Top 5 Reasons Why People Hold Onto A Property Too Long In San Antonio

There’s no doubt about it – real estate is a great investment. There is huge money-making potential when you own real estate. But in order to capitalize and enjoy the fruits of that investment people have to sell that real estate. So, how do you know if you’ve held onto a property too long? 

Reason 1. They are waiting for peak market to come back.

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One of the reasons why people hold onto a property too long in San Antonio, Texas is that they are waiting for the prices of the real estate market to double, or triple! The real estate bubble of 2004-2005 is not bound to happen again any time soon. Some real estate owners are watching the market regularly and aren’t seeing the huge price increase they were hoping for. They watch it increase for a few years, then it corrects itself and goes back to where they bought it. They have a plan to make a certain percentage on their investment, but taking into account the annual taxes and the original investment, it is starting to become more money invested than they will ever see come back through a sale without somehow perfectly timing the peak of the real estate market.

There is nothing wrong with waiting a little while for the right time to sell. But, if you have to wait 10 years to feel comfortable selling a property, you also need to factor in the lost opportunity cost. What could you have done with that money over those 10 years? What could you have done over those 10 years so that you could actually enjoy the money? Could you have used it to invest another way that would have made you even more money over that same time?

Reason 2. They inherited it from family

Another reason why people hold onto a property too long is that they inherited it from a really close family member, possibly their parents or grandparents. They want to hold onto that property forever to keep a piece of them in their lives, even though they never plan to live in it, rent it out, or build on a piece of vacant land. It might not even be in the same state! The annual taxes, insurance, or homeowner’s association fees might even be a little too much for their budget, but they don’t care. They want to hold onto the property as long as possible. 

In this situation, their heart is in the right place, but I can almost guarantee that the person who they inherited from never wanted the property to become a financial burden or headache. Sometimes you have to look at the intent of the person who left the property and if that intent was to have you benefit from the property you may need to sell it to make that come true.

Reason 3. They plan to build

A more practical reason why people hold onto a property too long is that they plan to build on it. Maybe they’ve done a ton of research on the neighborhood and it’s a perfect fit for them and their family, but they can’t afford to build. Or maybe they can’t settle on the perfect floorplan for their dream home. They hang on to the dream of building, but never actually build. They do, however, pay taxes and maybe even homeowner’s association fees, but they hold on to the property with hopes that one day they will actually build their house.

Reason 4. They want too much money

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A very common reason why people hold onto a property too long in San Antonio, Texas is very simple: they want too much money. They have an unrealistic idea of what their property is worth and are not interested in selling for less than their ideal number. The sellers that have their house listed way over market value probably really don’t want to sell and will be insulted at anything less than their unrealistic price tag.

Asking for a price that is way too high usually just results in the seller wasting their own time. People are only interested in paying a fair price for a property and if you spend your time trying to sell it for way too much, you usually just end up spinning your wheels.

Reason 5. They have fond memories

Another reason why people hold onto a property too long is that they might have really fond memories. Emotions are hard to deny. Maybe their grandmother lived there and they grew up in the kitchen making pumpkin pies for Thanksgiving with her, or learning how to make pistachio thumbprint cookies in the dining nook. Maybe it was their first house as a married couple and have lots of happy memories of cuddling in the den watching movies. Maybe it’s the house their children grew up in and they made notches in the door frame marking their growth. These are all extremely strong emotions to override and they are understandable reasons why people hold onto a property too long in San Antonio, Texas.

No one can tell you exactly when the right time to sell your property is and it is a decision that you will have to make on your own. Just make sure that you are holding on to a property for the right reasons and that it is the best decision for you.

If you think you might be holding onto a property too long, send us a message or give Sell My San Antonio House a call at (210) 201-6644 to discuss your options in San Antonio, Texas.

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