Attempting to offload your property can sometimes be a more challenging task than anticipated, especially if it requires any fix-ups that potential buyers are not interested in handling.
In this piece, we will delve into the severe repercussions that foreclosure may bring for homeowners looking to sell in Nashville.
Local Nashville House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
The property market is currently overflowing with house for sale. Given the recent economic upheaval, some categories of homes aren’t selling as rapidly as they were half a decade ago. Yet, ‘ideal’ houses — think 3-bedroom, 2-bathroom in the medium to low price range — are being snapped up swiftly.
This situation partly arises from changes in lending guidelines post the housing market crash, leading to a decrease in buyers for certain homes. With a steady flow of foreclosed houses in Nashville entering the market from banks, buyers have become more discerning. They’ve learned that counting on an annual 3%+ appreciation in house value is no longer a guarantee.
As a seller in this environment, you may be feeling disheartened, wondering how to quickly sell your Nashville property, right?
If it feels like you’re constantly shelling out more for home improvements, or if your house needs repairs but you lack the funds, and yet you’re struggling to sell, know that you’re not alone. A buyer’s market creates tough circumstances for sellers. Nobody appreciates having their home nitpicked, disparaged, or devalued, yet this is the reality many sellers face.
Even worse, due to the severe impact of foreclosures in Nashville, many sellers who insist on their preferred price are witnessing scant interest and zero offers, often resulting in their homes languishing on the market for extended periods.
How Foreclosures Have Driven Local Housing Prices Down
The real estate market in Nashville was inundated when the housing market crashed and foreclosures poured in. This influx led to an increase in available inventory. Consequently, this surge creates a downward pressure on everyone’s house prices as more affordable options become available for potential buyers.
An excess of inventory relative to buyers inherently devalues the houses up for sale.
While it’s still uncertain whether we have fully emerged from this foreclosure crisis, the fact remains that Nashville still has numerous foreclosed houses. Furthermore, banks maintain a vast inventory of local homes not yet even listed for sale.
Despite these challenging market conditions, there are strategies you can employ to achieve your objectives in selling your property.
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’re not in a hurry to sell your property and can afford the real estate agent’s commission, it might be more beneficial for you to patiently wait for the right buyer who’s willing to meet your asking price. With the market showing signs of improvement, delaying the sale until next year could potentially result in a higher selling price, thereby putting additional money in your pocket.
A skilled real estate agent can be a valuable ally in listing and marketing your house. If you lack a good local agent, feel free to reach out to us. In addition to being real estate investor, we are also licensed real estate agents in Tennessee. We can help you sell your home for top dollar. Email us over here for a to get started with a Nashville area real estate market sale. - If you DO need to expedite the sale of your house… consider quick sale alternatives like selling your property to us. In this market, selling your house swiftly via the traditional real estate agent route can be tricky unless you’re willing to significantly lower your price. Additionally, the commissions paid to the real estate agent will further decrease your final earnings.
An alternative worth considering is selling your house to a real estate investment company like Discover TN Home Offers. We purchase houses in Nashville and can present you with a fair cash offer within 24 hours. Our goal isn’t to list your house; rather, we aim to purchase it directly from you – if that is the best option for you. We handle any repair costs post-acquisition, then either retain it as a rental property or invest our resources, time, and expertise into reselling it to another homeowner. This can potentially create a triple win situation.
While we can’t offer the full retail value of your house with this option — as we need a discount to ensure our profit — you will never have to pay us any fees or commissions.
Reach Out To Us To Sell Your Nashville TN House Fast… Even In A Market Like Today’s
If you have any questions about our Nashville home-buying service, feel free to get in touch with us at any time.
Since we are not a traditional cash buyer company, but rather offer options that best suite your needs, we can work with you to find a solution that is specifically tailored to your situation. We offer a program where we can sell your house on the open market for top dollar – if you don’t need to sell quickly. OR… we can buy your house directly from you quickly and without you having to pay any commissions or fees!
You can reach us at 615-492-4511 or connect with us via our Contact Page.
Alternatively, if you’re ready to receive a fair cash offer for your property today, simply click on the link below to access our “Fast Offer” form. Fill out some fundamental information about your house, and we’ll get the ball rolling!