You hear it every day on the news. Home prices are rising throughout the country. Are they rising in Virginia Beach and Hampton Roads? Yes, but not as fast some parts of the country.
What we are seeing now is an increased level of buyer activity and prices rising dictated by location. So if you are considering selling think about the following before making your decision(s).
—– Do You Have Equity?
Many home owners have watched much of our equity disappear when home values dropped. If you bought during the boom times of 2005-2008 you still may be underwater.
Selling your home and bringing cash to the closing table does not seem like a good thing. Doing a short sale will most likely prohibit you from obtaining financing for a new home for 18-24 months. However, many home owners have seen their home values increase. If you have been paying your mortgage down at a good clip you may have a more positive equity in your property with the recent market increases. If this is the case, now may be the time to consider selling.
Sell Your Home – Bigger May Be Better
3 car garage and we are still adding on. You have room to move around without bumping into each other. Maybe you have added children to the family or a relative has moved in for are giving. If you need a bigger home now is the time to make the leap. Interest rates are favorable and you are still getting in before prices really start to rise.
Bigger Is Not Better Anymore – Sell Your Home
The kids have all left to college or moved on to other things? Empty bedrooms galore and too much home to keep up with. Downsizing may be the best move for your piece of mind and finances. Lifestyles change and selling may be your best option.
Interest Rates Impact Your Future
We know one thing – interest rates are not going down anytime in the future. Think about what half or whole point of interest rate increase does to your buying power. Quite a bit. Better now than later. Lock in the low rates for the long term. More piece of mind.
Don’t Chase The Market – Be In Control – Sell Your Home
Read this great article on “Chasing The Market Down – Are You Guilty” written by Long Beach REALTOR(R) friend Laurie Manny. Written back in 2008 it is still great guidance from a very smart agent.
Why do you want to sell? Job, divorce, children, medical issues, marriage, etc. Be aggressive when selling and stay ahead of the curve. Listing your home for sale at too high of a price just complicates your situation. You will be chasing the market down as others reduce price or new listings priced properly come on the market.
Keep your eye on the goal of selling and knowing you are going to get a subsequent good deal on your home purchase. Fair market value works – overpricing just lengthens your selling time
The staff at Creed Realty stands by ready to help you sell your home and get you into the next dream home whether big or small. Contact us here.