Skip to main content

4 Ways Waiting To Sell Your House in Southwest Michigan Will Cost You

 

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 use a licensed real estate agent or sell directly to a home buyer; where should you move next? Don’t let these questions delay your decision to sell your house. Here are four ways waiting to sell your house in Southwest Michigan will cost you.

Houses are in Demand

Waiting to sell your house in Southwest Michigan will cost you because there are still buyers for houses. Mortgage rates are at an all-time low so now is a great time to put your house up for sale. With the impending market dip 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 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.

Less Competition

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 Southwest Michigan. Once the downward trend is realized, many sellers will use 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 Southwest Michigan 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 Southwest Michigan 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 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.

Extra Fees

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.

Don’t wait! Call I Buy SW MI right now at (231) 392-3262 or send us a message. We can discuss the details of your house, its current market value, and see which method of sale will work best for you, and discuss this list and other ways waiting to sell your house in Southwest Michigan will cost you.

Labels:

Comments

Post a Comment

Popular posts from this blog

How Landlords in Southwest Michigan Can Appeal to Tenants During COVID-19

Tenants are beginning to receive stimulus payments and some are using it to move. You may be receiving multiple applications for your available rental property, but once you locate a great tenant, you may be competing with other landlords to have this tenant. Here are some ways you can appeal to tenants in Southwest Michigan during COVID-19. Appropriate Rent One of the best ways landlords in Southwest Michigan can appeal to tenants during COVID-19 is to set an appropriate rent amount . Do your research to see what the current market rent is and set it as close as you can to that amount while making sure it fits your rental proforma goals. If you need to attract more potential tenants, you can lower your rent a few percent to be just below the market rent. This should bring you a better variety of tenant candidates so you can be sure you are comfortable with the tenant you end up choosing. Tenants will also appreciate the affordable rent during these uncertain times. All ...
Post a Comment
Read more

What Real Estate Investors in Southwest Michigan Should Expect During The Coronavirus Pandemic

The coronavirus pandemic has a lot of people wondering what will happen next. We can only use our previous economic experiences to understand what this situation would mean for property owners and real estate investors. Here’s what real estate investors in Southwest Michigan should expect during the coronavirus pandemic. Shift in Demand The real estate market is expected to start having fewer buyers and more homes for sale. This means that buyers will have the upper hand during real estate negotiations. There will be less demand for homes, so the sellers will have to be willing to sell at what the buyers are willing to pay.  Price Dip Homeowners may be losing income and might not be able to afford their mortgage payment. There may be a surge in distressed properties, which means real estate investors can pick up properties for less than market value. They will have more negotiating room when it comes to traditional real estate purchases. Housing prices in general ...
Post a Comment
Read more

5 Steps For Selling Your House With Tenants in Southwest Michigan

Selling your house can be a stressful task in itself, but how do you sell a house if you have tenants already in place? Here are five steps for selling your house with tenants in Southwest Michigan. Step #1: Ask the Tenants The first step to selling your house with tenants in Southwest Michigan is to notify the tenants the property will be listed for sale, and ask the tenants if they are interested in purchasing the property. If the tenants have been in place for a few years, they might have fallen in love with the property or really enjoy the school district for their children. They also might really love the area and want to live there permanently. This would be a great opportunity for them to buy the house they know they love. If they are interested, have them qualify for a loan on your property and the purchase process will be nice and smooth. You may also want to offer an owner financing deal to the tenant if they cannot qualify with a traditional lender. This may ...
Post a Comment
Read more