It may seem like wanting to sell your home fast is a no-brainer, but some sellers find themselves sitting on a property for a while when it doesn’t end up going quickly. They adopt the mindset that the right buyer will come along at the right time and stick by their price and the “as-is” condition of their home.
Ultimately, this approach is detrimental to their bottom-line. They are unlikely to get the price they want and, in most cases, end up having to drop the price considerably to get people interested in the home again after already wasting lots of time and money in the process.
The biggest benefit to selling your home fast is that you have a better chance of selling your home for top dollar.
Downsides of Letting Your Home Sit on the Market
The longer it’s on the market, the more negotiating power buyers hold
When buyers view a home online, the amount of time it has been on the market is included in the listing’s details. Real estate agents also pay attention to this and will inform their clients (buyers) of how long it has been for sale because if it’s been a while, that gives the buyers negotiating power. The initial pool of buyers passed on it, meaning it was listed too high for the market or the condition didn’t meet the expectations of buyers for that price point. Once it’s been on the market for longer than thirty days, people lose interest unless they can negotiate the price down.
Household payments add up
While your home is on the market, you remain responsible for all the expenses including the mortgage, utilities, association fees, and maintenance of the property. If you’ve already bought your next home, you’ll be stuck paying double on everything until it sells.
Your life is interrupted until it sells
Your life is basically on hold from moving on to the next chapter until you’re able to close on your current home, especially if you’re waiting to buy your next place until it sells. Living in a home that’s on the market is uncomfortable, especially the longer it goes. You have to keep the home in pristine condition at all times and be ready to vacate the property whenever a buyer wants to view it.
Your home loses desirability
The longer a home is on the market, the less appealing it is to buyers. They start to wonder what it is about the home that has made no one else interested in it to sell it faster or what problems might have come up if someone did try to buy it and the deal fell through. Were there issues with the inspection? Are the sellers being difficult? These are things that commonly run through a buyer’s mind when they see a house that’s been sitting on the market for an extended period of time.
The market changes on a dime
The real estate market is always changing, meaning that it could go from a seller’s market to a buyer’s market in the time yours is still sitting there. Interest rates go up, supply and demand fluctuate, and a lot of variables can swing in and out of your favor. The quicker you sell your home, the more control you have in taking advantage of the market in its current state.
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