It costs money to sell a house. Every month that a house remains on the market is money that reduces your final net profit once you sell it.
Before you list your Colorado Springs house, create a plan that outlines what your asking price will be, the least you can really afford to take for it, and how much you can pay to market and sell the house. Remember that for every month the house is on the market it will cost something.
If you need to reduce the final profit numbers by what it costs to sell the house, have a clear idea of the expenses you’ll be paying on a monthly basis.
In other words, let’s say your Colorado Springs house is worth $300k on the current market. Listing it at the optimum asking price of just below that, perhaps at $290k, you’ll start there with your calculations. Remember that a home seller’s starting asking price is never their bottom line. There is always negotiating room to accommodate the offers and counter offers that will go back and forth until the final price is agreed to.
Figure out how much it will cost each month and start taking that away from the lowest price you can take. It can quickly go below what you need to pay off your mortgage or buy your next house. This is especially true if the house stays on the market for a long period of time.
If you are still living in your home while you sell, you’ll remain obligated to pay your mortgage, taxes, and insurance every month. That’s not bad, since you’d be paying for your new house if you had already moved. The same goes for the utilities and maintenance.
Where these costs become prohibitive month after month is usually when the owner has moved to a new location and is now forced to pay on 2 mortgages, 2 home insurance policies, and for 2 tax bills. In addition you will need to keep at least minimal utilities running so the house is appealing. In the winter you won’t want to risk frozen water pipes. In the summer the house should be somewhat comfortable for viewers that are considering your house for purchase.
Beyond all of the obvious expenses, there are marketing costs that you will need to pay so that the home listing remains active and those looking for houses will see it. Add all of these costs into your final bottom line.
Does this sound like the Colorado Springs house you are trying to sell? If you are in a position where holding costs are eating at your savings, consider selling your Colorado Springs house to us, in the long run it may be the easiest, fastest and most affordable way to sell your Colorado Springs house.
It takes just a minute or two to complete our no obligation online questionnaire, or if you like to have more information, contact us and we would be happy to discuss your situation and see if we can come to some sort of an arrangement to purchase your home.