In this article we’ll dive into some of the devastating consequences of foreclosure in the Washington, DC Metro area for house sellers.
Local Washington, DC Metro area House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
There are floods of homes on the market, and thanks to the economic turmoil in recent past (and still going on in some areas), some types of houses just aren’t selling as fast as they were 5 years ago… while the “sweet spot” type of house (3 bedroom 2 bath in the middle to lower-middle price range) are selling at a good clip.
Part of it is because lending guidelines have changed since the housing collapse so fewer buyers are out there for some homes… there are still stockpiles of foreclosed houses in the Washington, DC metro area that keep trickling into the market from banks… and buyers are more choosy than they were in years past because many of them have learned that you can no longer buy a house and bank on the fact that it will appreciate a 3%+ a year in value.
If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your Washington, DC Metro area house fast, right?
If it seems like you keep putting more money out to improve your home (or if you have repairs but don’t have the money to do those repairs), but are still having a hard time selling yourWashington, DC Metro area house, you aren’t alone. A buyer’s market makes conditions hard for seller’s to swallow. No one likes to see their home picked apart, criticized, or devalued, but that is exactly what most sellers are dealing with.
Worse yet, due to the devastating consequences of foreclosure in the Washington, DC Metro area, many sellers in the area who hold out for the price they want are getting little action and no offers at all… sometimes leaving the house on the market for months on end.
How Foreclosures Have Driven Local Housing Prices Down
When the housing market crashed and the foreclosures began to roll in, it flooded the real estate market in the Washington, DC metro area. That means that there is more inventory on the market. When that happens, that drives the price of everyone’s house down because there are more options (at lower prices) for buyers out there.
When there is more inventory than buyers, it devalues the homes for sale.
The jury is still out on whether we’ve climbed out of this foreclosure hole or not. There are still lots of foreclosure houses in the Washington, DC metro area and the banks are still holding many many area homes in their own inventory that aren’t even for sale yet.
But, there are some things you can do in this market to reach your goals with selling your house.
Selling Your House In A High Foreclosure Market
If you’re wanting (or needing) to sell your house you’ve got a couple options you should look at.
- If you DON'T need to sell your house fast and can wait the market out… I Can Get Your Home Sold for Top Dollar: If you don’t need to sell your house fast and you can pay the real estate agent commissions… it may be best for you to just wait the market out and give it some time for that perfect buyer to come your way and pay the price you’re looking for. The market is improving and if you can sell your house next year rather than now… it may mean a few extra bucks in your pocket on the sale at a higher value. I can can help you list the house and market it for you.
- If you DO need to sell your house fast… look for quick sale options like selling your house to a company like iHouseBuyers.com: Selling your house fast in a market like this can be difficult if you go the traditional real estate agent route… unless you discount your house in a big way. Then on top of that discount you’ll be paying the real estate agent commissions… which takes even more cash out of your pocket in the end. Another option you should look at is selling your house to a real estate investment firm like iHouseBuyers.com. They Buy Washington, DC Metro Area houses and can make you a cash offer within 24 hours for a fair price. I'll not list your house… they'll actually buy the house from you… take care of any repair costs after they buy it from you, then either keep it as a rental property or turn around and invest their time, money, and expertise into selling the house to another home owner. It can be a win-win-win situation. If you’re looking for full-retail value of your house, they won't be able to pay that. They will need a discount so they can make a profit, but you won’t ever pay any fees or commissions.
Reach Out To Me To Sell Your Washington, DC Metro Area House Fast… Even In A Market Like Today’s
If you have any questions about my service just reach out to me anytime.
You can call me at 240-460-0698.