GSAP reveals the holding costs that home sellers must be aware of

 Don’t forget the holding costs as you wait for your home sale to go through via real estate agents

Greenville, United States - March 14, 2022 /Sell My House Fast Greenville -Spartanburg-Anderson-Pickens/

Calculating holding costs for home sellers in Greenville

All set to sell that property in Greenville? Listed the property on the market the old-fashioned way? Now waiting for the right offer to come by? Is the waiting cost eating up the profits from a potential sale that is yet to happen? Home sellers must take a look at their holding costs while they wait for the perfect offer to come along. Is it worth the economic impact? Sell My House Fast - GSAP, one of the cash home buyers in Greenville, discusses holding costs that often cost home sellers more than they bargained for.

Holding costs refer to the outgoings and expenses incurred by an owner pending the proceeds on the sale of the property to another party. These costs are often not evident but are an inherent part of investing. 

These holding costs can include the following elements that home sellers must be aware of as they set out to sell their property: 

1. Price drops

When a listing remains active too long, real estate agents begin lowering the sale price to attract buyers. Home sellers may begin with an asking price that is in tandem with the market trends and area sale prices, but the uncertainty on the closing date changes the game completely. A home that is not selling for long periods may stack up huge holding costs, thereby reducing the profits even at the original asking price. In case the home seller is forced to reduce the asking price to align with the new market price, the profits will naturally drop further. 

2. Utilities

Home sellers who have moved out of the house may be tempted to cut off the utilities to save holding costs. This is not advised as this could probably cost a home seller a deal during the showing stage. Any potential buyer would want to test the functionality of the heating and lights during the inspection. Home sellers may save a few hundred dollars per month by cutting off utilities but lose thousands in trying to gear up the house with heating and light during inspection. 

3. Taxes

Until the papers are signed the house tax obligation lies with the home sellers. Depending on the size and location of the property, home sellers who are awaiting the right offer have to pay probably thousands in property taxes. Home sellers who have already moved to another house may have to evaluate if they can afford the taxes of two houses. This may create financial stress and require a home seller to consider other selling options such as cash offers to escape the heavy property tax.

4. Routine maintenance and surprise repairs

It takes a couple of months and a few staging events to get a potential buyer to make an offer. While this process continues, the home demands maintenance in terms of light fixtures, lawn maintenance, a/c filters, and other unexpected repairs. Home sellers must keep an eye on the expenses they are incurring while they await a traditional sale to go through. Maintaining a home costs a precious penny. Home sellers must calculate if maintaining an unoccupied house that is taking time to get off the market is worth the dent in their accounts.   

5. Insurance

A home without insurance is a sitting duck. But paying hefty insurance for a home that is awaiting sale can really pinch. Therefore, home sellers need to decide if they want to expend huge holding costs such as insurance as they wait for their real estate agents to get them a good deal. Is it really a good deal in the end? 

6. Landscaping

When seeking the best offer on the Greenville market, the curb appeal has to match those standards. Home sellers must maximize their curb appeal as they stage their home for buyers who will make a great offer. This may require hiring a professional landscaping expert who will cost time and money. This is another holding cost that home sellers must be discerning about.

Other holding costs may or may not include HOA fees if the home sellers reside in a private community; property management fees in case the home seller has delegated the home selling task to another entity and; costs associated with a property management company that checks up on the house if the home seller is residing out of town. 

All these holding costs together can cost a home seller a small fortune. The question is is this fortune worth the wait to get the right buyer via the listing method? Is the final sale price minus the holding costs going to make a home seller happy? Probably not.

Home sellers who understand these holding costs may want to make a wiser decision and sell their house for cash fast. Sell my House Fast - GSAP buys homes for cash and closes the deal within 2 weeks, unlike the traditional sales. 

Why Sell My House Fast - GSAP?

Sell My House Fast in Greenville, Spartanburg, Anderson, and Pickens makes home selling easier than ever before. The company buys the home fast, renovates it, and sells it. By eliminating the middlemen such as agents, banks, and inspections, the company saves the home sellers a lot of money and hassle. Home sellers can receive “cash for your house” offer swiftly by following 3 simple steps:

1. Fill out the form - the home sellers can request their cash offer by filling out the form with contact information or directly calling the team.
2. Receive cash offer - the company will schedule a property viewing and make a fair, no-obligation offer, all-cash offer within 24 hours.
3. Choose closing date - Within 14 days of accepting the offer, the company can close escrow and transfer the money to the home seller.

To sell your house fast, call Sell My House Fast - GSAP at (864) 428-9197 or email at myles@sellyourhomeupstate.com.