If you have a house that needs repairs, you may have found out that it is harder to sell, because the potential buyers will not want to deal with repairs. You will also find out that if you have a lot of stuff in the house, it is hard to sell that home too, because a buyer will want to customize and put only their stuff in there, regardless of how cure you think your embellishments are.
In this article today we’ll go over the devastating consequences of foreclosure in Norfolk for house sellers.
Local Norfolk House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
Today’s market has cooled off a bit (in March 2022) in Norfolk compared to last year, but it’s still pretty hot. If you are a homeowner who wants to sell a house you’ll see that your house may not sell as fast as you want, especially if it needs work, or if it’s not the sweet spot for size – 3 bedroom/2 bath, or if it is full of junk. For example, in Norfolk, the average days on market for a house now is about 45 days.
With evictions moratoriums ending, more homes will go into foreclosure, so there could be a larger number of foreclosed houses in Norfolk coming from the banks. And the buyers will become more choosy.
If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your Norfolk house fast, right?
There is no guarantee that if you do some rehab you will get top dollar for your house. In fact, this is where most people get it wrong. When selling your Norfolk house, you think that if you rehabbed the kitchen 5 years ago and the bathroom 8 yrs ago, then the house is perfect now and it will fetch top dollar, such as the highest prices you see for the houses that are similar to yours and in your neighborhood. But no, that’s not going to happen. Here is why: how would your house compare with another one with a brand new kitchen and bathroom that were remodeled just in the last month? Guess which house will a buyer prefer?
Also, due to the devastating consequences of foreclosure in Norfolk, some sellers will have a hard time selling fast because they want to hold off to get the high price they imagine they will get. Did you know that there were many homes available for sale in Hampton Roads that had been on the market for over 2 months and still not sold, and some were posted over 6 months ago? If the market is so “hot”, why wouldn’t they sell? Well, there could be several reasons for that, but we’ll give you the main one – the price is too high.
How Foreclosures Will Drive Local Housing Prices Down
The real estate market in Norfolk varies in intensity based on the homes available on the market. When the foreclosures increase, the inventory will get higher and the prices will either go down or remain unchanged (meaning will not increase). It is true that most pundits today think that inventory shortages will persist. That may be right, but as foreclosures increase, the market will cool down and buyers will become more picky.
The evictions in Norfolk will start to become more prominent and more pre and foreclosed on homes will be hitting the market in the coming months and maybe years. The jury is still out on the level of impact of that, but any increase in inventory will lead to some price devaluation on the existing inventory of houses that are not new construction.
If you want to sell your house, here is what you can do to keep up with the situation and trends:
Selling Your House In A High Foreclosure Market
If you need to sell your house, here are your options:
- If you don’t need to sell your house fast and can wait… Get A Great Real Estate Agent On Your Side: if time is on yoru side, and especially if you have money to do a rehab – medium to high level, then this is your best option. You will probably need to sign an agreement with the agent to represent you for a certain amount of time, you’ll need to do repairs, cleaning, showings, etc. and you will need to pay a 6% agent commission when you sell. For example, on a $220,000 house that is $13,200 in agent commissions. Still, if you do a good rehab and you don’t mind multiple showings, then this way is the way to go. Email us over here for a Norfolk area real estate agent referral.
- If you DO need to sell your house fast… look for quick sale option, like selling your house to us: see, if you try the real estate agent route, you will need to wait longer to sell. We buy Norfolk houses and can make you a cash offer on the spot, as soon as we see your house. The benefits of selling you house fast for cash to us are: quick closing – 1-4 weeks, sell “as is”, no cleaning, no repairs, no multiple showings, no agent commissions. There is no faster or easier way to sell a house! Sure, the offer amount will not be as high as on the retail market, but if you need to get out of a sticky situation, a cash offer is your best option. Remember, if you sell to us you won’t ever pay us any fees or commissions.
Reach Out To Us To Sell Your Norfolk VA House Fast… Even In A Market Like Today’s
If you have any questions on how to sell your house in Norfolk based on your personal situation just reach out to us and we’ll be happy to help, even if you do not sell to us.
You can call us at (757) 414-7117 or reach out to us over on our Contact Page too.
Or, if you’re ready to get a fast 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!