If you are trying to sell your house, you may find that it is more difficult than you had expected, especially if your house has any repairs needed that residential home buyers just don’t want to deal with.
In this article we’ll dive into some of the devastating consequences of foreclosure in Northern Kentucky and the Cincinnati area for house sellers.
Local Northern Kentucky 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 always going to be foreclosed houses in Northern Kentucky that keep trickling into the market from banks. Because of this, buyers are more choosy than they were in years past because they can’t trust the real estate market to appreciate. Lessons from 2008 have been learned.
If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your Northern Kentucky 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 NKY house, you aren’t alone. When it’s a buyer’s market, it makes conditions hard for sellers to swallow. When inventory is high and prices are low, buyers can be more picky about the condition of a home and they have the leverage.
Worse yet, due to the devastating consequences of foreclosure in NKY – be it Covington, Newport, Erlanger or anywhere else in NKY, 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 in Greater Cincinnati Area. 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 Greater Cincinnati Area 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. 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.
- 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. On top of the discount of your home, you will also need to factor in the commission of the real estate agent, closing costs, deed prep and any taxes owed. There is another way. You can sell your house now for cash to a house buyer like us. We buy houses all over NKY – Florence, Fort Thomas, Newport, Covington, Fort Wright, Independence, Erlanger, Burlington and all through NKY. When you sell to us for cash, you don’t have to make any updates because we buy as is. We also will walk through the numbers with you, so that you have a firm understanding of which option works best.
Reach Out To Us To Sell Your Greater Cincinnati Area House Fast… Even In A Market Like Today’s
If you have any questions about our local Greater Cincinnati Area house buying service just reach out to us anytime.
You can call us at (859) 412-1940 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!