I Want a Bigger, Nicer Home but…
Are you one of the many homeowners who would like to have a larger or nicer home but are patiently waiting for the market to improve? Many homeowners are reluctant to sell their home for what it is currently worth.
Buying up in a down market can actually be very advantageous because while you might get less for the home you’re selling, you’re also getting the larger home for less. For instance, if you had to sell a $500,000 home for a 10% discount, you might feel that you left $50,000 on the table. However, buying a $700,000 for the same 10% discount would put you $20,000 ahead on the sale and purchase.
The other obvious factor is when the mortgage rates increase while you’re waiting for the market to improve, it dramatically increases your cost of housing with higher payments. The true cost of housing is affected by price and mortgage rates.
To accurately evaluate your current options, you need facts and assessment tools that will provide you the information to make an informed decision.
Plug your own numbers into our live financial calculator. We’d love to hear how this works for you.