After you decide to sell your house, you may find there are more expenses and complications involved than you thought. Perhaps your home needs a lot of repairs or is outdated and you know buyers will be turned off, either way, selling a home can be overwhelming.
Let’s take a look at the disastrous results a looming foreclosure can create for Massachusetts homeowners.
Massachusetts homebuyers have a slew of options for houses to purchase, however, there are not as many options when it comes to financing.
Currently, there are a slew of homes on the market for sale in Massachusetts. Unfortunately, due to economic circumstances in the recent past, some of these types of homes are not selling quickly. Then, there are some homes that are selling quickly which are the average three bedroom, two bath with updates in the middle to lower-middle price range.
Because of the economic downturn in the housing market a few years ago, lending guidelines changed drastically. Buyers are now more cautious on what type of home they purchase because they know appreciation in home value is not guaranteed in the present market. Even though, the market is changing, there are still many foreclosure homes showing up on the market throughout the Massachusetts housing market. But, these foreclosed homes are not attractive to the typical buyer anymore.
As a seller in Massachusetts, it can be discouraging to know that buyers may not be interested in your home. You may be asking yourself, how can I sell my house fast if the interest may not present itself?
You may feel obligated to put money into repairs and updates in hopes to sell your home quickly, but there is no guarantee that will work. You may feel a bit helpless and strapped for cash to make the necessary repairs as well. The truth is, you are not alone. In a buyer’s market, the buyer can be choosy and no one likes to hear that their home is not up to par to be sold at the price needed and in the timeframe desired.
In addition, in the Massachusetts market, many sellers are listing their homes for the price they need, which may be higher than what attracts potential buyers. This results in no activity and no offers. In return, the home sits on the market for quite some time.
Foreclosures Drive Local Housing Prices Down
To understand how a foreclosure can drive house prices down in a particular market, you have to think back to the housing economic woes a few years ago. When the market crashed, the effects were disastrous, resulting in many homeowners facing foreclosure. As the number of foreclosed homes rose, so did the amount of properties listed for sale in the Massachusetts’ market. When there are so many homes to choose from, the price drops significantly for competition purposes.
When there is more inventory of any product than there are purchasers, the prices will go down for that product. This includes homes.
There are a lot of contradictory opinions as to whether we have risen above the past housing crash and the flood of foreclosures as a result. However, currently, there are still quite a few foreclosed properties on the market in Massachusetts. Some lenders even have a bag log of homes that are not even for sale on the market yet.
The good news, even though the market is questionable, there are ways you can reach your goals for selling your house in Massachusetts.
A Flooded Foreclosure Market and Selling Your Home
You definitely have options to sell your home in a flooded foreclosure market, so don’t be too discouraged.
If time is on your side and you do not need to sell quickly, then you can wait out the market, hire a real estate agent and list your home for sale. In this scenario, you will pay a real estate agent commission for their services in which they will help advertise your home for sale, set up showings and host open houses. The market is improving, so if you can hold out, this option may work for you. In the end, it could mean some extra money in your pocket if you can hold out for the right buyer offering the right price. Do your research and hire an agent that will suit your needs and have patience if you are able.
When time is not on your side and you need to sell your home fast, there are options out there for you. Selling your home traditionally as stated above can take longer than other sale options. Finding a reputable direct cash buyer is a great way to sell your home quickly. Professional cash buyers do not ask you to make repairs on your home which can save you a lot of money.
We buy homes for cash in Massachusetts and our team is ready to work with you if you need to sell your home quickly. In many cases, we provide a homeowner a fair cash offer within 24 hours of our visit to your home. We will handle the repairs so you don’t have to. We will purchase directly from you so there is no need for a real estate agent. We offer flexible and fast closing dates based on your needs and schedule. There are many benefits to selling your home to us including no repair costs, no closing costs and we are accredited with the Better Business Bureau so you know we take pride in our process.