An increasing number of foreclosures will affect the entire market so that impacts all sellers and not just those that have fallen behind on their payments. If you are trying to sell your house, you may be finding that it is more difficult than you had expected… especially if your house has any repairs needed that buyers just don’t want to deal with.
Let’s dive into some of the devastating consequences of foreclosure in San Antonio for house sellers.
Local San Antonio House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
There are floods of homes on the market, and when there are increasing numbers of foreclosures such as those caused by the recent economic turmoil (and where it continues in many 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) that do not need any repairs 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…Lending has become even tighter since the pandemic which means that many more people are unable to get a loan.
Partner that with the fact that there are still stockpiles of foreclosed houses in San Antonio that keep trickling into the market from banks…and it appears that there will be an increase in foreclosures in the next few months. Now, 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 bank on the fact that it will appreciate a 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 San Antonio 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 San Antonio house, you aren’t alone. A buyer’s market makes conditions hard for seller’s to swallow. No one likes to see their home picked apart, criticized, or devalued, but that is exactly what most sellers are dealing with.
Worse yet, due to the devastating consequences of foreclosure in San Antonio, 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. Or worse, they themselves are on the brink of foreclosure and they do not get their house sold in time and end up losing it with nothing to show…
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 San Antonio. 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 San Antonio area and the banks are still holding many many area homes in their own inventory that aren’t even for sale yet.
There is no crystal ball to predict how many more foreclosures will be hitting the market due to the global pandemic, but with all the financial hardships that people are facing including the devastating effects of foreclosure, it makes sense to think there will definitely be an increase.
But, there are some things you can do in this market to reach your goals with selling your house. Some of these things are better when you have plenty of time and some are a better choice if you need to sell more quickly.
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 will improve at some point and if you can sell your house next year rather than now… it may mean a few extra bucks in your pocket because of the higher sales price.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 San Antonio 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. Then on top of that discount, you’ll be paying the real estate agent commissions… which takes 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 Sell My San Antonio House. We buy San Antonio houses and can make you a cash offer within 24 hours for a fair price. We’re not looking to list your house… we’re actually looking to buy the house from you… we’ll take care of any repair costs after we buy it from you, 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 homeowner. It can be a win-win-win situation. If you’re looking for the full-retail value of your house, we can’t pay that. We do need a discount so we can make any necessary repairs, cover all the closing costs, and we have to leave a little room for profit on our end, but you won’t ever pay us any fees or commissions.
A lot of people find that this choice works better for them, but the decision is completely up to you.
Reach Out To Us To Sell Your San Antonio TX House Fast… Even In A Market Like Today’s
If you have any questions about our local San Antonio house buying service just reach out to us anytime or read our other articles to learn more.
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!