If you are trying to sell your house, you may be finding that it is more difficult than you had expected…which can be very stressful, especially if your house has any repairs needed that buyers just don’t want to deal with. Buyers are looking to move into homes where everything is brand new or at least there are no repairs to be made at all.
In this article we’ll dive into some of the devastating consequences of foreclosure in Philadelphia, Pa and the surrounding areas for house sellers.
Local Philadelphia 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. At least for now and that’s based on the property condition, if the homes are priced well in that exact area, marketed properly, etc.
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 Philadelphia, Pa and surrounding areas 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. Which is not a good a thing but is a reality.
If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your Philadelphia, Pa or surrounding 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 your Philadlelphia house, you aren’t alone. There are plenty of other people in your exact situation who need to sell there homes that need repairs and just do not have the money to do so. A buyer’s market makes conditions hard for seller’s to swallow. No one likes to see their home picked apart, criticized, or devalued in any way, but that is exactly what most sellers are dealing with especially in this current market we are in now these days. It can be a shock to most homeowner but markets change over time historically.
Worse yet, due to the devastating consequences of foreclosure in Philadelphia, 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 or even a year or more. That is not a good thing at all. If this is happening to you, there are other options like a Cash Homebuyer such as TriState Properties who may buy your home for Cash with little to no repairs at all.
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 Philadelphia, Pa. 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. They can pick and choose as they please.
When there is more inventory than buyers, it devalues the homes for sale. Homes must sell for less or not sell at all because it’s too much inventory.
The jury is still out on whether we’ve climbed out of this foreclosure hole or not. So we have to wait and see what comes of everything. There are still lots of foreclosure houses in the Philadelphia 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… Get A Great Real Estate Agent On Your Side: 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. Homes just are not selling for those high prices they were a few years ago. The market is improving and if you can sell your house next year rather than now, you may just need to wait… it may mean a few extra bucks in your pocket on the sale at a higher value. A great real estate agent can help you list the house and market it for you. If you don’t have a good local agent, just reach out to us and we can connect you with some great real estate agents we know in town who have shown they can sell a house fast in any market. Email us over here for a Philadelphia area real estate agent referral.
- If you DO need to sell your house fast… look for quick sale options like selling your house to us: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. So you walk away with much less money. Another option you should look at is selling your house to a real estate investment firm like TriState Properties.We buy Philadelphia houses for Cash and can make you a cash offer within 24 hours for a fair price. We’re not looking to list your house… we’re actually looking to buy the house from you for Cash As-Is… we will take care of any repair costs after we buy it from you, then we either keep it as a rental property or we’ll turn around and invest our time, money, and expertise into selling the house to another home owner who can enjoy a beautiful new home which is fully rehabbed. It can be a win-win-win situation for everyone. If you’re looking for full-retail value of your house, we can’t pay that. We do need a discount so we can make a profit on our end, but you won’t ever pay us any fees or commissions.
Reach Out To Us To Sell Your Philadelphia, Pa House Fast for Cash… Even In A Market Like Today’s
If you have any questions about our local Philadelphia Cash home buying service just reach out to us anytime. The sooner the better. We look forward to speaking with you.
You can call us at 267-703-9956 or reach out to us over 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!