Are you waiting to sell your house? Would waiting to sell your house hurt you more than selling your house fast?
Selling your house will not always be an easy decision unless you own lots of them or you’re too rich to worry about money. As it is not a light matter, there would be too many questions that you need to seek answers to such as whether to commit to a licensed real estate agent or sell directly to a buyer. What is your next move? When is the right time to sell your house in Atlanta?
Like I said, too many questions to consider but for this time – let’s focus on why waiting to sell your house in Atlanta now will give you more downside and what will it cost you despite all the waiting you have done.
Houses are in Demand Now Than Later
The first reason why waiting to sell your house in Atlanta will cost you is because interested buyers right now would be less motivated to buy your home later. Why? A large number of buyers took a large portion of their investment out of the rapidly fluctuating stock market and need to put these investments in real estate. Buyers are more than motivated to buy to secure their investments now and once they successfully do so, they will stop purchasing real estate. Moreover, mortgage rates are at an all-time low in Atlanta so now is a great time to put your house up for sale.
Less Competition Now But More Competition Later
The chance of having your house found by buyers is higher if there is less competition. If you opt to wait in putting your house available until the market really starts to dip, you are going against more competition. It’s simple – demand will go lower if supply is higher. Many sellers use the downward trend as their queue to put their houses for sale which reflects the high-probability of real estate market flooding. Once the market is flooded, you will be up against too many competitors for buyers in Atlanta to review. To stand out from the seas of sellers and capture a buyer’s attention in a very competitive market, you have to ensure your curb appeal, do the necessary upgrades, and likely accept a lower offer just to please a buyer.
Prices Dropping aka You Are Forced To Accept Lower Prices
Consider your extra capital gain lost when you waited too long just to sell your house. The consistent dropping of prices in Atlanta is expected when the average sales price for your comparable properties goes lower just because too many available options of houses are in the market. As I said earlier, many sellers are dependent on using the downward trend as a sign to sell a house which makes the market much more competitive than before. When the market is flooded with houses for sale, the buyers have more power in selecting the house they want and are able to make lower offers because they have so many other options. Unfortunately, because markets are dynamic, the number of buyers decreases as time goes on. This situation makes the sellers become desperate and will start accepting the lower offers, which compounds the dip in the housing market.
If you list your home too high at the start, you may find yourself making incremental price drops, but never quite catching up with the market. A likely ending would be that the seller may continue to drop the price, but not catch up with the buyer’s expectations.
Extra Fees and Financial Implications
As the saying goes, time is gold – either time becomes gold or time turns gold into stones. In this case, waiting to sell your house in Atlanta makes time turn your gold into stones [Read: Avoid These Mistakes When Waiting To Sell Your House].
Let’s face it, you continue to pay for mortgage payments, accompanying utility and home maintenance costs even if your house is on the market. Plus, longer ownership means higher the percentage of taxes and dues you will owe. annual taxes on the property are prorated based on how many days out of the year you own it, you will only receive credit for the part of the year you will not own the property. The same goes for homeowners association fees, only the part of the year you do not own the property will get refunded. These prorations are subject to the payment due dates. Most taxes are due at the end of the year, but some homeowners association fees are assessed at a different point in the year.
The longer your house remains on the Atlanta market, the longer you have to keep paying these costs. Just imagine: every month it goes unsold, you pour more money into the home that you will not get back in the end. And it is even more hurtful that these costs negate what you can earn compared to what you can earn if it was sold earlier.
Don’t wait! Call SureClosing right now at 678-399-9075 or send us a message. We can discuss the details of your house in Atlanta, its current market value, and see which method of sale will work best for you.