If you’re trying to sell your house, you may find it more difficult than you initially expected, especially if your home requires renovating or tedious repairs that potential buyers don’t have the time for.
In this article, we’ll focus on foreclosure and its devastating consequences in Miami specifically for house sellers.
Tons of Available Houses But Limited Financing Options
Regardless of how many available homes flood the market, some houses just don’t capture the attention they would have five years ago. Thanks to the recent economic turmoil that still prevails in some areas of Florida, properties aren’t selling as quickly as homeowners would expect. Unless you own the perfect family-style home valued in the mid to low-mid price range, today’s market won’t be well suited for you. It seems as if only those properties with three good sized bedrooms and two bathrooms are selling at a good pace.
Part of the reason is that lending guidelines have changed since the housing collapse. Plus, some properties no longer attract a broad audience of potential buyers. There are still stockpiles of foreclosed houses in Miami that banks are gradually pushing onto the market. With more and more properties becoming available, buyers are growing fussier and taking a more selective approach. Many of them have learned that you can no longer purchase a house and rely on its value appreciating by 3%+ each year.
As a seller in this market, don’t be discouraged! There are still ways and means of selling your Miami house fast!
Does it feel like you’re throwing money away on repairs, decorating, and expensive renovations to appease non-existent buyers?
Are you struggling to sell your Miami property due to a few minor issues that you can’t afford to fix?
If that’s the case, don’t panic! You’re not alone. Conditions for selling in today’s buyer’s market are harsh. No one enjoys seeing their home picked apart, criticized, or devalued, but that’s exactly what most sellers are dealing with.
And that’s not the worst part! Due to the devastating consequences of foreclosure in Miami, any seller who digs their heels in and holds out for the price they want may find their property goes unnoticed for months receiving hardly any interest or offers.
Foreclosure Has Driven Local Housing Prices Down
When the housing market crashed, the real estate market in Miami became inundated with foreclosed houses causing an increased inventory of vacant homes. This means there’s more choice for buyers on the market. When that happens, the price of every property falls considerably, driven down by a wider variety of low priced foreclosed homes.
When real estate inventory outweighs the number of buyers, it devalues the current houses for sale.
It’s still undecided whether we’ve successfully climbed out of this foreclosure hole or not. You can still find many foreclosure homes for sale in Miami, and banks also have plenty of houses in their inventory that have yet to make it to the market.
But all is not lost! There are a few things you can do (even in this market) to reach your house selling goals.
Selling Your House In A High Foreclosure Market
Here are a couple of options you should consider if you want to sell your Miami house.
Can you wait the market out? If you don’t need to sell straight away, get a GREAT Real Estate Agent on your side!
If you can afford the commission fees, you should be patient and consider listing your property at a later date. Give it some time! Your perfect buyer may come along and pay the price you’re looking for. It’s not all bad news! The market is improving, and it might be wise to sell your house next year rather than now. If time is on your side, you could benefit from selling your property at a higher price (next year), equaling a few extra bucks for you to spend however you wish! Get in touch with a reliable real estate agent, and they will help you list and market the house on your behalf. If you don’t know a GREAT local agent, reach out to us! We can connect you with several excellent real estate agents in town who have shown they can sell a house fast. Email us over here for a real estate agent referral in Miami.
Do you NEED to sell your house fast? Then look for quick sale options such as selling your house to a Professional Home Buyer like us at Sunshine State Buyers.
Check out our website >>> We Buy Florida Houses Fast!
Selling your house fast in a buyer’s market can be problematic even more so if you take the traditional real estate agent route. Unless you discount your home in a big way, many properties will go unnoticed for months. And let’s not forget you still have to pay commission fees on top of any discount you give. This leaves you with even less cash at the end of the sale.
Another option you should look at is selling your house to a Real Estate Investment firm like our Sunshine State Buyers. Check out our website >>> We Buy Florida Houses Fast!
We buy Miami houses and can make you an ALL-CASH offer within 24 hours for a fair price. We’re not listing the property on your behalf or offering to parade potential buyers through it! We actually want to buy the house from you outright. Plus, we’ll take care of all the repairs!
After this, we’ll turn the home into a rental property, or we’ll invest our time, money, and expertise into selling your house to another local homeowner. A triple win for residents in Miami!
If you’re hoping to reach full-retail value for your home, we can’t pay. Unlike conventional retail buyers, we don’t rely on bank loans; therefore, we do need a discount to make a profit at our end. But you will save money by avoiding expensive repairs costs, selling now rather than later, and you won’t ever have to pay us any fees or commissions.
Reach Out Now And Sell Your Florida House Fast! Today’s Market Can’t Stop You From Making A Quick Hassle-Free Sale!
If you have any questions about our local Miami House Buying service, reach out to us anytime.
You can call us at (305) 916-3328 or get in touch via our Contact Page.
If you’re ready for a fair cash offer on your house today, click the link below to find our “Fast Offer” form. All we need is some basic info on your home, and we’ll get back to you within 24hrs!