Delaying selling your house? You may want to read about the following 5 reasons why you should consider selling your house right away in Hawaii…let’s dig in….
Showing your Hawaii home for sale generally requires constant interruptions – you can count on the most convenient time for buyers being your downtime at home in the evenings and on weekends — not exactly when you want John Q. Public wandering through your kitchen. An additional stress factor brought on by showings is the need to constantly maintain your home in ‘showroom’ condition (as much as your home allows for this). The fact that you could suddenly have buyers popping in means you can never really relax (although your agent should be giving you notice).
COVID-19 caveat. Right now, you might be limited in showings. While this is obviously for health and safety measures, it does have the added factor of limiting the number of people who may wish to pursue buying it.
In most cases, in order to effectively list the property, it needs to be in picture-perfect condition. From small repairs to a damaged foundation, structural, or larger home system repairs, such as electric or plumbing, unless your home is brand-new, you may also have to pour some money into it to be ready (potentially a lot). Avoiding the expenses and stress of preparing to list and have showings is one reason why you should consider selling your house right away in Hawaii to a company like ours that doesn’t require any repair costs.
Avoid Listing Expenses
While not the only expense involved in traditionally listing a home on the market, high agent commissions that can cost well into the tens of thousands of dollars can drive many homeowners to attempt the DIY path of listing their house (FSBO, or for sale by owner). After some time passes and they have made expensive mistakes, they then turn to a realtor.
Top agents in Hawaii will often demand a healthy marketing budget, they’ll want to control what is done to improve the condition of your home and are likely to include the costs of staging (a few grand in many cases). Along with all of the other fees that may be tacked on, these sellers find themselves digging yet a deeper hole into the property without any guarantee of an actual buyer or closed sale. These commissions and the other general expenses involved with listing a home for sale are another reason why you should consider selling your house right away in Hawaii — because we’re the buyer, there are no agent fees.
Even more stress comes from not knowing how long a sale will actually take, more so if you’re under pressure to move due to financial challenges, a change in employment, or the need to care for family in another location. Having to pay the costs for two homes (mortgage, insurance, utilities, property taxes, HOA, etc.) when forced to relocate is an important reason why you should consider selling your Hawaii house right away in Hawaii. Many budgets are unable to carry such a load. Consider this when exploring the true cost of listing traditionally, either with an agent or on your own. How much time can you afford to wait for a retail buyer to choose your home among all the others available for sale?
Low Mortgage Rates
There are changes to bank regulations that will likely cause an increase in the mortgage rate in the near future. Additionally, the Fed (the Federal Reserve) has been slowly cutting back on the mortgage-backed securities that they are committed to purchasing as the year comes to an end. While they don’t set the rates directly, their actions and policies have an effect on mortgage rates. Acting before rates rise and buyers with already strained credit are becoming scarce is a good reason to consider selling your house right away in Hawaii – don’t miss out on today’s pool of available, ready, and qualified buyers. Much of the Fed’s actions may be dependent on the outcome of the vaccines in the works for the Covid-19 pandemic and their effects on the economy become clearer. There are also new banking capital requirements coming into effect, likely to cause rates to rise as well.
All good things must come to an end eventually, and this is true for the current status of housing inventory available to buyers. While millions of homeowners have come under the protection of the CDC order and have been able to hold onto their property, the likelihood of these homeowners overcoming their economic challenges is extremely unclear. They will be responsible for timely mortgage payments moving forward, but most have been required to arrange to pay an additional repayment amount for the unpaid months (forbearance, arrears, etc.).
As 2020 comes to an end (thankfully, for many!), experts are predicting the housing market will become flooded with homes that are now under mortgage forbearance, meaning this advantage will soon slip through their fingers and your home for sale may be competing with a LOT of neighbors. It is also likely that not only will housing prices level off, but many areas may experience a drop in pricing as well as the new year begins. Oversupply, leading to lower prices, is a big reason why you should consider selling your house right away in Hawaii. We know Hawaii has absolutely shattered some price ceilings recently, but there’s only so long that can continue before no one can buy a home in the islands anymore.
By selling directly to Oahu Home Buyers, a company that buys houses in Hawaii, you can eliminate all of these concerns and expenses! You’ll be ahead of the game with a guaranteed closing date in hand, usually within 30 days or less (or longer, if you need it). Oahu Home Buyers buys your houses (and condos, land, etc.) in as-is condition, with none of the demands of repairs, showings, or paying all of the commissions, fees, and marketing expenses that come along with a traditionally listing of a home. Ready to learn more about the reasons why you should consider selling your house in Hawaii to Oahu Home Buyers right away? Send us a message or call Oahu Home Buyers at (808) 333-3677 now.