Apr 22, 2022 / Home Equity
You may be familiar with the popular HGTV show about the great property debate: to love or list your home. The premise is simple—give homeowners a choice to make improvements on their existing property or put it on the market and find a new one.
You may be going through a similar residential dilemma. Do you sell your home to take advantage of record market conditions or improve your home to potentially add even more equity? While there isn’t a right or wrong answer, it’s definitely worth debating both points of view.
Today’s home buyers expect instant gratification. They want to buy a newly updated home, and they’re willing to pay top dollar for something that’s move-in ready.
To Love: This homebuying trend gives you every reason to make improvements to your property now. If you’re seriously considering selling your home at some point in the future (maybe even near future), there’s an argument that you can increase the value of your home with a few smart, much-needed improvements. Plus, you can enjoy a more updated home (i.e. love it) before you eventually list it.
To List: The fact that so many homebuyers are looking for something move-in ready may mean that you can find a fixer-upper on the cheap. If you’re looking for more space or you want to move into a different area, keep an eye out for something that has potential (but doesn’t necessarily have all the bells and whistles yet). It may convince you to list your home now and save a little money on the sale price of a new home.
Home values across the country continue to rise. The past few years were expected to be recession years. Instead, the exact opposite happened. Home prices and home sales soared to record highs in Utah.
To Love: The fact that home values are rising is great news if you’re on team “list it,” right up until you realize you have to jump back into the housing market once you sell your home. Instead, you may want to avoid the hassle (and the risk of buying high) altogether and update your home to potentially add even more value.
To List: Why not take advantage of all the extra equity in your existing home to turn it into something new? Plus, home price gains are expected to slow down in 2022, so there’s no time like the present to take the plunge on a new home.
No matter whether you choose to love or list your home, now is a great time to find affordable financing. If you choose to renovate, you can find a home equity line of credit with an amazing rate. If you decide to buy, interest rates are on the rise, but still reasonable.
To Love: The rising housing market means you likely have extra equity in your home, which means there may not be a better time to put your new home value to work. Plus, right now you can get an amazing 1% intro rate on a new HELOC to pay for those overdue projects that may add even more value to your home. If you already have a HELOC, transferring funds to your checking account is fast, simple, and hassle-free.
To List: Home loan interest rates have been on the rise for the past little while, but in the historical perspective, they’re still relatively low. And, given that rates are likely going to keep rising, buying a home sooner rather than later may make sense for your situation.
To love or to list, that’s the question on many homeowners’ minds. While there may not be a right or wrong answer, at least you have options. If you’d like a little help with your personal property debate, call or come visit the home loan and home equity loan experts at Utah First. You’ll get expert, friendly advice without the pressure of steering you in a direction you don’t want to go. Visit us online or stop by a branch today.
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