In this article we’ll dive into some of the devastating consequences of foreclosure in Baltimore for house sellers.
Local Baltimore House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
There are many homes on the market and thanks to the economic turmoil in recent past, some types of houses just aren’t selling as fast as they were 5 years ago. Other types of houses, specifically 3 bedroom 2 bath in the middle to lower-middle price range, are selling at a faster rate.
This is partially because lending guidelines have changed since the housing collapse, resulting in fewer buyers. However, there are still stockpiles of foreclosed houses in Baltimore that keep trickling into the market from banks. Additionally, 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 assume that it will appreciate a 3%+ a year in value.
If you are a seller in this market, you may be discouraged and wonder how you can just sell your Baltimore house fast.
If it seems like you keep putting more money into improving your home, or if you just don’t have the money for improvements and are still having a hard time selling your Baltimore 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 that is exactly what is happening to most sellers.
Worse yet, due to the devastating consequences of foreclosure in Baltimore, many sellers in the area who hold out for the price they want are getting little action or no offers at all, causing their house to sometimes be on the marker for several months.
How Foreclosures Have Driven Local Housing Prices Down
When the housing market crashed and the number of foreclosures drastically increased, it flooded the real estate market in Baltimore, resulting in more inventory on the market. The increased number of options on the market has driven the price of houses down.
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 Baltimore area and the banks are still holding many area homes in their own inventory that aren’t even for sale yet.
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 aren’t under pressure to sell your house fast and can wait the market out, get a great real estate agent on your side. If you can pay the real estate agent commissions then it may be best for you to just wait 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 Baltimore 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. On top of that discount you’ll be paying the real estate agent commissions, taking 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 Baltimore Wholesale Property.We buy Baltimore houses and can make you a fair cash offer within 24 hours. We’re not looking to list your house. We are actually looking to buy the house from you. We’ll take care of any repair costs after we buy it from you and either keep it as a rental property or invest our time, money, and expertise into selling the house to another home owner. 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.
Reach Out To Us To Sell Your Baltimore MD House Fast… Even In A Market Like Today’s
If you have any questions about our local Baltimore house buying service just reach out to us anytime.
You can call us at (443) 863-9808 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, fill out some basic info on your house, and you’ll be on our way!