When facing foreclosure the last thing you want to be doing is waiting for answers. You need to be proactive and have solutions ready to deploy or you may run out of time. Don’t wait! Understand your options and how they fit into your ultimate plan with the property and your current financial situation. Sometimes it is best to sell quickly and walk away rather than risk a foreclosure on your credit.
This article will address some of the devastating consequences of foreclosure in Reston for house sellers.
Local Reston House Buyers Have Few Options For Houses But Fewer Options For Financing
There are very few homes on the market, inventory is down and has been for some time. Thanks to the recent hikes in interest rates and economic uncertainty, there are even fewer buyers looking to make a move. This means houses just aren’t selling as fast as they were a couple of years ago… there still exists a “sweet spot” type of house (3 bedroom 2 bath in the middle to lower-middle price range), and if you are lucky enough to own one they are still moving at a good clip. A lot of houses in the upper end of the market are taking longer to sell to to rises in rates and less buyer movement.
There are also still a handful of foreclosed houses in Reston that are trickling into the market from banks but again buyers are more selective and many of them are thinking (and they may be right) that you can no longer buy a house and assume it will appreciate a 3-5%+ 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 Reston house fast, right?
If you’re of the opinion that you have to keep sinking a bunch of money 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 Reston house, you aren’t alone. The current market makes conditions hard for some seller’s to swallow. No one wants to see their home picked apart, criticized, or devalued, but that is exactly what a lot of sellers are dealing with.
Worse yet, due to the devastating consequences of foreclosure in Reston, 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.
How a Rise in Foreclosures Can Drive Local Housing Prices Down
Right now there are actually quite few foreclosures happening due to the mass appreciation that occurred in the last 5-10 years. Most sellers have equity. However, experts expect a dip in the market in the coming months or years. What will happen then?
When the housing market crashed and the foreclosures began to roll in in 2008, it flooded the real estate market in Reston. That meant that there was more inventory hitting the market. When inventory increases at a high rate, 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 current homes for sale.
The jury is still out on whether there is a foreclosure crisis coming and what will happen in the economy in the coming months a years but the consequences of foreclosure is not. The effects of foreclosure are often devastating and while there are fewer houses in foreclosure in the Reston than in the past, the banks are holding many homes in their own inventory that aren’t even for sale yet. Could this be a sign?
Be Prepared – Selling Your House In A High Foreclosure Market
If you’re wanting (or needing) to sell your house and you are facing foreclosure 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 is still a viable option for the right house 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. 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 Reston area real estate agent referral.
- If you DO need to sell your house fast… look for quick sale options like selling your house to a local cash home buyer like us. Selling your house in 2-3 weeks in a market like this can be difficult if you go the traditional real estate agent route unless you plan to discount your house in a big way. On top of a lower price, you’ll be paying the real estate agent commissions and closing costs 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 Simpli. We buy Reston 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 CASH. 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 home owner. It can be a win-win-win situation. If you’re looking for full-retail value of your house, go the agent route. We buy houses FAST but we buy at a discount. You trade time for CASH, but you won’t ever pay us any fees or commissions.
Reach Out To Us To Sell Your Reston VA House Fast… Even In A Market Like Today’s
If you have any questions about our local Reston house buying service just reach out to us anytime.
You can call us at 703-544-7516 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!