There are plenty of fears surrounding selling your home. Between attachments to the property or the area, the fear of moving to a new place, or the effects of a move on your family, it’s a big step that can cause a lot of hesitation.
Your hangups on selling your home could be hurting you though. The housing market in Northern Virginia and across the country is constantly changing, and if you let your fear stop you from making a decision, the market may leave you behind.
Don’t let these three common concerns stop you from selling your home since likely, the best time for you to sell your home is now.
1. I Won’t Find a House to Buy
We definitely understand where you are coming from. We buy houses in Northern Virginia and know it can be challenging. Right now, housing inventory is low. In other words, the number of houses available doesn’t give you much confidence. But here are a few things to consider:
- Open Up Your Search Parameters
Of course, buying a house is a considerable investment, and you want to make sure it’s a property you love. But if you start your search with your standards too high, it may seem like there isn’t a single house for you. Try extending your search area or adding duplexes or condos to your search. If you can’t find any houses you love, the housing market constantly sees new builds that may be a great fit for you. - Practice Patience
The perfect home for you may not be on the market yet, but it could be in the coming weeks. While inventory is low, a near-constant stream of homes are still hitting the market. With a bit of waiting, you may be able to find the house for you as soon as it’s listed on the market.
2. My Mortgage Rate Will Go Up
It’s a valid fear: your current mortgage rate is likely hovering somewhere around 4%, but the current average for new homes is 7%. Why would you want to sell your home if it means taking on a new mortgage rate that will likely be three points higher?
This fear results in what is called the mortgage rate lock-in effect. It’s when people stay in a home that no longer fits their needs. It may be too small, too far away, or just in the wrong place altogether. Despite what it may seem with all of the chatter about buyers and sellers markets, mortgage rates, and bank loans, the best time to sell your home is when you need to sell it.
Don’t let a bump in your mortgage rate keep you stuck in a home that no longer suits you. Here are some details that may help ease this fear. Experts are projecting that mortgage rates may begin to fall as inflation starts to cool off. This may help keep the edge off your mortgage rate fears, but it should be noted that rates are historically very difficult to predict.
What is more straightforward to predict, though, are trends in housing costs. Forget about mortgage rates for a minute and listen to this: Right now, home prices are on the rise. Even if mortgage rates decrease, you’ll still be paying more for the same home if you wait. Selling your home and buying a new one now will likely help you lock in a great home at less cost, even if your mortgage rate is higher.
3. My Current House Isn’t Ready for Sale
Historically, this has been a more significant issue than it is now. If your home is outdated, has structural issues, or is in dire need of a facelift, it no longer means you won’t be able to find a buyer.
There are many as-is home buyers in Northern Virginia who are ready to make a cash offer on your home, no matter the condition. This means you do not have to spend time researching, hiring, negotiating with contractors, spending weeks or months with loud construction in your home, and paying for it all to happen.
You can be sure to find a company that buys houses in Northern Virginia in almost any condition. These companies are looking for homes they can restore, so homes in less-than-ideal condition are the perfect buy. Don’t let the condition of your home or any of these other fears stop you from selling. If you’re ready for a change, there is always a solution.