With the recent collapse of Silicon Valley Bank (SVB) and two other large banks, many homeowners may wonder how this could impact home sales in the Minneapolis area. However, Homefield Homebuyers, a cash home-buying company in the Twin Cities area, continues delivering fast and fair cash offers to homeowners ready to sell their homes quickly.
Homefield Homebuyers Isn’t Impacted by the SVB Collapse
The Homefield Homebuyers team was reassured that Silicon Valley Bank was primarily used by tech startups, and only about 15% of their loans were residential and commercial mortgages.
The other two banks in the recent collapse, Signature and Silvergate Capital, were heavily invested in cryptocurrency and had minimal real estate exposure. Due to these realities, Homefield Homebuyers believes that bad business decisions made by these banks led to their collapses, making this a different situation than the housing crash of 2008. At that time, the crash was caused by banks issuing loans to unqualified individuals who could not afford to repay their loans.
As a cash home-buying company, Homefield Homebuyers relies on secure and easily accessible funding to deliver fast offers and quick closing times for sellers in the Minneapolis area. The company has confirmed with its banks that things can remain “business as usual” now and ongoing.
No Significant Impact on the Twin Cities Real Estate Market
Homefield Homebuyers believes it’s still a good time to buy and sell houses, including investing in real estate. They feel strongly that these three bank failures will not significantly impact the Twin Cities housing markets.
Additionally, due to the low inventory available to home buyers, the company believes the only thing that could cause a significant correction or crash in the housing market would be dramatically higher interest rates or a complete collapse in the banking system and economy. Currently, they are seeing a “seller’s market” in the Minneapolis area.
As housing inventory begins to increase, the market will balance. As a result, sellers will have to lower prices, accept inspection periods, and grant concessions to buyers. All the while, local cash home buyers, like Homefield Homebuyers, will be there to help homeowners looking for a quick and easy cash sale.
Who Are Homefield Homebuyers?
The team at Homefield Homebuyers has over 50 years of cumulative experience in the real estate industry. Their connections as friends and family ultimately brought them together to create Homefield Homebuyers and bring that same family-oriented attitude to helping owners solve home-related issues.
The company prides itself on treating each customer with respect and integrity — like an extended member of the “family.” By delivering the “Homefield Advantage,” the team makes it easy for local homeowners to receive a fast and fair cash offer on homes with special memories. In addition, because the company understands Midwestern values and the local Minnesota market, homeowners have a better experience than with other iBuyers lacking a local connection to the area.
To learn more about Homefield Homebuyers in the Twin Cities area, click this link.
Media ContactCompany Name: Homefield HomebuyersContact Person: Willie ArgoEmail: Send EmailCountry: United StatesWebsite: https://www.homefieldhomebuyers.com/
