There’s no doubt about it – real estate is a great investment. There is huge money-making potential when you own real estate. But how do you know if you’ve held a property too long?
Reason 1 why people hold onto a property too long in Fort Wayne is that they’re holding out! They are waiting for that peak market to come back.
One of the reasons why people hold onto a property too long in Fort Wayne, IN is that they are waiting for the prices of the real estate market to sky rocket. 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. Without the real estate market peaking, it comes more and more money invested that they may never see come back, not to mention taking into account the annual taxes, maintenance, and the original investment.
Reason 2 why people hold onto a property too long in Fort Wayne: 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. Even if they never plan to build on the land, live in the property, or even rent it out, they want to hold onto that property forever to keep a piece of them in their lives for sentimental reasons. It might not even be in the same state! They want to hold onto the property forever, while the annual taxes or homeowner’s association fees eat into their budget.
Reason 3 why people hold onto a property too long in Fort Wayne is that they plan to build!
A more practical reason why people hold onto a property too long is that they plan to build on it. PLAN is the keyword. They cannot afford to build right now, but it’s at great neighborhood and a perfect piece of property. They feel like owning that land is one step closer to their dream home. Or maybe they can’t settle on the perfect floor plan for their dream home. Something always seems to come up that gets in the way of building. They hang on to the dream of building, but never actually build. The hold onto the hope of one day building, while paying taxes and maybe even homeowner’s association fees.
Reason 4 why people hold onto a property too long in Fort Wayne is sales price. They want too much money.
A very common reason why people hold onto a property too long in Fort Wayne, IN is very simple: they want too much money! They do not want to sell for any less than an ideal number they have set in their heads, no matter how unrealistic it may be. The sellers that have their house listed way over market value will be insulted with anything less than their unrealistic price tag, and probably really don’t want to sell at all.
Reason 5 why people hold onto a property too long in Fort Wayne is that they have fond memories.
Ah, all those fond memories. Sometimes people hold onto a property because of them. Emotions are hard to deny. They remember family gatherings here. Maybe their late grandmother lived there and they grew up in the kitchen making turkey for Thanksgiving with her, or learning how to sew in the dining nook. Maybe it was their first house as a married couple and have lots of happy memories adding their own touches. Maybe there are notches in the door frame, as they watched their children grow up in the home. . These are all extremely strong emotions to override and they are understandable reasons why people hold onto a property too long in Fort Wayne, IN.