Is it possible that selling a home is not a smart idea even if you have equity AND you want to move? YES...a refinance might be a better financial decision for some people.
I have past clients who purchased a home when rates were a bit higher (7%). They would prefer to move but after a review of the homes on the market, they didn't see much that they liked. They figured it would take a few months for their home to sell anyhow, so they called me to stop by for an appointment.
Just so you know, when I set an appointment to list a home, I ALWAYS do an analysis before I go. I need to educate my potential client on home values, set expectation of sales time and make sure the scenario is a win-win.
The home sales market in Raleigh, NC is stronger then its been all year long but its still a buyers market. Sellers are making sacrifices in pricing to get their home sold.
In this sellers case, they didn't HAVE to move, they just wanted to sell their home in Raleigh. Selling a home in Raleigh isn't hard but you're not getting top dollar like you did a few years back. We talked over some upgrades and staging that was needed (about $5k in work) and we also discussed what type of home they would get for $150,000. That was the purchase range if they did buy a home in Wake County.
They overall decision was...STAY PUT! I suggested they speak with a mortgage lender and refinance or streamline their current mortgage.
She followed up with Chris Earnhardt (www.mortgagerewardsteam.com) 919-539-1210
He was able to set them up and pay off a few debts, lower payments $240 and they were able to stay put a few more years until the market settles again.
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