Deciding to sell your house is not something people take lightly. When you are considering selling, there are a lot of decisions to be made. Depending on your circumstances and the condition of your home you are likely asking if you should use a licensed real estate agent or sell directly to a professional home buyer. You might be trying to decide how fast you need to move, where you will live after you sell, even how much your home is worth. Don’t let these questions delay your decision to sell your house. Here are four ways waiting to sell your house in Kansas City Metro will cost you.
Houses are in Demand
Waiting to sell your house in Kansas City will cost you because there are still buyers for houses. In fact right now we are in a sellers market in Kansas City, even with all of the Covid 19 issues we are all facing. We still have more buyers for houses in great shape than we do houses listed for sale. In addition to that mortgage rates are at an all-time low so now is a great time to put your house up for sale. Eventually those people that were waiting to sell until the Corona Virus crisis ends will start putting their houses on the market. Which means we will be seeing a lot more properties available to buyers. When this happens demand may start to wane. But for right now, there are still 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 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 will have less competition than if you wait until the market really starts to dip. Buyers will easily find your house in Kansas City. Once things start to turn around and everything starts opening up, many home owners will see this as an opportunity to list their house. Which means the market is going to have a lot more houses and your home will not stand out as much. 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.
If you wait to sell your house in Kansas City Metro and you start to see 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 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. Desperate sellers in markets like these will start accepting the lower offers, which compounds the 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. 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.