Lower end homes are also moving very quickly in this market. When inventory is low and demand is high for homes in the $200,000 - $350,000 range like it is now, it’s a great time to sell because we can negotiate a little harder for higher property prices.
Interest rates are still at historic lows; this is a great time lock in your housing cost. Obviously, the interest rate you secure for your mortgage greatly influences your monthly housing costs. It varies daily of course but I recently so an interest rates at 3.2%. Buyers have more purchasing power in this climate.
Your perfect starter home may no longer meet your needs and wants. You may consider moving to a move-up, or step-up, home because:
- An additional income-earner has joined your household necessitating the need for additional space and providing the means to obtain it.
- You need more room for your growing family or more space to accommodate your social life and hobbies.
- Your kids have moved away and it's time for a smaller, more refined house.
- You or someone else in the household got a promotion, a better salary and benefits package. Additional income may allow you to upgrade to a more luxurious home with nicer amenities.
- The current home's value has significantly increased.
Your first step should be to talk with Brian Case at Guild Mortgage about getting a free up-front credit approval. He’ll get you pre-approved for home financing and help you determine how much you can afford to spend. When we start looking, we’re going to want to keep in mind that we want your new home to fulfill your present AND future needs.
In terms of getting the most from your current home and negotiating the best deal on the new house, we’ll work together so that you don’t leave your investment options to chance. It’s a process and it needs to be orchestrated so that it goes as smoothly as possible.
- When do you list?
- When do you look for a new house?
- When do you make an offer?
- What about possession of the current home?
Don’t worry. I’ll help you navigate it all. For more on pricing your current house right, see my earlier blog on the 5 Secrets to Selling Your Home.