The Devastating Consequences Of Foreclosure In Chicago For House Sellers

The Devastating Consequences Of Foreclosure In Chicago For House Sellers
Going through foreclosure in IL? This article walks you through the affects foreclosure could have on you…
The amount of foreclosure activity in an area is arguably the most powerful market condition for housing prices. In this article we’ll dive into some of the devastating consequences of foreclosure in Chicago for house sellers. 

Local Chicago House Buyers Have Lots Of Options For Houses But Fewer Options For Financing

There are currently very few homes available for sale on the market right now as the corona virus pandemic continues on. Let’s face it having several groups of strangers walking through your home is a risk most people aren’t willing to take right now.

However, the recent economic turmoil has made it difficult for many Chicago homeowners to continue paying their mortgage. As we move forward through the pandemic and resume normal operations it is very likely many Chicago homeowners will be facing foreclosure. As the government forbearance period lapses, we expect to many homes for sale on the market and fewer buyers around.

We are expecting it to become much more to difficult in the Chicago area to sell a house in the near future as the economy begins to reopen. As the stock pile of foreclosure homes in Chicago continues to grow and residents continue to lose their jobs we are likely to see a strong increase in homes available for sale making it take much longer for sellers to sell.

Worse yet, due to the devastating consequences of foreclosure in Chicago, 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 Chicago. 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 as to how bad foreclosures will be this time around as we are in limbo on foreclosure activity until the government forbearance period ends. It is hard to imagine that the foreclosure rate will continue to grow over the next few years with so many people filing for unemployment.

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.

  1. 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 Chicago area real estate agent referral.
  2. 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 Blue Ladder Development.We buy Chicago 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 Chicago IL House Fast… Even In A Market Like Today’s

If you have any questions about our local Chicago house buying service just reach out to us anytime.

You can call us at 630-387-6861 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!

Get A Fair Cash Offer On Your Chicago House Today >>

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