November 1, 2021
Sell, Rent, Buy: Should You Sell While the Market is Hot?
The market in Asheville has been on fire this year. Some homes are selling for well over their asking price, and many are sight-unseen. Does that mean you need to strike while the iron is hot? Should you sell your home even if you weren’t planning on it? And what happens when it sells if you don’t already have plans in place? This can often lead to a complicated tango of selling, renting, and buying. Here are a few things you should know before you make your decision.
Why Sell Now?
The trends speak for themselves. In August of 2021, the median home price in the city of Asheville was over $620,000, up from $495,000 in 2020. It’s a seller’s market, and more people are looking for houses than there are homes to sell. It’s taking less time for homes to sell as well. On average, homes spent 44 days on the market in September, up from 63 days at the same time last year. And we see many homes spend far fewer days than that.
If selling has been on your mind, the market is hot, and the trend can shift at any time. But, of course, there are always things to consider when choosing to sell your home in Asheville.
What Happens if Your House Sells?
If your home has increased in value, you may want to get the equity out of it and put it in the bank before the market trends down again, but that is a very personal decision. At GoPrime, we don’t encourage homeowners to think of a house as only an investment. You should buy a home where you want to live, not because you could make a lot of money on it when you sell. However, that doesn’t mean selling is always a bad idea. But what happens if your house does sell?
One of the issues with selling in this market just to cash out equity is that the reality of home prices won’t change. You may make money on your home, but houses in the area are still skyrocketing in price. Buying another place right away for less money isn’t likely. The only way selling now makes sense is if you can live somewhere for less money than you’re paying on your current mortgage, and that can include renting.
Renting After a Home Sale
If you were already planning on moving out of the Asheville area, selling now and renting until you relocate is probably a smart move. You get the most bang for your buck in the housing market, and you reduce your hassle when the time comes to move to your new city. However, high home prices in Asheville are also leading to high rental costs.
The average rent in Asheville is over $1400 per month. And it’s interesting to note that the average apartment size is under 1000 square feet. Depending on your needs, you could be paying a lot more for more space. Asheville also has a unique statistic in that renters account for 52% of the occupied households, and 47% are owner-occupied. Nationally, 65% of homes are owner-occupied, according to the US census.
Buying Your Next House
Before you determine your next moves, it’s essential to get all your ducks in the proverbial row. Selling a home with the express purpose of buying one may not lead to the best financial situation, so any decision should involve a discussion with an independent mortgage lender. Even buying and selling a home at the same time can be challenging.
Even if you think you may want to rent for a time before buying your next home, it helps to find out how the sale will impact you financially. Get an appraisal on your house to find out its worth, and don’t just rely on the Zillow “Zestimate” for this information. Talk to a real estate agent to learn more about the market for your home. And discuss the next steps with an independent mortgage lender like Zachery Adam of GoPrime Mortgage in West Asheville.
Sell, Rent, Buy? What do you do next if you need to rent or buy another home? Do you want to understand the mortgage process better and get preapproved for your next home purchase? Call the team at GoPrime Mortgage today. GoPrime Mortgage in West Asheville is here to help. Call us today at 828-348-1907 – GoPrime Mortgage in West Asheville.
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