Quick Tips to consider

HOLDINGHOMEThere are several factors to consider when trying to hold on to your property till the price hits its maximum value.

1.  What goes up comes down, including home prices.  AKA the  “Law of Gravity”

2. Evidence has consistently shown that the longer a house is on the market, the lower the offers become.

Taking a house off the market doesn’t eliminate “market time” in the minds of buyers. The first question every buyer factors into their offer is this: “How long has this property been available?”

3. It’s harder to sell an empty house.

When the house comes back on the market,  and  its  empty. The vast majority of homes show better when someone is living in the house.

4. Time equals money.

For every day a house goes unsold, sellers incur a cost.

Just add up everything (taxes, mortgage interest, insurance, utilities, landscaping, snow plowing, repairs, maintenance and cleaning costs) and divide by 365. That’s the daily cost of carrying a house.

There is a break-even point where selling the house for less will start to net more money than carrying a house.

5. Opportunity cost

As long as the house is “being carried,” money is being tied up in maintaining an empty house rather than in an income-producing asset.

6. Depreciation

Everything in the house depreciates with time: the roof, the furnace, the appliances, the windows.

Time puts additional wear and tear on the house and devalues the house further in buyers’ eyes.