The Devastating Consequences Of Foreclosure For House Sellers

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 has any repairs needed that buyers just don’t want to deal with.
In this article we’ll dive into some of the devastating consequences of foreclosure for house sellers.

Local Columbus 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 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 Columbus 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 Columbus 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 , 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 . 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 Columbus 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… 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.A great real estate agent can help you list the house and market it for you. If you don’t have a god 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. Email us over here for a Columbus 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.Another option you should look at is selling your house to a real estate investment firm like EASTON BUYS HOUSES.We buy Columbus houses 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… we’ll 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.It can be a win-win-win situation.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.

Ten Qualities to Look For in Your Real Estate Agent

Buying a home is one of the most significant financial and emotional purchases of a person’s life. That’s why it is so important to find an agent that can not only help you navigate the home search process but one who can also answer your questions and represent your needs from start to finish. Most importantly, your agent should care about your happiness and ensuring that you find the home that best fits your needs.

Here are some qualities to consider when selecting a real estate agent:

• Likable. More than likely, you will be spending a lot of time with your agent, so look for someone that you enjoy interacting with.
• Trustworthy. One of the best ways to find an agent who you feel you can trust is to ask friends and family for a referral. Another way to do this is to interview different agents and ask for client references.
• Effective listener. While your agent can’t read your mind, they should be able to make educated recommendations and offer advice by listening closely to your needs. Make sure you talk to your agent about your priorities, what types of features appeal to you, as well as any factors that could be deal breakers. This will arm your agent with everything they need to help find you the perfect home.
• Qualified and experienced. Make sure your agent has the qualifications and experience to meet your specific needs. For example, some agents have more experience with short sales, while others might be experts on certain neighborhoods or types of housing. Find someone who is good at what you’re looking for. Ask specific questions when you interview them so you can get a better idea of what they’re great at, and if they’ll be a good fit for your search.
• Knowledgeable. A great agent is someone who is out in the neighborhoods, exploring communities, visiting listings, up to date with market and industry news, and collecting all the information that you need to make an informed, confident decision about your real estate needs.
• Honest. Your agent should be upfront and honest with you about every aspect of your home search process – even if it involves delivering bad news. The best real estate agents are more concerned about finding the right home for their clients, not just the home that brings in the fastest commission check.
• Local. Every community is different and all real estate is local, so it’s important to find someone who really knows the local market and can provide you with whatever information you need to familiarize yourself with a particular area.
• Connected. A well-connected agent will have relationships with lenders, inspectors, appraisers, contractors, and any other service provider you might need during your home search.
• Straightforward. You want an agent who will work hard to help you find the best home, but you also want someone who will be straightforward with you about the process, the market reality, and what is realistic for you.
• Committed. Your agent should be in it for the long haul, meaning that they’re looking out for your best interests every step of the way, no matter how long the process takes. The best way to find an agent with these qualities is by asking around. In all likelihood, someone within your circle of friends or family will have experiences to share and professionals to recommend