In this article we’ll dive into some of the devastating consequences of foreclosure in Seattle for house sellers.
Local Seattle House 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 bedroom 2 bath in the middle to lower-middle price range) are selling at a good clip.
Additionally, certain factors contribute to the high demand for the “sweet spot” type of house. Firstly, the middle to lower-middle price range makes these homes more affordable for a wider range of potential buyers. This affordability factor becomes particularly significant in the face of economic uncertainties, as buyers may be more cautious about investing in higher-priced properties.
Furthermore, the 3 bedroom 2 bath configuration appeals to many buyers due to its practicality and versatility. Such a layout offers adequate space for a small to medium-sized family, accommodating individual needs while providing room for growth. The presence of multiple bedrooms and bathrooms also adds convenience, allowing for comfortable living arrangements and potential for home offices, guest rooms, or shared living spaces.
In contrast, other types of houses may face challenges in the current market conditions. Larger, more luxurious properties with higher price tags may experience slower sales due to the limited pool of buyers who can afford them. Similarly, smaller, more modest homes may face increased competition as sellers try to attract buyers with lower-priced options.
It’s worth noting that local market conditions and regional economic factors can influence the dynamics of the real estate market. Areas experiencing ongoing economic turmoil may see a slowdown in the overall housing market, with a greater impact on higher-priced or niche properties. In contrast, regions with more stable economies may still witness a healthy demand for a wider range of properties.
Overall, the preference for the “sweet spot” type of house with 3 bedrooms and 2 baths in the middle to lower-middle price range is driven by affordability, practicality, and versatility. These factors contribute to their popularity and faster sales compared to other types of houses in the current real estate market.
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 Seattle 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 buy a house 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 sell your Seattle 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 Seattle house, you aren’t alone. A buyer’s market makes conditions hard for seller’s 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 Seattle, 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 Foreclosures Have Driven Local Housing Prices Down
When the housing market crashed and the foreclosures began to roll in, it flooded the real estate market in Seattle. 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.
As a result of the housing market crash and subsequent influx of foreclosures in Seattle, the real estate market has been inundated with an abundance of available properties. This increased inventory has had a notable impact on the pricing dynamics within the market.
With a surplus of options available to buyers, the supply outweighs the demand, creating a situation where buyers have more bargaining power. When there are numerous properties to choose from, including those at lower prices due to foreclosures, it puts downward pressure on housing prices across the board.
The increased competition among sellers to attract potential buyers leads to a decrease in the average selling price of homes in Seattle. As sellers strive to make their properties more appealing in a saturated market, they may be forced to lower their listing prices to remain competitive. This downward trend in pricing can affect all homeowners in the area, as the market conditions influence the perceived value of their properties.
However, it is important to note that the impact of increased inventory and lower prices may not be uniform across all segments of the housing market. Certain neighborhoods or property types may experience more significant price declines compared to others, depending on factors such as location, amenities, and desirability.
Over time, as the excess inventory is gradually absorbed and market conditions stabilize, the pricing dynamics may shift once again. As demand catches up with the supply or the market recovers from the economic turmoil, the downward pressure on housing prices may lessen, allowing for a more balanced and stable market.
In summary, the influx of foreclosures and increased inventory in Seattle following the housing market crash has led to a decline in housing prices due to heightened competition among sellers. The larger selection and lower-priced options available to buyers have driven down the average selling price of homes. However, the specific impact on individual homeowners and neighborhoods can vary based on various factors, and as market conditions evolve, the pricing dynamics may also undergo further changes.
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 Seattle 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 with selling your house.
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 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 improving 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 Seattle area real estate agent referral.
- If you DO need to sell your house fast… look for quick sale options like selling your house to us:Selling your house fast in a market like this can be difficult if you go the traditional real estate agent route… unless you discount your house 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 house to a real estate investment firm like Puget Sound Home Buyers.We buy Seattle 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… 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, 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.
Reach Out To Us To Sell Your Seattle House Fast… Even In A Market Like Today’s
If you have any questions about our local Seattle house buying service just reach out to us anytime.
You can call us at (253)289-7220 or reach out to us over on
For any inquiries regarding our house buying service in Seattle, please feel free to contact us at your convenience.
We value direct communication and offer multiple channels to reach us. You can easily reach out by calling us directly at (253)289-7220. Our team is ready to assist you and provide the information you need.
If you’re eager to receive a fair cash offer for your house promptly, we have a convenient option available. By clicking the link below and accessing our “Fast Offer” form, you can provide some basic information about your property. Once we receive your details, our team will swiftly assess the information and proceed accordingly.
We understand that selling a house is a significant decision, and we are committed to providing a streamlined process that meets your needs. Whether you have questions, require assistance, or are ready to receive an offer, we are here to help. Reach out to us today and let us assist you in your house selling journey.