The Nashville real estate market isn’t messing around. National Real Estate Association is predicting it in the top ten of the national market in 2018. Even if you love your current Nashville home, the thought of selling has probably crossed your mind lately. Maybe your friends are selling their homes or you’re thinking of moving to a different side of town.
Most of us know that we’ll need to have our homes evaluated at some point, but we don’t usually think about it until we’re days away from putting it up for sale. Usually we have a number in our head that we think it’s worth, considering what the neighbor’s house sold for or the speed at which the market has progressed.
No matter how much information is available at the tip of your fingers, the truth is that you can’t really know the value of your home until a professional evaluates it. A professional real estate agent is trained to look at your home, compare it to the market, and take things into consideration that you might never have thought of.
It’s easy to miss important details about the worth of your Nashville home without a professional valuation. Sometimes this is an issue of a few hundred dollars you might have overlooked. Other times, however, it’s more costly. It could add up to tens of thousands of dollars that you miss out on by just not knowing the true worth of your home.
One of the great reasons to do a home valuation in January is because most of us are making goals. Too often, though, we don’t have enough information about our assets to make smart, attainable goals.
But is it a good idea to get your home evaluated now, even if you don’t want to sell now? Absolutely, and here’s why.
It’s true that if you don’t know your home’s valuation, you can’t make smart choices about things such as selling. However, you also can’t make smart decisions about repairing and remodeling. If you understand the value of your home, you know whether or not you’ve made money on your home since purchasing it. Is it a prime time to sell or should you wait? Whether or not you want to sell now, it’s helpful to know whether or not your home is increasing in value.
You can discover this and more when you have your home evaluated.
Perhaps one of the most important things you can decide is whether or not to pull out a HELOC – a Home Equity Line of Credit. A home equity line of credit (HELOC) is a line of credit extended to a homeowner that uses the borrower’s home as collateral. It’s a way to tap into your equity and pay a low interest rate with flexible payments.
Pre-approved borrowers receive a certain financing limit based on household income and credit score. They may draw on this limit as they choose. Interest is charged at a predetermined variable rate, which is usually based on prevailing prime rates.Your bank or lender will give you a line of credit for a certain amount, say $100,000. You can draw upon it as much or as little as you like, up to that $100,000, if and when you want.
One of the beauties of a HELOC is that you can open one up without using it. You can start one just in case you need it for a rainy day. Whether or not you need it right away, you have it there for extra breathing room.
Three ways to use a HELOC:
Dwell Music City is a full-service real estate team that does free Nashville home evaluations. We’re happy to help you find out if it’s the right time to sell, upsize or downsize. (Maybe your home went up $50,000 in value since you bought it!) The market is still at an all-time high, so now is a great time to find out.
Reach out to us for your own complimentary home evaluation. Find out everything you need to know in just a thirty minute visit. Get the information you need to make the decisions you want.
This expertise was provided by Dwell Music City, your trusted authority on all things related to real estate in Nashville. It is our pleasure to answer any questions you may have. Contact us here for more information.