Selling Houses in a Depressed Market

Selling Houses in a Depressed MarketHouses for sale right now are a very lucrative investment for the right type of business owner. Due to our troubled economy and a record high in foreclosures, most families are in dire need to sell their homes. Affordable houses are abundant right now. The problem is, job security and job scarcity is also a problem. If you are a home owner and need to list your home for sale due to this economic depression, here some things to consider.

Many people are looking to buy a home because prices are at their low point. Also, there are many investors out there looking to buy your house in order to flip it and make a profit. Homes to them are just an investment opportunity, but they can get you out of your distressful situation.

There are still some people out there that have maintained their jobs and have saved money for the right time to buy a home. If your house is worth less than you owe on it, which many people find themselves in this situation, you could approach your current lender and ask for a short sale. This means you would agree to sell the house for less than you owe on it-therefore the bank still gets a majority of their money back on the asset. Also, you are unloading your home at a loss of equity, but you leave the home with dignity and hopefully your good credit score in tact.

Some people are very attached to their homes and will do anything to save it. Stop thinking this way. If you are drowning in debt and your quality of life is bad and stressful, it may even be better to walk away. Yes, this may be unethical and perhaps immoral. However, you end up with a new outlook and a valuable lesson learned. Your credit will be ruined, but you won’t be bogged down with 30 years of commitment to the bank. The bank doesn’t care about you– you were just a corporate profit to them.

If you are seasoned real estate agent, you may consider changing locations. Right now, in places like Los Angeles, Orange County, San Francisco, New York City, foreclosures and pre-foreclosures are in VERY high demand and getting some of those listings is very competitive. However, if you go to smaller markets like Dallas-Fort Worth, Indianapolis, San Antonio and Charlotte, you can really find more stable markets. Sure, every market across the country was affected. Nonetheless, the smaller markets didn’t have such a huge collapse in value like the bigger markets. There may not be commissions as substantial in these smaller markets, but there are commissions.

Keep in mind, a depressed economy can create misery for home buyers and home sellers. Adversity will always be something we are confronted with when it comes to buying or selling your home. It is one of the biggest decisions one will make in life. What is a detriment to some is an opportunity for others.