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In this article we’ll dive into some of the devastating consequences of foreclosure in El Paso for house sellers.
Local El Paso House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
Selling your house isn’t as easy as 1-2-3, as many homes tend to need repairs that prospective homebuyers don’t want to contend with. As such, distressed El Paso homeowners may find themselves going through foreclosure.
With economic chaos, many homeowners have walked away from their homes or went through foreclosure. This has led to a considerable increase in the number of homes available on the market. With the downturn, there isn’t a market for homes right now, even though low-to-mid size homes (3 bedrooms, 2 baths) are selling reasonably well.
Ever since the housing bubble burst, lending rules have never been the same. This means there are not as many buyers looking for homes as there were once. As such, there are many foreclosed homes – with more hitting the market every day – but not near as many buyers.
What’s happened is the wisdom prospective home buyers have? That your house may not gain the appreciation it once did.
If you’re trying to sell my home fast in this kind of market, you may be in for a big shock. You’re probably thinking how you can sell my house quickly with this kind of market? Selling my home fast may be impossible if
- You’re constantly paying for improvements on the home
- You constantly need to make repairs but don’t have money to do it
Just realize that there are hundreds of other El Paso homeowners in your situation.
Sellers may find themselves struggling in the buyer’s market. Buyers are going to be choosy, analyzing every detail of a home before they decide on one to buy. This is detrimental to home sellers.
As such, if a seller is in financial trouble and trying to unload their home, they may find themselves facing a foreclosure.
The consequences of a foreclosure are distressing, and if you’re holding out hope someone is going to pay what you’re asking for, you could find yourself in foreclosure.
Foreclosure Affects Home Market Prices
The El Paso real estate market was inundated with foreclosures after the housing bubble burst, leading to more homes on the market than ever before. This caused home prices to drop significantly because there were more homes on the market at a lower price than buyers were looking for them.
Home values drop when there is more inventory than there are buyers.
There is some argument that the market hasn’t fully recovered from the foreclosure hole, as many El Paso homes that were foreclosed on still remain on the market. Banks are even holding onto property, not offering them for sale just yet.
When Selling My House Fast Is A Necessity
Have you been wondering how to sell my house fast? Selling a house quickly in this market is difficult with a traditional real estate agent unless you offer a steep discount. Not only do you lose money from the discount, but you also lose money when you have to pay the real estate agent their commissions.
If you want to sell my house fast, you must forgo the traditional route and choose an investment firm. At Level Cash Home Offers, LLC, we buy homes in the El Paso area with all-cash offers. We don’t want to list your home; we want to buy it, fix it up and either sell it to another prospective homeowner or rent it out.
It’s a win for you! It’s a win for us!
We can’t offer you full retail value on the home, as we need a discount to ensure profits for ourselves. However, what we offer for your home is what you’ll get – no commissions, no fees.