There’s no doubt about it – real estate is a great investment and letting go of such a property by way of selling can be hard for a homeowner.
There is huge money-making potential when you own real estate. But how do you know if you’ve held a property too long and the reasons for that?
1. Waiting For Peak Market
One of the reasons why people hold onto a property too long in Charlotte NC, is that they are waiting for the prices of the real estate market to double, or triple! The real estate bubble of 2004-2005 is not bound to happen again any time soon. Some real estate owners are watching the market regularly and aren’t seeing the huge price increase they were hoping for. They watch it increase for a few years, then it corrects itself and goes back to where they bought it. They have a plan to make a certain percentage on their investment, but taking into account the annual taxes and the original investment, it is starting to become more money invested than they will ever see come back through a sale without the real estate peak market.
2. Inherited Property From Family
Another reason why people hold onto a property too long is that they inherited it from a really close family member, possibly their parents or grandparents and selling the house does not sit well with them. They want to hold onto that property forever to keep a piece of them in their lives, even though they never plan to live in it, rent it out, or build on a piece of vacant land. It might not even be in the same state! The annual taxes or homeowner’s association fees might even be a little too much for their budget, but they don’t care. They want to hold onto the property as long as possible.
3. Plans to Build
A more practical reason why people hold onto a property too long is that they plan to build on it. Maybe they’ve done a ton of research on the neighbourhood and it’s a perfect fit for them and their family, but they can’t afford to build now. Or maybe they can’t settle on the perfect floor plan for their dream home. They hang on to the dream of building, but never actually build. They do, however, pay taxes and maybe even homeowner’s association fees, but they hold on to the property with hopes that one day they will actually build their house.
4. Asking For Too Much
A very common reason why people hold onto a property too long in Charlotte, NC is very simple: they want too much money. They have an unrealistic idea of what they’re property is worth, and are not interested in selling for less than their ideal number. The sellers that have their house listed way over market value probably really don’t want to sell and will be insulted at anything less than their unrealistic price tag.
5. Not Finding The Right Buyer
We at Bright Haven Properties have encountered several homeowners who have had a hard time finding buyers who can and are willing to offer a fair price for their property. Some of these homeowners have tried listing with real estate agents and also the FSBO method without any decent results. Well, if you this sounds like you or you want to avoid having of such problems when selling your house, you could sell to a professional homebuyer like at Bright Haven Properties (Compare selling to BHP vs Listing with Agent). We can buy your home as-is, fast for cash and close in as little as two weeks (Find out how it works). Call us at 704-461-0576 or fill out the form below to get your fair cash offer!