There are a lot of decisions you may be trying to make on whether to sell you home or not right now. Coming to that decision is not a light matter. Do you try to sell it yourself? Use a licensed real estate agent? Sell directly to a home buyer? Don’t let these questions delay your decision to sell your house. Here are ways waiting to sell your house in Austin will cost you.
Houses are in Demand
It may cost you by waiting to sell your house in Austin. There are still home buyers out there looking for the perfect house and mortgage rates are at an all-time low so now could be a great time to put your house up for sale. We are seeing a dip in the market due to the coronavirus. Houses have started to flooding the market, and demand may start to wane. There are also buyers that have taken a large portion of their money out of the rapidly fluctuating stock market and need to invest it in real estate. Once these funds are used, they will stop purchasing real estate.
If you put your house for sale right now, you may have less competition than if you wait until the market really starts to dip. Once the downward trend is realized, a number of sellers may use that as their queue to list their house for sale. That means, the market will soon become flooded and you will have a lot of competition for buyers in Austin to review. In order to catch the buyer’s attention when the market is flooded, you will have to make sure your curb appeal is great, all necessary upgrades have been completed, and you may have to list and accept a lower offer than you planned on, plus pay a number of fees and other out of pocket expenses at closing.
Waiting too long to sell your house in Austin and you start to realize that downward trend, that means the average sales price for your comparable properties will also be less than you were expecting, and you may even have to accept a lower than market price offer to sell your house. This will hit your bottom line and equity could be lost. When the market is flooded with houses for sale, buyers have more power in selecting the house they want and are able to make lower offers because they have so many other options. Desperate sellers in markets like these will start accepting the lower offers, which helps compounds a dip in the housing market.
The longer you own the property for the year, the higher the percentage of taxes and dues you will owe. The 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. Also if you belong to a home owner’s association, you will get proprates fees there too. The only part of the year you do not own the property will get refunded. These prorations are subject to the date of closing.