The #1 Reasons People Procrastinate Selling a Home in Beaufort, SC
Some people can decide to sell a home without hesitation but for others, it is not so simple. Here are the #1 reasons people procrastinate selling a home.
Don’t get caught in the trap of waiting for the “right time”. Though it might seem like a good idea, especially if the real estate market in your area is still growing, towns such as Beaufort, SC have an extremely competitive market and waiting to sell might backfire on you. If you’re procrastinating selling a property because you believe it’s not the right time, check with your real estate agent to see if now is the time to sell or not.
We all want to get top dollar for our property but if you have a busy life, it’s likely those projects are not going to get done quickly. Even though your home isn’t as up-to-date as you would like don’t fall into the trap of taking 6 years to paint your house or finish the basement. That is a seller’s procrastination in disguise, and something to avoid because you will never get ahead.
While it may seem like a great idea to stay in one home while your children grow, the reality is real estate markets all over the country go up and down year to year, and if you’re hoping to make a killing on your home once your kids have flown the coop, you might be out of luck. Markets that are popular now might not be in 7 to 17 years. When it comes to real estate, nothing is guaranteed, especially in the not so foreseeable future. By waiting, you’re betting on an increase for real estate in your area, and while that bet might seem like a sure thing right now, the future is unknown.
For many Americans who have recently retired, the homes they bought 30 to 40 years ago have seen a very large return on investment. The median home value in the U.S. in 1980 was $47,200. As of 2014 numbers, that value rose to $188,900 (and for those markets that have seen huge gains, the median value may be hundreds of thousands greater). For those just entering the real estate market, buying a home is incredibly expensive and requires a lot more money than it did when our parents bought their first home. Real estate, especially for younger people, should almost act as a financial strategy, where one plays the local real estate market by buying low and selling high in a relatively short amount of time to fully maximize an investment. Staying in a home for only three to five years could be a much more financially sound strategy than hoping a single home’s value increases x amount over the next 40 years. The economy is completely different than it was when Baby Boomers first entered the job market. Don’t procrastinate on selling with the hope that you’ll see a greater return on your property when you retire like many of our parents are seeing.
Memories mean a lot to people. When it comes to a home full of memories, the emotional attachment to the property can make it very hard to sell, even when it may seem like the most common-sense thing to do. If you’re avoiding a home sale because of an emotional attachment, it’s best to remember that those memories will always be with you, no matter where you live. It’s very unlikely for an emotional bond to lessen, especially in a home full of love – resist the temptation to procrastinate and preserve your memories through photos and videos, which can go with you no matter where you reside.
Selling a home is a big decision. For some the decision is easy, for others it can mean years and years of delay. Don’t fall prey to seller procrastination – contact your local agent to help you work through your delay. They will be able to address your concerns and will work directly with you to come up with a solid solution to the issue.