance from landlords when it comes time for necessary repairs. As these real estate giants become more dominant, some North County neighborhoods are considering taking action by limiting their presence in order to level out the playing field of residential opportunities available. “You’re just taking away future wealth from people,” said Hazelwood resident Jean Dantzler, who lives next to a rental house owned by an out-of-state company. “They should be able to go and buy a home and not have to bid against all of these companies.” Boasting millions of dollars in funding and advanced technology that allows them to reduce the process of purchasing, renovating, and leasing properties down to a precise algorithm, these companies are able to buy more homes at an even faster rate than individual buyers or local real estate investors. Industry professionals report that the local market has seen a decline in inexpensive accessible homes. And, with rising mortgage rates many worry first-time homebuyers are holding off on their purchases, and thus sacrificing potential financial gains. Over the last 10 years, the number of homeowners in St. Louis, St. Louis County and St. Charles County has noticeably decreased. The largest drop occurred in St. Louis County which dropped almost 5 percent to 71.5% according to data released by the U.S Census Bureau for Q1 2020 - a staggering statistic that speaks volumes about current trends in home ownership across these areas!
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