Sell Real Estate

Moving on Up: Does It Make Sense for You?

by Frank Smith Real Estate

Perhaps your family is growing, and your current home, which has served you well over the years, just doesn’t seem to have the space it used to. Maybe you’d like a garage or a bigger yard. Or maybe you need additional space for an elder family member who can no longer be alone. Whatever the reason, when considering a move, you’ll need to consider the following:

  1. Income: Is your income such that it can sustain the additional costs involved, i.e. mortgage, taxes, insurance, and maintenance? Have you paid off those bigger bills? Maybe you have transitioned from a one to two income family.

  2. Equity/Savings: How much equity do you have in your current home, if any? Call your lender or check your mortgage statement (not always accurate). If you have owned your home for 5+ years, you may have significant gains/equity.

  3. Location: Have you outgrown your neighborhood? Sometimes our first pick of homes/apartments is not where we chose to be 5 or 10 years later. How have your requirements changed? Maybe you want to be in a different school district, closer to your job or walking distance to library, park, or schools.

  4. Remodeling/Additions: Are you better off moving than remodeling the home you’re in? Perhaps you’ve remodeled in the past and don’t want to live through it again. Or maybe it just isn’t cost effective for you.

  5. Interest Rates: Lower rates mean lower payments. Not only does this assist you as a buyer, but also as a seller in that it will be easier for the buyer of your home to afford it, and be approved for a mortgage. 

  6. Buyer Market/Seller Market: Be prepared – in a buyer’s market, you will have an easier time finding affordable homes as the prices will be lower. However, the house you are selling will be selling at a lower market price as well. The opposite is true during a seller’s market.

Call Frank Smith Real Estate with any questions, or for a comparative market analysis and assistance in your ‘move up’

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