Home Size5,182 sqft
Days on Market1
Sell Now vs the Cost of Waiting to Sell Your House
The local real estate market is hot so sellers want to know, “What’s the cost of waiting to sell?” It’s a hard question to know the perfect time for you to sell your home in Overland Park. I meet with people every day to discuss their situation and help them discover if now is the right time. Here’s what I know about waiting and what it potentially will do to your finances.
The cost of waiting to sell
If you are selling a house worth $250,000 and want to buy a home for $400,000, here’s the scenario. If you wait another year to sell and buy, both houses will probably increase 3% in value.
Your current home:
Today’s value: $250,000
Next year’s value: $257,500
Your next home:
Today’s value: $400,000
Next year’s value: $412,000
Loss (between your sale and purchase) of: $4,500
What about interest rates?
That $400,000 house’s principal and interest portion of the mortgage payment currently would be $1,527.73 (based on a 4% interest rate and 20% down).
By waiting until next year and if interest rates go up 1%, that $412,000 house’s principal and interest portion would be $1,769.36. That’s a difference of $241.63 per month, $2,899.56 per year or $28,995.60 over 10 years.
I don’t know about you but that’s a chunk of change it’s going to cost you to keep your current house another year.
If you are thinking about making a move anytime soon, now might be the right time. Every day you wait is going to cost you more money. I’ve helped many families realize the cost of waiting to sell and how it’s not in their best interest.
Whether you are moving up to a larger house or downsizing to a house that better suits your current lifestyle, there is plenty of inventory in the higher price ranges in Johnson County. You could make top dollar on your sale right now and get a deal when buying. You’ve surely heard, time is of the essence in real estate.
For a confidential consultation to see if this would be the best time for you to move, call me direct at (913) 515-3250 or contact me here. Whether you are staying in town or moving away, I can help you with the entire process.
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(all data current as of 1/25/2020)
Listing information deemed reliable but not guaranteed. Read full disclaimer.