Do you have a dedicated shutoff valve inside the house for this spigot? If so, this is a good project to try yourself without harming too much. It looks like you must live somewhere with little frost because this exposed pipe setup would burst up north. Is that a copper pipe painted white? If it is you will probably have to cut it and put a new fitting on there. Ideally you make the cut inside the house, then mount the new spigot flush to the house and make the new connection inside. Either by sweating copper together or some other sort of pressure fitting.