We buy houses in Royal Oak, Michigan and if you are trying to sell a home to home buyers in Royal Oak MI, you may be finding that it is more difficult than you had expected… especially if you are behind your mortgage payments and your home has any repairs needed that buyers just don’t want to deal with.
In this article, we’ll dive into some of the devastating consequences of foreclosure in Royal Oak MI for home sellers.
Local Royal Oak MI Home Buyers Have Lots Of Options For Houses But Fewer Options For Financing
There are floods of homes on the 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 5 years ago… while the “sweet spot” type of house (3 bedrooms 2 baths in the middle to lower-middle price range) are selling at a good clip.
Part of it is because lending guidelines have changed since the housing collapse so fewer buyers are out there for some homes… there are still stockpiles of foreclosed houses in Royal Oak MI that keep trickling into the market from banks… and buyers are more choosy than they were in years past because many of them have learned that you can no longer purchase a home and bank on the fact that it will appreciate a 3%+ a year in value.
If you are a seller in this market, you may be becoming discouraged and wonder how you can just dispose of your 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 Royal Oak MI house, you aren’t alone. A buyer’s market makes conditions hard for sellers to swallow. No one likes to see their home picked apart, criticized, or devalued, but that is exactly what most sellers are dealing with.
Worse yet, due to the devastating consequences of foreclosure in Royal Oak MI, many sellers in the area who hold out for the price they want are getting a little action and no offers at all… sometimes leaving the property on the market for months on end.
How Foreclosures Have Driven Local Royal Oak Housing Prices Down
When the housing market crashed and the foreclosures began to roll in, it flooded the real estate market in Royal Oak MI. That means that there is more inventory on the market. When that happens, 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 homes for sale.
The jury is still out on whether we’ve climbed out of this foreclosure hole or not. There are still lots of foreclosure houses in the Royal Oak MI area and the banks are still holding many many area homes in their own inventory that aren’t even for sale yet. But, there are some things you can do in this market to reach your goals by selling your home.
Selling Your Michigan House In A High Foreclosure Market
If you’re wanting (or needing) to sell a house you’ve got a couple of options you should look at.
- If you don’t need to sell your house in Royal Oak MI fast and can wait for the market out… Get A Great Real Estate Agent On Your Side: If you don’t need to dispose of your home fast and you can pay the real estate agent commissions… it may be best for you to just wait for 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 improving and if your home can be sold 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 property 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 home fast.
- If you DO need to sell the house fast… look for quick sale options like selling your home to us: Selling your home fast in a market like this can be difficult if you go the traditional real estate agent route… unless you discount your property in a big way. Then on top of that discount, you’ll be paying the real estate agent commissions… which takes even more cash out of your pocket in the end. Another option you should look at is selling your home to a real estate investment firm like Home Buyers of Michigan. We pay cash for houses in Royal Oak MI and can make you an offer within 24 hours for a fair price. We’re not looking to list your home… we’re actually looking to buy the property from you… we’ll take care of any repair costs after we purchase 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 home to another homeowner. It can be a win-win-win situation. If you’re looking for the full-retail value of your property, 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.
I Need To Sell My House In Royal Oak MI Fast…
If you want to put everything behind you and move on with your life, then consider selling your home and paying off your mortgage with that money.
We buy properties in Royal Oak MI for cash and would love to see if we can help you during your short sale. We’ll quote you a fair price, and we can close fast with cash. Contact us if you want to sell your house in Michigan directly to us.