Relocating can be an exciting new opportunity, but selling your home before the big move can be a challenge in today’s market. Homes often sit unsold for months, leading to huge losses by the homeowner. This step-by-step guide can help you take action to sell your Houston house fast.
Step One: Estimate your home’s value.
Contact a local Houston Realtor for help in figuring out your home’s worth on the current market. Because the market fluctuates, your home’s value will as well. You can estimate your home’s value by comparing it to similar properties in the same location. Make sure that your comparison properties have similar square footage, a similar number of bedrooms and bathrooms, and were built within 10 years of your home.
If you’re already working with companies that buys houses to sell your home quickly, they will also have experts who can estimate the value of your home for you free of charge.
Step Two: Determine how long you can afford to pay for your home.
While your home is on the market, you’ll need to pay your mortgage, insurance, taxes, and utility payments until your home sells. Many people who relocate for a job find themselves stuck paying for two homes, which can be a financial strain. Oftentimes, these homeowners end up slashing the price of their first home because all they can think about is sell my house fast, causing them to lose even more money. Before putting your home on the market, make sure that you can make the payments on it until it sells.
Step Three: Put your home on the market as early as possible.
Some homeowners delay putting their home on the market because they want to make small improvements, plan to stage the home, don’t want potential buyers walking through the home while they still live there, or worry that the house will sell too quickly. This is a mistake that could cost you a lot money.
Every month that your house sits unsold costs you because you’ll be paying your mortgage, insurance, taxes, and utilities, which quickly adds up to thousands of dollars lost. The longer you hold out for a better deal, the more you’ll lose. You need to put your home on the market as soon as you know that you’re relocating or contact a home investor.
Step Four: Calculate how much you’re losing each month.
Add up your costs for mortgage payments, insurance, taxes, and utilities. If you also pay for yard maintenance and/or a cleaning service, then include those costs into your calculations. This amount will show you how much it will cost you each month to continue owning the property. Many homeowners are surprised to learn how much they are losing each month.
Considering the costs of the mortgage and insurance alone, homeowners commonly find themselves on the hook for $1,500 to 3,000 dollars a month in housing costs just for the old home. If the home sits unsold for three months, then the homeowner loses $4,500 to $9,000 just by delaying the sale.
Step Five: Decide if other options are right for you.
Most homeowners can’t afford to wait for the market to go their way. With costs mounting and having to pay for two homes after the relocation, you need a way out. Fortunately, waiting for your house to sell is not the only option available to you. Home investors offer a quick sell to get you out from under the mounting costs. They also buy your home as-is, so you don’t have to worry about making repairs and updates to a home you won’t live in anymore.
When you’re relocating, it’s important that you take action as soon as possible. The earlier you get started, the easier and less expensive your move will be. Only you can decide what best fits your needs, but there are options available to get you out fast.