Is your house listed for sale or you are thinking about listing it? You may be hesitant because you’ve noticed the signs on your neighbors lawns, and they’ve been there a while. Can you sell your house right now? Regardless of the plan you have for what to do and where to live after, you need to think about the actual options available to you for selling your house and getting full value.
The problem there is, what is considered full value? For example, you purchased your home in 2010 for $150,000. You have put your time and money into it and before 2018, it was double the value. However, since 2018, without even doing much to the property, its value has at least doubled, in some cases tripled. Now it’s 2024 and you are ready to sell, but there’s the issue again, what can you sell for and can you get value?
Why Houses Aren’t Selling
Houses are not selling like they were a year ago. Houses are sitting on the market longer than they have in a decade and people are not sure what to do. The reasons are a combination of the cost of the property, as well as inflation rates. Someone who wants to buy a home may have to pay $500,000. While that number is bad enough, it is worse when you add the interest, along with elevated taxes and insurance.
The actual cost to own a home is getting too expensive, even for people who make six figures a year. Add to that the fact that most affordable homes in the area may need some work, and you can see why these houses are sitting on the market for a longer period of time. That said, there are still houses that are selling and for a reasonable price.
Can Your House Sell?
It’s a fair question and one of the first you should ask your realtor. Should you list your house or not, meaning can it sell? The answer is not as simple as you would want. A realtor can evaluate the property and give you more accurate answers based on what you are working with. Some of the factors that play a role in this include the location, condition, asking price and local market.
If your house needs work, it’s going to sit. Work includes kitchen, bathrooms, roof and windows. If those are outdated, you either have to drop your price or expect to wait. Buyers are not going to have the funds to put a major downpayment on the property and then spend thousands to renovate it. That’s why houses that need work are sitting on the market longer.
Will Your House Sell?
You just thought of three or four houses that are on the market in your neighborhood that look great and are not selling. Yes, newer homes or homes in great condition are also not selling. The problem there is the asking price. Even though the property is ready to sell and looks great, you cannot overlook the fact that it’s too expensive to buy. Calculate your asking price, with 20% down, and factor in their monthly expenses and ask yourself if you could afford that each month?
Your house will sell, the question is when and for how much. The problem with that answer is that there are so many factors including what your first asking price is. It does not matter how high it goes, your property will get immediate interest. However, once people have had a chance to review the property, they will determine their own value and if it’s lower than yours, you will not get a reasonable offer.
Realtor Recommendations
Working with a realtor helps you to get a better idea of where you are in the market, how your area is doing and what your expectations are. They can provide you with the answers you need as well as help you determine a reasonable asking price. If you list a nice property, that’s ready to live in, and for a reasonable price, your property can sell. Connect with a realtor who can give you the answers you want and the guidance you will need throughout this process.
