Coming to the decision to sell your house is not a light matter. There are a lot of decisions to be made, like whether to list on the traditional market with a real estate agent or sell directly to a home buyer; how many repairs (if any should you make), is now the best time to sell? Don’t let these questions delay your decision to sell your house. Here are four ways waiting to sell your house in Brevard County will cost you.
Houses are in Demand
Waiting to sell your house in Brevard County will cost you because there are more buyers than houses available. (This is called “low inventory.”) Additionally, mortgage rates are at an all-time low. Now is a great time to put your house up for sale! After the real estate listing slow-down due to the coronavirus economic shutdown, houses will soon be flooding the market, and demand may start to wane. But for right now, there are more than enough buyers in the market to buy all of the houses for sale. There are also buyers that have taken a large portion of their money out of the rapidly fluctuating stock market and wish to invest it in real estate. Once these funds are used, they will stop purchasing real estate.
Less Competition
If you put your house for sale right now, you will have less competition than if you wait. Buyers will easily find your house in Brevard County. With businesses opening back up, many sellers are using that as their queue to list their house for sale. That means, the market will soon become flooded and you will have lots of other competition for buyers in Brevard County to review. In order to catch the buyer’s attention when the market is flooded, you will have to make sure your curb appeal and all necessary upgrades have been done, and you may have to accept a lower offer than you plan on, just to solidify a buyer.
Prices Dropping
If you wait to sell your house in Brevard County and you start to realize a downward trend, the average sales price for your comparable properties may be less than you were expecting. You may even have to accept a lower than market price offer to sell your house. This costs you the extra capital gain you could have had if you did not wait. 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. This is referred to as a Buyer’s Market. Desperate sellers in markets like these will start accepting the lower offers, which compounds the dip in the housing market.
Extra Fees
The longer you own the property into 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 after you sell 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.