The Trusted Home Buyer Logo602-456-4440

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

Martin Boonzaayer

February 21, 2020

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. They are waiting for peak market to come back.

One of the reasons why people hold onto a property too long in Phoenix, AZ 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 the real estate peak market.

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 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. 

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

A very common reason why people hold onto a property too long in Phoenix, AZ is very simple: they want too much money. They have an unrealistic idea of what they’re 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.

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 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 Phoenix, AZ.

If you think you might be holding onto a property too long, send us a message or give The Trusted Home Buyer a call at 866-488-9923 to discuss your options in Phoenix, AZ.

Explore more

May 19, 2022
How The Trusted Home Buyer Helps Seniors And Their Families 

Our team is passionate about helping seniors when they are ready to transition to senior care living. Our team members are Moms House certified and have been actively out in the community, networking with people in the senior health industry. Our program was designed to help seniors and their families with one of the biggest […]

Read More
March 24, 2022
How To Sell A House In Probate

After there is a death in your family, the idea of selling the family home can be a very difficult one to make. Not only are there memories tied to the home, but there is also a large list of complications that come with the probate process. Understanding how this process works can be a […]

Read More
March 2, 2022
I Want To Sell My Mobile Home Quickly

If you want to sell your mobile home quickly, you can take a few routes, each with its own level of work on your part. For example, you have the option to sell to an investor for quick cash. You can fix up your property and list it yourself. You can hire a real estate […]

Read More
February 9, 2022
How to Declutter a Hoarders House

If you own or have inherited a hoarder home and want to declutter, it can be very overwhelming. Typically there are years of accumulation of stuff that makes the process seem impossible at times. But it is not impossible, and we have a helpful list that will aid in your cleaning and help you determine […]

Read More
The Trusted Home Buyer Logo
Copyright © The Trusted Home Buyer
WE BUY HOUSES IN:

4.7 61 reviews