Is Moving Up a Smart Move?

Are you playing with the thought of buying a bigger or better home? For some buyers even down-sizing to a smaller one story home may mean moving up the amount of the new mortgage payment. The following questions should help you figure out if it makes sense to move up.

1. Have you outgrown your home?

Your family might have expanded, your life style may have changed, or maybe you're running out of room for your furniture or collectibles.

2. Are there reasons why remodeling is not an option?

You may be able to adapt your home to your new needs by adding on or remodeling. If adding more room is not feasible, then moving to a larger home may be your best option.

3. Are you comfortable with the current housing market?

When the market is a hot seller's market, your home may sell quickly and for top dollar, but the new home you plan to move into will also be more expensive. By the same token, when it's a buyer's market you'll have a lot of inventory to choose from and you'll be able to negotiate a great price for your new home, but your current home will likely sit on the market for a while.

4. Have you built up equity in your home?

It usually takes a few years to build up equity by steadily paying down the principle of the loan and hopefully also by an increase in the market value of your home. Compare the mortgage balance with your home's current market value. Your Realtor can prepare a comparative market analysis to help you gauge how much your home should sell for.

5. Have you had a change in income?

If your financial situation has improved you may be able to afford the higher mortgage payments of a bigger home.

6. Are interest rates favorable?

Low mortgage interest rates keep your monthly payments low and make homes more affordable. Low interest rates also make it easier for buyers to afford your current home.

7. Have you outgrown your neighborhood?

Your neighborhood may have changed and no longer has the same feel it had when you first purchased your home, or you may want to live in a different school district or have a shorter commute to work.

Sandy Nelson
Olympia Realtor®, GRI, ASP, Built Green
360-789-7505
www.SandyNelsonRealEstate.com

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