Going through foreclosure in AZ? This article walks you through the effects foreclosure could have on you…
If you are trying to sell your house, you may be finding that it is more difficult than you had expected… especially if your house needs repairs that buyers just don’t want to deal with.
In this article, we’ll get into some of the disastrous consequences of foreclosure in New Jersey for house sellers.
Local New Jersey 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 bedrooms 2 baths 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 New Jersey 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 New Jersey house fast, right?
If it seems like you are trouble putting more money out for the improvement of 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 your New Jersey house, you aren’t alone. A buyer’s market makes conditions hard for sellers 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 New Jersey most sellers in the area who hold out for getting the price they want takes little action and no offers at all… sometimes leaving the house on the market for a long time.
How Foreclosures Have Driven Local Housing Prices Down
There are still lots of foreclosure houses in the New Jersey area and the banks are still holding many home areas in their own inventory that aren’t even for sale yet. When the housing market crashed and the foreclosures began to roll in, it flooded the real estate market in New Jersey. 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 New Jersey area and the banks are still holding many many area homes in their own inventory that aren’t even for sale yet.
Hence, there are some things you can do to reach your goal in selling your house in this market.
Selling Your House In A High Foreclosure Market
If you’re want to sell your house fast these are options you should consider:
- If you DO need to sell your house fast…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 Savannah Properties. We buy New Jersey houses and can give you a fair cash offer. We’re not just looking to list your house… we’re actually buying the house from you… we’ll take care of any cost of the repair after we buy it from you, then we either keep it as a rental property or will invest our time, money, and expertise into selling the house to another homeowner. It can be a win-win situation. we can’t pay If you’re looking for the full-retail value of your house. We do need a discount so we can make a profit but no fees or commission will get out of your pocket, you won’t ever worry about it.
- If you don’t need to sell your house fast and can wait for the market out… Get A Great Real Estate Agent On Your Side: 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 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 for the market and give it some time for that perfect buyer to come and would pay your asking price. A great real estate agent could help you out and market it for you. If you don’t have a god local agent, just reach out to us and we can be of great help to get a real estate agents we know that are capable to sell your house fast. Email us over here for a New Jersey area real estate agent referral.