In this article we’ll explore some of the devastating consequences of foreclosure in San Diego for house sellers.
Local San Diego House Buyers Have Many Options For Houses But Fewer Options For Financing
There are many homes on the market, and thanks to the economic rollercoaster in recent years (and still going on in some areas), some houses just aren’t selling as quickly as they were even just a few years ago, all while the “sweet spot” more typical of house (3 bedroom 2 bath in the middle to lower-middle price range) is selling at a much faster pace.
This is partly because lending guidelines continue to change since the housing collapse of the not too distant past. This means fewer qualified buyers are out there for some properties, all while the banks continue to stockpile houses in San Diego and elsewhere around the country. Buyers are also pickier than they were in recent years but they don’t want to risk speculating in an unsure economy – they want to be certain they are making a wise purchase, and that’s becoming increasingly difficult to figure out.
If you are a seller in today’s market, you may be becoming discouraged and wonder how you can just sell your San Diego house fast, right?
If it seems like you keep putting more money into renovations (or if you have repairs but don’t have the money to do those repairs), but are still having a hard time selling your San Diego house, you’re certainly not alone. A buyer’s market makes it hard for sellers to position themselves to be more attractive than the house for sale down the street. No one likes to see their home critiqued or devalued by strangers off the street, but that is exactly what many sellers are dealing with.
Worse yet, due to the devastating consequences of foreclosure in San Diego, many sellers in the area who hold out for what they hope is a top price end up watching their homes sit on the market for months while their neighbors’ houses sell one after another. That’s tough to watch.
How Foreclosures Have Driven Local Housing Prices Down
When the housing market crashed and the foreclosures began to pile up, it flooded the real estate market in San Diego. That means more inventory on the market. When that happens, natural supply and demand drives home prices down.
When there is more inventory than buyers, it devalues the homes for sale.
We’re still not sure whether we’ve climbed out of this foreclosure hole or not, although recent trends are positive. There are still lots of foreclosure houses in the San Diego area and the banks are still holding many area homes in their own inventory that aren’t even for sale yet. You may have heard of this “shadow inventory” as it’s called — eventually it has to come onto the market, and no one quite knows what the consequences of that added inventory will be. One thing is for sure — the banks won’t hold on to all of these foreclosed properties forever — they will hit the market one day.
But, there are some things you can do in this market right now to help you sell 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 until the market is surely back on track… Get A Great Real Estate Agent On Your Side: If you don’t need to sell your house fast and you can pay the (often hefty) 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 your asking price.The market is improving and if you can sell your house next year rather than now, it may mean more money to you at the end of the day. A great real estate agent can help you both list and market the house, leveraging their experience and negotiation skills. If you don’t have a god local agent, just reach out to us and we can connect you with some great San Diego real estate agents we know in town who know how to sell a house quickly. Email us over here for a San Diego 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 directly. Selling your house fast in a market like this can be difficult if you go the traditional real estate agent route unless you significantly discount your house. Then on top of that discount you’ll still be paying the real estate agent commissions which reduces your net sale proceeds even further. Another option you should look at is selling your house to a real estate investment firm like Mercury Home Buyers. We buy San Diego houses and can make you a cash offer within 24 hours for a fair price. We do not want to list your house — we’re actually looking to buy the house from you and we’ll take care of any repair costs out of our own pocket. After we purchase your house, we’ll either keep it as a rental property or we’ll invest our time, money, and expertise into renovating and selling the house to another home owner. It can be a win-win-win situation for all of us. 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 or have to make any repairs.
Reach Out To Us To Sell Your San Diego CA House Fast… Even In A Market Like Today’s
If you have any questions about our local San Diego house buying service just contact us anytime.
You can call us at (619) 327-9702 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. Just fill out some basic info on your house and we’ll be on our way!