It’s a good time to sell your house.
Across the country, especially in some of the hottest housing markets, existing home sales have been steadily increasing and show no signs of slowing down. In 2016, sales were the strongest they’ve been since 2006. Home sales are expected to increase by 4.6 percent in 2018.
Still, anyone who ever sold a house can tell you it’s not as easy as accepting an offer and driving off into the sunset with fat stacks of cash. Home selling is often a costly endeavor filled with hidden fees and unexpected expenses. Ahead, discover the truth about how much it really costs to sell a house.
Your house isn’t always a good asset
You may remember the housing bubble and subprime mortgage crisis in the early 2000s. If you happened to purchase a home in the summer of 2005, there’s a good chance you paid too much for it.
Even in a seller’s market, your house does not necessarily increase in value. When you’re underwater on your mortgage or just breaking even, you’ll wind up paying money to sell your home thanks to all the hidden fees.
You could have to pay for repairs before you sell
Even if you didn’t overpay for your home, that doesn’t mean you’re guaranteed to profit on the sale. Home buyers are more informed and pickier than ever. That ancient water heater? They’ll want it replaced. No railing on the basement steps? Get ready to drop some dollars installing one. Home inspections uncover a whole host of issues you never knew you had.
Offers are often contingent on fixing all those little things around the house that you’ve been neglecting for years. Taking care of everything can quickly eat into your potential profits