If you are wondering how to sell your home in a declining market, you have come to the right place. While selling a home in a down market might seem like a tough challenge, it certainly isn’t impossible. In fact, the majority of homes sold between 2006 and 2011 had to deal with it. So if you want to sell your home soon, read the following:
While most of the U.S. has seen real estate prices trend upwards, there are still a few pockets suffering from depreciation. In some cases, it is because of the current round of foreclosures bringing down surrounding home values, as they sell for a fraction of previous prices. In others, it is due to neighborhoods being run down.
For whatever reason these neighborhoods are in a pinch right now, most will likely turn around soon, as they are expected to catch up with the rest of the country. Unfortunately, this just might not happen fast enough for those stuck with homes that are going down in value.
However, these severely distressed homes are becoming targets for investors. Some of the most distressed communities are increasingly becoming the most sought after by investors eager to find deals.
If you find yourself lumbered with one of these homes right now, don’t despair too much. There are options. You can sell your home to a savvy investor. Perhaps you have tried working with your bank with no success. Maybe you have already been turned down for a loan modification or the lender refused to accept a deed in lieu of foreclosure.
There are real estate investors out there with cash and ready to commit to a speedy closing. A short sale may even be possible if you owe more on your home than it is worth right now. But speed is of the essence, especially with the tax benefits of short sales set to expire in a matter of weeks.