Should YOU Love It or List It (Stay or Sell)?
7 Scenarios That Can Help You Decide if You Should Sell or Stay Put ...
The Northern Virginia Spring 2019 real estate market is in full swing! You may be watching the local Haymarket area market and wondering if now is a good time to sell YOUR home.
Despite what HGTV real estate reality shows might have led you to believe, the decision to sell your home isn’t simple — and it definitely isn’t a decision that you can reach in 30 minutes. This is true even if you never really loved your property in the first place, or it’s become a daily cause of stress. Maybe the commute is getting to you, your neighbors live to find new ways to annoy you, or you just don't need the space or a high HOA.
That’s because parting with a home falls into the “major life change” category. Are you second-guessing, polling all friends and family for opinions, and mentally running through all scenarios on a daily basis? If you feel like this describes how you feel about parting with your home, it’s time to take a deep breath and consider the signs life has been throwing your way. Here’s how to know if it’s time to sell, refinance, or just stay put.
You're Paying PMI
It’s a Sign to … Refinance or Do Nothing
If your down payment was less than 20%, your loan likely came with private mortgage insurance that has added a little extra to your monthly payment. If you now have at least 20% equity in your home, you can refinance your loan in order to remove the PMI. If you don’t have at least 20% equity yet, it might be worth waiting a little bit longer.
You’ve Suddenly Noticed 100 Things You Dislike About Your Home
It’s a Sign to … Stay Put and Update or Sell
After the honeymoon phase with your home is over, you may grow to dislike certain features about it that you once loved, or never got around to updating. However, who is to say that the pattern won’t repeat with a different property? Moving expenses can be expensive and a new house may need work too. Fight that FOMO (fear of missing out) by making improvements like upgrading the kitchen or bath, fixing up the exterior for a little curb appeal, or even just trying simple fixes like repainting the rooms or adding new furniture.
You’ve Just Made A Big Investment
It’s a Sign to … Stay Put
Whether you’ve put a lot of money into your home through renovations or upgrades, or you made another big investment in your life (you started a business, went back to school, bought a boat, etc.), you could be stretched a little too thin to sell your home right now. While renovations often add to the value of a home, they don’t guarantee a higher sales price and shouldn’t be the sole motivation for selling. This is especially true if you made highly personal choices in your improvements, like a major upgrade to your kitchen. Instead, enjoy the new scenery.
You’ve Got Debt (But Also Equity)
It’s a Sign to … Refinance
Sure, you might profit from the sale of your home, which could help you pay off lingering loans, credit card balances and other types of debt. But that’s not a guarantee. Plus, in order to get the highest offers, you could end up having to invest in making repairs and upgrades. If you’ve built equity, you can refinance to a lower interest rate and a lower monthly payment, thus freeing up more money in your budget. Another option to consider is a cash-out refinance to consolidate your debt. This pays off the balances up front, then you’d make fixed payments on the refinanced loan.
Looking for good advice? The Garcia Real Estate Group recommends Curtis Scott, Senior Manager with George Mason Mortgage, LLC
You Really Can’t Stand Your Neighborhood Anymore
It’s a Sign to … Sell
What was once a quiet suburban road became a popular cut-through for speeding traffic. Your neighbor's teenager just launched a new garage band. You maintain your property with pride but the neighbors on both sides don't. While there are many things you can do to improve your home’s interior and exterior, you can’t change the location. If the idea of heading home makes you miserable, it’s time to find new surroundings. Here’s an extra tip: Make sure to visit potential neighborhoods on weekdays during rush hour and weekend nights to get a true sense of the lifestyle.
You’ve Run Out Of Space
It’s A Sign To … Sell
Maybe your family has expanded since you bought your two-bedroom, or you decluttered repeatedly but you’d need to become a minimalist to make your space work. Instead of drastically changing your lifestyle, change your home. If budget is a concern, prioritize space over other items on your real estate wish list like a specific neighborhood, high-end amenities, new construction or a newly-updated home.
You Have Too Much Space
It’s A Sign To … Sell
You own a big house in a family-friendly, amenity-filled community — except the family is now gone. The kids have moved on, many of your friends have retired and moved south and you're tired of paying to maintain space you barely use. If you've been around Northern Virginia for over 10 years, you probably have some equity. And with the rising Baby Boomer population, home builders are building communities with that generation in mind — active adult, main floor masters, energy efficient, low-maintenance homes. It's time.
Ready to Sell?
If you're getting ready to sell your home, it makes good sense to hire a team that has a comprehensive digital marketing plan for promoting your home. Not only will your home be presented well, it will get noticed.