Deciding to sell your house is a significant matter that shouldn’t be taken lightly. Several decisions need to be made, such as whether to work with a licensed real estate agent or sell directly to a home buyer, and where to move next. However, don’t let these questions prevent you from selling your house. Delaying your decision to sell your house in Roanoke can have four significant financial consequences.
Houses are in Demand
Delaying the sale of your house in Roanoke can be costly because there are still buyers in the market. Mortgage rates are currently at an all-time low, making it an excellent time to sell your house. However, the economic shutdown caused by the coronavirus outbreak may lead to a market dip, causing a flood of houses to hit the market and weakening demand. For now, there are still enough buyers to purchase all available houses. Additionally, some buyers have withdrawn a significant portion of their money from the volatile stock market and need to invest it in real estate. Once these funds are depleted, their interest in purchasing real estate may diminish.
Less Competition
By putting your house up for sale now, you will face less competition than if you wait for the market to significantly decline. In Roanoke, potential buyers will easily find your property, as there are still enough buyers looking for a new home. However, as the market downturn becomes more apparent, many sellers will list their homes for sale, leading to a flood of competition. To stand out in a crowded market, you will need to ensure that your property has excellent curb appeal and all necessary upgrades are completed. Moreover, you may have to accept a lower offer than expected to secure a buyer.
Prices Dropping
Delaying the sale of your house in Roanoke can also result in a decline in the average sales price for comparable properties. As the market trend continues to trend downwards, you may have to accept a lower offer than the market price to sell your home. This means that you will lose out on the additional capital gain you could have received if you had sold your property earlier. When the market becomes saturated with houses for sale, buyers have more bargaining power and can make lower offers because they have more options. This leads to a further decline in the housing market as desperate sellers start accepting lower offers.
Extra Fees
As the length of time you own a property within a year increases, so does the percentage of taxes and dues that you are responsible for. Annual property taxes are prorated based on the number of days you own the property, meaning you will only receive credit for the part of the year you do not own it. Homeowners association fees also follow this rule, and you will only receive a refund for the portion of the year you do not own the property. However, these prorations are subject to the payment due dates, as taxes are typically due at the end of the year while homeowners association fees may be assessed at different points throughout the year.
Act quickly! Reach out to Home Cash Offer LLC at (866) 994-2791 or send us a message without delay. Let’s talk about your house, its current market value, and identify the most suitable method of sale for you. We can also go over this list and other ways in which delaying the sale of your house in Roanoke can cost you.