If you are trying to sell your house in the twin cities today with the results of the Corona Virus, you may be finding that it is more difficult than you had expected… especially if your have delayed maintenance that you did not have the money or the time to complete. We understand that bad things happen to good people.
In this article we’ll dive into some of the devastating consequences of foreclosure in Minneapolis St Paul for house sellers.
Local Minneapolis St Paul House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
There are a full range of homes on the Twin Cities market , and thanks to the economic turmoil in recent past (and still going on in some areas), some types of houses just aren’t selling as fast as they were years ago… while the “sweet spot” type of house (3 bedroom 2 bath in the middle to lower-middle price range) are selling at a good well as long as they are in good shape.
Part of it is because lending guidelines have changed since the housing collapse of 2008 so fewer buyers are out there for some homes… there are still groups of foreclosed houses in Minneapolis St Paul that keep trickling into the market from banks… Even though it is not advertised like it once was, they are still there. Today’s 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. They are also expecting a house that is in great shape because they do not want to do any of the repairs.
If you are a seller in this Twin Cities market, you may be becoming discouraged and wonder how you can just sell your Minneapolis St Paul 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 Minneapolis St Paul 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. They look up and down their street and see rehabbed houses totally like new from flipping companies who do this for a living. Those are the houses the people are attracted to and are buying. Those are the houses that get FHA approval for financing that your house going into Foreclosure can not get.
Worse yet, due to the devastating consequences of foreclosure in Minneapolis St Paul, many sellers who have just normal houses in the area who hold out for the higher price they want are getting little action and no offers at all… sometimes leaving the house on the market for months on end. They have a couple of options at that point and both involve your pocket book. One is to invest more money into the house to bring it up to a higher standard. The second one is to lower the price.
How Foreclosures Have Driven Local Housing Prices Down
When the housing market crashed in 2008 and the foreclosures began to roll in, it flooded the real estate market in Minneapolis St Paul. That means that there was more inventory on the market then buyers and thousands of houses were just sitting. When that happens, that drives the price of everyone’s house down because there are more options (at lower prices) for buyers out there. Remember Marketing in school: Supply and Demand. Lots of supply with little demand equals lower price
When there is more inventory than buyers, it devalues the homes for sale.
The jury is still out on whether we might be going down into that foreclosure hole or not again today. There are still foreclosure houses in the Minneapolis St Paul area and the banks are still holding many many area homes in their own inventory that aren’t even for sale yet. Then we had the Corona Virus and thousands in Minneapolis St Paul were lade off, lost their jobs or as business owners just had to close their doors. Thousands of people going into Financial distress before out own eyes. Maybe you are one of those. Scary, right?
But, there are some things you can do in this market to reach your goals with selling your house, even in today market.
Selling Your House In A Foreclosure Market
If you’re wanting (or needing) to sell your house in a foreclosure market you’ve got a couple options you should look at that could keep you from devastating consequences of foreclosure in Minneapolis St Paul for house sellers.
- If you don’t need to sell your house fast and can wait the market out for a year or two you should be in a better spot… Get A Great Real Estate Agent On Your Side: If you don’t need to sell your house fast and you can hire an agent and let them do their magic and maybe get you more money out of your home, but you will be paying 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 should be improving in a few months or years 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 all over the internet. We have found that 90% of all real estate searches start on the internet.. 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 Minneapolis St Paul 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 and still pay their commissions. Which takes even more cash out of the sale of the house. You need that money. Another option you should look at is selling your house to a real estate investment firm like Minnesota Cash Home Buyers.We buy Minneapolis St Paul houses and can make you an all 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 directly… we’ll take care of any repair costs after we buy it from you, you can just take what you want and leave the rest for us to deal with. We are a family business that buys homes often that need work. We have a crew of guys that come in and do the things that you either did not have the time to do or the money. We get it, life is busy and thing happen. We will 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 family who may be a first time home owner.It can be a win-win-win situation.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. We even hire a profession title company to do the closing. You pick the day and time for the closing and show up to pick up your check. The devastating consequences of foreclosure in Minneapolis St Paul doesn’t have to be part of your life.
Reach Out To Us To Sell Your Minneapolis St Paul MN House Fast… Even In A Market Like Today’s
If you have any questions about our local Minneapolis St Paul house buying service just reach out to us anytime. We are a family owned business just wanting to reach out and see if we can help.
You can call us at (612) 444-5088 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… then fill out some basic info on your house and we’ll be on our way! You could be done with all this in as little as 7 days!