It’s undeniable that real estate is a lucrative investment. Depending on the location and condition of your property, you can make a sizeable profit through renting out, selling, or investing in Ohio properties. As cash home buyers who have invested in Boardman properties, we know this all too well!
But how can you tell if you’ve owned a piece of property in Boardman for too long, and it’s time to make more lucrative decisions? Keep reading below to know if any of these reasons resonate with you.
Reason 1 – Sellers Are Waiting for the Peak Market to Come Back
A reason some people in Boardman, OH wait too long to sell their property is because they are expecting the housing market to ridiculously balloon again like it did in 2004-2005. That’s not likely going to happen anytime soon, according to most experts’ estimations. Another group of real estate owners check the market frequently but still haven’t seen the vast price growth they anticipated.
After a few years of growth, the value of their investment corrects and returns to where they originally bought it. They hope to make a specific return percentage on their initial investment, but once annual taxes and the original purchase price are taken into account, it’s clear that they will never see that money again unless the real estate market significantly spikes.
Could this be you? Be careful if you think you’re delaying your sale for too long–the right buyer might just pass you by!
Reason 2. They Inherited the Property from Family
People might also feel inclined to keep a property that they inherited from a close family member, like their grandparents or parents. They want to keep the property forever as a means of keeping that person in their life, even if it is vacant land or if it’s located in another state. The taxes related to the property might be straining their budget, but they don’t seem to care about that compared to giving up the sentimental value of the land.
It’s normal to want to hang onto your Boardman property for sentimental reasons, but if you notice your debt starting to accumulate and are getting requests from potential buyers, it may be wise to put your own personal feelings aside and see how a quick sale can help alleviate your financial woes.
Reason 3. They Plan to Build
More often than not, people are holding on to a property for too long because they have other plans for it down the road, like building upon it. Maybe extensive research has been done on the area and its potential, but breaking ground doesn’t fit into their budget right now. Perhaps they can’t seem to agree or figure out the perfect floor plan for their dream home just yet, either.
So instead of selling and moving one step closer to that goal, they dilly-dally while paying taxes and homeowners association fees, hanging onto hope that one day soon, construction will finally begin as planned.
Reason 4. They Want Too Much Money for the Boardman Property
A frequent reason people in Boardman, OH cling to their house longer than necessary is monetary. They want more money for the property than it’s worth and have a sell-by date that’s set too soon. Sellers who have a hard time selling their properties in Boardman can turn off the right buyer by turning away valuable offers just because they believe their property is worth more than it really is.
If you can, we suggest having your home professionally inspected if you feel like you’re being lowballed by potential buyers.
Reason 5. They Have Fond Memories of the Property
People might also hang onto a property for too long because of memories they associate with the home. For example, someone’s grandmother may have lived in the house, and every Thanksgiving, they made pumpkin pies together in the kitchen or learned how to make pistachio cookies by the dining nook window.
People in Boardman, OH may have sentimental attachments to their homes, and this is understandable. Maybe it was the first house a married couple bought together, and they have lots of happy memories of Christmases gone past or family dinners by the fireplace. Or maybe it’s the house their children grew up in, and they made notches in the door frame marking their growth. These are all perfectly normal emotions to feel towards a property, but sometimes people hold onto these houses for too long.
Don’t Wait ‘Til It’s Too Late–Sell Your Boardman Home To Us
If you think you might be holding on to your property for too long, reach out to us. You can send us a message or give Access Homebuyers a call at (330) 708-7077. We buy houses in Boardman, OH, with our own money and we’ll be more than happy to discuss all your options.