Samantha Smith provides a great example of why its always a good idea to buy UP in a down market. Sure, you take a hit on your current home, but you are also getting a larger home for less. And let's be honest, the market is not going to stay down for much longer. It may not sky rocket upward like it did a few years ago, but that is okay unless you are looking for a quick buck.
A good read below, check it out.
YES, it IS a great time for you to sell so you can buy that Bigger/Nicer home you want!
There are homeowners that would like to have a larger/nicer home but are patiently waiting for the market to improve. A frequently heard objection is that they can't Sell their Home for what it is Currently Worth.
Believe it or not, it's actually to your advantage to Buy up in a down market 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 $200,000 home for a 10% discount, you might feel that you left $20,000 on the table. However, buying a $300,000 for the same 10% discount would put you $10,000 ahead on the sale and purchase.
The other obvious matter is that 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 cost of housing is affected by price and mortgage rates. So though you might be "losing" money selling your current house at a lower price, you're actually saving money and getting a deal!
To accurately evaluate your current options, you need facts and assessment tools that will provide you the information to make an informed decision. Below is an example of one of the assessment tools that I use, that can give you Figures/Numbers to help you decide what's best for you. If you'd like to schedule a FREE consultation, simply send me an email or give me a call.
I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice. If you are available to talk, I am available to listen. Give me a call or visit my website for more details.
Do you want to know all of your mortgage options? Call me today and let's discuss them further.
Always available for your Texas Mortgage and Home Loan needs!
John R Cannata P#214.728.0449
NMLS # 322646
The views expressed on this site are mine alone and do not reflect the views of my employer.