Today’s current real estate market conditions may very well present that perfect opportunity for you to move on up! Love your “starter” home but feel the need for bigger space…getting married, having your first child, craving for that garage parking or simply inching closer to your “dream home”? With mortgage rates so low you may be pleasantly surprised what you can afford. By using the equity in your current home, your carrying costs may not be much large than what you’re use to paying!
Entry level homes are still in demand as first-time buyers are on the prowl… your home may be in their sights! Depending on where the next home you intend on purchasing is located, that area may have had a more substantial price adjustment over the last few months. Perfect timing!!
Sell first or buy first?! Ah yes…what to do! Arm yourself with as much information as possible. Every situation is different!
Have an in depth conversation with your chosen Real Estate Salesperson to determine the current market value of your existing home (most will be more than pleased to give you a complimentary evaluation). They will also educate you on local market activity and help factor in related costs.
Contact your bank or mortgage broker and find out how much they will lend you for the next home. Go over different scenarios with them so there are no surprises! Are you able to carry both properties if your home does not sell in time? Are there large penalties to be paid in order to discharge the mortgage on closing if you have not yet purchased?
Being well informed makes for good decision making.
Good luck!
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