If you are trying to sell your house, you may be finding that it is more difficult than you had expected. This is especially true if your house needs repairs that could scare away a potential buyer.
In this article we’ll dive into some of the devastating consequences of foreclosure in Louisville for house sellers.
Local Louisville House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
The current market is flooded with homes and due to the recent economic turmoil, certain types of houses are not selling as fast as they were 5 years ago. The popular 3 bedroom/2 bath in the middle to lower-middle price range are still top sellers but a 1-2 bedroom may be harder to sell in the current market.
Some of the reasons for this is because lending guidelines have changed since the housing collapse so there are fewer buyers. Also, there are still stockpiles of foreclosed houses in Louisville that keep trickling into the market from banks. And buyers are more selective 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 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 Louisville house fast?
If it seems like you keep spending more money to improve your home but are still having a hard time selling your Louisville house, you aren’t alone. A buyer’s market makes conditions difficult for sellers. No one likes to see their home picked apart, criticized, or devalued, but unfortunately this is what many sellers are currently facing. We are also seeing sellers affected by the consequences of foreclosures in Louisville. Sellers hold out for the price they want to sell are getting few to no offers, leaving their 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 in Louisville, creating an inventory surplus. When this happens, it 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 Louisville area and the banks are still holding 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 in trying selling your house.
Selling Your House In A High Foreclosure Market
If you want or need to sell your house, you have a few options to review:
- If you don’t need to sell your house fast and can wait the market out… Find A Great Real Estate Agent: 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 wait the market out and give it some time for the perfect buyer to come your way and pay your asking price. The market is improving and if you can sell your house next year rather than now, it may mean you can sell your house for a higher prive. 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. Email us over here for a Louisville area real estate agent referral.
- If you DO need to sell your house fast… consider 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 can heavily discount your house. Keep in mind that that on top of that discount, you will also be paying the real estate agent commissions which ultimately takes even more cash out of your pocket in the end. Working with a real estate investment firm like FairSquare House Buyers could be a great solution for you. We buy Louisville houses and can make you a cash offer within 24 hours for a fair price. We are not looking to list your house, we are actually looking to buy the house from you. We will take care of any repair costs after we buy it from you and 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 to receive a full-retail value offer for your house, we are not the right fit for you. 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 Louisville KY House Fast… Even In A Market Like Today’s
If you have any questions about our local Louisville house buying service just reach out to us anytime.
You can call us at 502-417-7467 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!