How to Know if You Should Sell Your House in Kansas City or Refinance

Many factors come into play when homeowners determine the best course of action to take with such a significant financial transaction as selling or refinancing your home. The decisions you make today will have a substantial impact on your overall financial health in the future, so take the time to consider all the particulars of each option. So, if you are one of the many homeowners feeling a bit unsure about whether or not you should sell your house in Kansas City or refinance before rates go up, read on to learn how you can know for sure which is best for your situation. 

Space

While you may have required four bedrooms when you purchased your home several years ago, and your needs have changed, you may find that you have become burdened by keeping such an ample space. It may be time for you to sell and downsize should you find yourself in this situation. Conversely, you may have been single when you purchased your first home, and two children later discover that you have outgrown the house. Refinancing may be an option if the property has room for additions.

However, most homeowners would rather forego the stress, mess, and noise of living in a construction zone, so you should consider carefully how your family will handle the headaches of renovations when deciding if you should sell your house in Kansas City or refinance.

Finances

Outside forces can drastically change our financial circumstances for the better or regrettably for, the worse, which can strongly influence whether or not you should sell your house in Kansas City or refinance. If you find yourself struggling to make ends meet, consider that lenders have strict criteria about your credit rating. In addition, if you borrow more than 80 percent of the current market value, you’ll probably be paying an additional fee for private mortgage insurance, PMI, and check with the lender about other fees and costs associated with refinancing.

If foreclosure is a possibility, don’t stick your head in the sand and allow procedures to begin without taking any action. Listing a home on the market to sell for the highest possible profit takes both time and money. If you are already in financial distress, find out the average days on the market, which is the closest you can get to an estimate of when your home will sell. You’ll need to take a realistic inventory of the costs involved to list a home before jumping in, including real estate commissions, prepping and cleaning for showings, inspection, appraisal, repairs, and the costs of holding the property until the sale occurs.

Note, if you are facing foreclosure because of issues due to COVID, many states do have assistance programs to help you. Here in the Kansas City Metro, be sure to check with Kansas Housing Corporation for mortgage loan assistance and Missouri Housing Development Corporation to see how they can help you.

kcmoHomeBuyer

If you are trying to decide if you should sell your house in Kansas City or refinance, the experts at kcmoHomeBuyer take the time to listen to your concerns and answer any questions with no obligation. At kcmoHomeBuyer, our professional buyers have years of experience to help guide you in knocking down hurdles that homeowners just like you face every day; why not find out how a direct sale to kcmoHomeBuyer could be the solution to your problems? At kcmoHomeBuyer, the Tuckers are your neighbors. Living in Blue Springs and Parkville, our goal is to help you make the best choice for your situation. We want you to feel good about the deal long afterward, so we detail how much you would profit by listing your home with us as agents at Realty Resource after our commission and other associated costs vs a fast cash offer from us here at kcmoHomeBuyer. You can determine which is the better solution for you. We can provide you with a solid offer and timeline for us to buy your home and then estimated proceeds and timelines for listing your home on the Kansas City market. You decide which works better for you and your family. Contact kcmoHomeBuyer at (816) 408-3600.

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HELPED ME THROUGH THE PROCESS

Words cannot express how Kim’s hard work has affected my family. After a death in my family, I was left with a home out of state that had been abandoned and no banks would even claim the loan! Kim helped me figure out how to determine ownership, what to do about the taxes, and how to clear up the loan status so the property could be sold. She helped me through the process every step of the way, despite my frazzled mindset after losing a loved one. There is no one better, she’s simply the best!

Andrea from Kansas City, MO
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