Over 5 million existing homes are sold in the U.S. every year. Most homeowners sell because they’re downsizing or upsizing. Others sell because they’re relocating or facing foreclosure.
Whatever your reason is, the selling process isn’t as easy as you’d think. In fact, if you’re a first-time seller, it’s easy to get frustrated.
To help you prepare for what’s to come, we’re sharing some of the common challenges of selling a house and what you can do about them.
1. The Emotional Pain of Letting Go
Buying a home is not just a big financial investment. It’s also a big emotional investment. You’ve created a lot of dear memories in your home. It has sheltered you and your loved ones from life’s many storms.
When it’s time to sell the home, the emotional pain can be unbearable. The pain is especially worse if you’re forced to sell it.
If you’re struggling to let go, think of the house as a loved one who’s been snatched away by the cruel hand of death. Loss is part of life, and everyone has to face it. You may find solace in the fact that nothing is permanent in life.
Getting a new home before selling the current one can also help ease the pain. You know, it’s like finding a new lover soon after a breakup!
2. Hire a Real Estate Agent or Sell by Self?
Once you’re ready to sell your home, you can take either of these approaches: hire a real agent or sell it on your own (For Sale By Owner).
Ordinarily, you’d hire an agent. However, you have to pay about 5 percent of the selling price as the agent’s commission.
Now, if you’re in a tight financial spot or want to make the most money off the sale, a problem arises. Why hire someone to do a job you do on your own and pocket everything from the sale?
Unfortunately, selling a house isn’t a walk in the walk. The many processes and heaps of paperwork will give you sleepless nights. Buyer’s agents will lowball you because they know you lack skin in the game, and you’ll end up selling the house below your asking price.
If you’re hellbent on not hiring an agent, at least have a close relative or friend who has some house-selling know-how to help you.
3. Real Estate Market Conditions
Left to their own devices, most people selling property would overprice them. But they can’t because real estate market conditions dictate property values.
When the economy is struggling, property prices fall. The Financial Crisis of 2008 is an example of how market conditions can drive property prices to the ground.
So, if you’re looking to sell and market conditions aren’t favorable, you won’t fetch as much money as you’d have fetched if market conditions were ideal. The house could even sit on the market for several months or years.
Solution? If you’re not forced to sell, hold off until the market recovers.
And if you’re struggling to find a buyer, reach out to cash home buyers, such as HomeOfferHouston.com.
Selling a House Shouldn’t Be a Pain
It’s normal to encounter various problems when selling a house. What makes a difference is how you tackle them. Learning about the common challenges will put you in a better position to overcome them without breaking a sweat.
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