4 Ways Waiting To Sell Your House in Houston Will Cost You

 

Deciding to sell your house is a weighty matter that requires careful consideration. You will need to make several critical decisions, such as whether to enlist the services of a licensed real estate agent or sell directly to a home buyer, as well as where to relocate next. Don't let these inquiries hold you back from selling your home. Here are four ways that procrastinating the sale of your Houston property will result in costly consequences.

Houses are in Demand

Failing to sell your Houston home promptly will result in financial losses because potential buyers are still actively seeking properties. Currently, mortgage rates are at an all-time low, making it an opportune time to list your home for sale. The coronavirus pandemic has caused an economic downturn, and this may lead to an oversupply of homes on the market, causing demand to decrease. However, at present, the market has enough buyers to absorb all available homes. Furthermore, many investors have moved their funds out of the volatile stock market and are keen to invest in real estate. Once these funds are depleted, their interest in purchasing properties may diminish.

Less Competition

Listing your Houston property for sale now will result in less competition than if you wait until the market downturn is evident. Your home will be easily discoverable by potential buyers in a less saturated market. However, as soon as the downward trend is noticed, numerous sellers will follow suit and list their homes for sale. This will flood the market, creating increased competition for buyers in Houston. To capture buyer attention during a flooded market, you will need to ensure that your property has excellent curb appeal and all necessary upgrades have been completed. Additionally, you may need to accept a lower offer than you initially intended to secure a buyer.

Prices Dropping

Delaying the sale of your Houston home will result in a decreased average sales price for comparable properties, and you may even need to accept an offer lower than market value to sell your home. This will cost you the potential extra capital gain that you could have earned if you had sold earlier. When the market becomes flooded with homes for sale, buyers have increased bargaining power and can make lower offers because they have a multitude of options to choose from. Desperate sellers in this type of market will accept lower offers, which exacerbates the downturn in the housing market.

Extra Fees

As the length of time you own a property within a year increases, so does the percentage of taxes and dues you will be responsible for paying. Property taxes are prorated based on the number of days within the year that you own the property, and you will only receive credit for the portion of the year that you do not own it. The same is true for homeowners association fees, where you will only receive a refund for the portion of the year that you do not own the property. These prorations are subject to payment due dates, with most taxes due at the end of the year, but some homeowners association fees assessed at different points throughout the year.

Take action now and contact Houston Area Home Cash Buyers at ((281) 645-9597 or send us a message. We can discuss your property, its current market value, and determine which sales method will be most effective for you. Additionally, we can review this list and other reasons why procrastinating the sale of your Houston home will result in financial losses.

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