Selling a home can be a frustrating and stressful experience for everyone at some time or another.
Common stresses homeowners experience include buying and selling a home at the same time, affording the expensive upgrades and repairs to successfully sell the home, and failing altogether to sell their homes. If you had plans to sell your house on the market, expect to pay expensive seller closing costs involved with the transaction. For example, the closing costs in San Diego can be as high as 8% for home sellers. However, it’s important to remember that there is a more affordable way to sell a property, which is working directly with a cash home buyer like us. Nonetheless, there are still stresses that are hard to avoid during this real estate process.
The stress that accompanies selling a home can be very overwhelming to many sellers due to the large number of unforeseen challenges that can come with the process. Depending on one’s circumstances and how much preparation is done before the process of selling a home has begun, stress can be greatly induced or reduced. This article explores these three common stressors that come with home selling and what can be done to mitigate these stresses.
Buying And Selling A Home At The Same Time
When sellers decide to buy a home and simultaneously sell one, they may face the dilemma of paying for two mortgages before successfully selling. Another issue with this is that lenders may not work with buyers who have two house payments to make unless their income and amount of assets are on the higher end.
Most sellers that are interested in buying a home at the same time as selling one will likely need to sell their home first before buying their new home so that they’re more likely to get financing. This will increase the odds that lenders will work with them and also help them go through the home-buying process more wisely and mindfully. Another option sellers can employ if they’re interested in buying a home includes applying for a bridge loan, which is a short-term loan meant to bridge the gap between buying a new home and selling another.
Affording Expensive Upgrades And Repairs
Another common stress of selling a home can include having to pay for expensive repairs and upgrades to a home. Many sellers end up having to decide on three different options when in this scenario: sell as is, only repair/upgrade what is necessary to make it look “good” and fully repair the home. What will be upgraded and repaired in the home being sold depends majorly on what the condition of the home is before repair work and how much money the seller wants to make from the sale.
Those selling homes that are in major need of repair may decide to sell as is to avoid the expensive overhead costs while those with homes in relatively good condition may decide to repair only what’s necessary. Sellers with homes in great condition may be best to repair all things necessary to boost the value of their homes with little overhead.
Failing To Sell A Home
Additionally, some sellers fail at selling a home, causing much stress and financial hardship. The most common reason homes fail to sell is because of overpricing. To mitigate this stress, many sellers find it beneficial to work with realtors to help them sell their homes while maintaining realistic expectations regarding the housing market.
Stresses of Selling a Home
Although selling a home can be stressful, many stresses can be remedied with some foresight and knowledge about buying and selling a home. When sellers want to buy a home and sell one at the same time, bridge loans help to finance the extra money needed until sellers can successfully sell their homes.
To avoid failing to sell a home, sellers can team up with real estate agents to keep their pricing fair and competitive. Finally, being mindful of the condition of their home as well as how much money sellers want to earn on their sale can help to determine what needs to be upgraded and how many repairs should be done.