If you are trying to sell your house before you feel the consequences of foreclosure hit, you may find it more difficult than expected, especially if your house needs any repairs that buyers don’t want to deal with.
In this article, we’ll dive into some of the consequences of foreclosure in Greenville for house sellers.
Local Greenville House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
There are overflows of homes on the market, and thanks to the recent economic turmoil (which is still running rampant in some areas), some houses just aren’t selling as fast as they were five years ago. At the same time, the “sweet spot” type of houses (three bed two bath in the mid to lower-mid price range) seem to be selling quickly.
In part, because lending requirements have shifted since the housing bubble burst, as a consequence, there may be fewer buyers out there for certain types of homes. There are still large amounts of foreclosed houses in Greenville that keep pouring into the market from banks. This chain of events forces buyers to be more stringent than they were in the past since many have gleaned that you can no longer buy a house and expect its value to appreciate a 3%+ a year.
If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your Greenville house fast, right?
It can seem like you keep spending more and more money to improve your home or complete repairs that are necessary to get the price you want. If you’re like most people and don’t have the cash to shovel into the furnace, you may have difficulty selling your Greenville house. Buyer’s markets affect many people. A buyer’s market can make conditions harder for sellers to swallow. No one likes to see their home scrutinized, criticized, or devalued, but when the conditions are right, exactly what most sellers are going to deal with.
What makes this even worse is the consequences of foreclosure in Greenville. Quite a few sellers in the area who hold out for the price they want are getting little action and sometimes no offers at all, usually locking the house on the market for weeks or months at a time.
How Foreclosures Have Driven Local Housing Prices Down
When the housing market came tumbling down, and the foreclosures began to pile up, it flooded the real estate market in Greenville. The cascade of foreclosures drastically increased the market’s supply of available real estate. It has been proven in cycles before that increased inventory drives prices down by giving buyers far more options, usually at lower prices.
As the supply of homes for sale increases, buyers can pick and choose, giving low offers until one gets accepted. When this happens, home prices around the subject property also lose value.
It’s still anyone’s guess whether or not we’ve come out of this foreclosure rut. Bank-owned foreclosures have flooded Greenville for the past few months, and these banks still have a lot of foreclosures that haven’t even hit the market yet.
But do not fear the consequences of foreclosure. You can do some things in this market to reach your home selling goals.
Selling Your House In A High Foreclosure Market
If you want or need to sell your house in Greenville, there are a couple of options you should take into consideration.
- If you don’t need to sell your house fast and can afford to wait the market out, focus on Getting A Great Real Estate Agent On Your Side: This is, in many cases, the slower option. Catering to multiple potential buyers and waiting on banks is slow enough, not to mention accommodating any unforseen circumstances. Listing could be your route if you can withstand the holding costs, repair costs, and realtor commissions. It may be your best option to wait the market out and give it some time. That perfect buyer may come your way and offer your desired price. As the market improves, it may behoove you to wait a while instead of selling immediately. Waiting til next year or peak home buying season may mean a few extra bucks in your pocket after closing. At Pitt Home Buyers, we offer many solutions to your real estate problems. If listing is the best option for you, we have everything necessary to get your property on the MLS and the network you need to get eyes on it. We are a trusted real estate company in Greenville and will help you every step of the way.
- If you DO need to sell your house fast… We will view your property, discuss your options and needs, and give you an all-cash offer. Selling your home to us is a fast and hassle-free way to get your house sold. We can close when it’s convenient for you, in some cases less than seven days! Using a real estate agent can be an excellent way to capitalize on an improving market, but the more you sell for, the higher the commission goes, which could be taking even more cash out of your pocket at the closing table. Another option you should consider is selling your house to a real estate investment firm like Pitt Home Buyers. We buy Greenville houses and can make you a cash offer within 24 hours for a fair price. We’re not looking to list your home; we’re looking to buy the house from you. We take care of any repairs after we buy it from you, then we either keep it as a rental property or turn around and invest our time, money, and expertise into selling the house to another homeowner. It can be a win-win-win situation. If you’re looking for the full-retail value of your home, we can’t pay that. We need a discount to make a profit on our end, but you won’t ever pay us any fees or commissions.
Reach Out To Us To Sell Your Greenville NC House Fast… Even In A Market Like Today’s
If you have questions about our local Greenville house buying service, contact us anytime.
You can call us at (252) 227-0274 or reach out to us on our Contact Page.
Or, if you’re ready to get a fair cash offer on your house today, just click the link below to go to our “Fast Offer” form… then fill out some basic info on your house, and we’ll be on our way! Let us work with you so you don’t have to fear the consequences of foreclosure.