Coming to the decision to sell your house is not a light matter. There are a lot of decisions to be made, like whether to use a licensed real estate agent or sell directly to a home buyer; where should you move next? Don’t let these questions delay your decision to sell your house. Here are four ways waiting to sell your house in San Diego County will cost you.
Houses are in Demand
Waiting to sell your house in San Diego County will cost you because there are still buyers for houses. Mortgage rates are at an all-time low right about 3.125% for a 30 year fixed, so now is a great time to put your house up for sale. With the impending market dip due to the corona virus economic shutdown, houses will soon be flooding the market, and demand may start to wane. But for right now, there are still enough buyers in the market to buy all of the houses for sale. We have a High demand for Coastal Properties. From Mission Beach to Carlsbad homes are in high demand. We are seeing a high demand for homes in the East County, Poway, Chula Vista, San Marcos. There are also buyers that have taken a large portion of their money out of the rapidly fluctuating stock market and need to invest it in real estate. Once these funds are used, they will stop purchasing real estate.
If you put your house for sale right now, you will have less competition than if you wait until the market really starts to dip. With the Stock Market rebounding from the corona virus, we will see less buyers in the future. Buyers will easily find your house in San Diego County if you have a good Marketing Plan. Once the downward trend is realized, and they do not ring a Bell when we hit the top. Many sellers will use that as their queue to list their house for sale. Most Sellers will wait too long to put their house on the Market. That means, the market will soon become flooded and you will have lots of other competition for buyers in San Diego County to review. In order to catch the buyer’s attention when the market is flooded, you will have to make sure your curb appeal and all necessary upgrades have been done, and you may have to accept a lower offer than you plan on, just to solidify a buyer. If you are thinking of Selling your Home, you will want to get the Top Price in a shortest time period for your House.
If you wait to sell your house in San Diego County and you start to realize that downward trend, that means the average sales price for your comparable properties will also be less than you were expecting, and you may even have to accept a lower than market price offer to sell your house. This happened in 2007 and 2008. This costs you the extra capital gain you could have had if you did not wait. The San Diego market will be flooded with houses for sale, the buyers have more power in selecting the house they want and are able to make lower offers because they have so many other options. With the Pandemic and the hit on the economy, more house are in default and behind in payment than since the 2008 down turn. San Diego will see a increase with homeowners going into foreclosure. Desperate sellers in the San Diego markets will start accepting the lower offers, which compounds the dip in the housing market. This is a very difficult market to sell your house.
The longer you own the property for the year, the higher the percentage of taxes and dues you will owe. The annual taxes on the property are prorated based on how many days out of the year you own it, you will only receive credit for the part of the year you will not own the property. The same goes for homeowners association fees, only the part of the year you do not own the property will get refunded. These perorations are subject to the payment due dates. In San Diego half of your taxes are due in November and the other half in February for the year ending in June, but some homeowners association fees are assessed at a different point in the year.