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Questions to Ask When Considering Selling<\/h3>\nQuestions to Ask When Considering Selling<\/h3>\nThese questions will help you decide whether you\u2019re ready for a home that\u2019s larger or in a more desirable location. If you answer yes to most of the questions, you may be ready to move.<\/p>\n
Have you built substantial equity in your current home?<\/strong> Has your income or financial situation changed?<\/strong> Have you outgrown your neighborhood?<\/strong> Are there reasons why you can\u2019t remodel or add on?<\/strong> Are you comfortable moving in the current housing market?<\/strong> Are interest rates attractive?<\/strong>
\nCheck your annual mortgage statement or call your lender to find out how much you\u2019ve paid down. Usually you don\u2019t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you\u2019ve owned your home for five or more years, you may have significant, unrealized gains.<\/p>\n
\nIf you\u2019re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.<\/p>\n
\nThe neighborhood you pick for your first home might not be the same one in which you want to settle down for good. You may have realized that you\u2019d like to be closer to your job or live in a better school district.<\/p>\n
\nSometimes you can create a bigger home by adding a new room or building up. But if your property isn\u2019t large enough, your municipality doesn\u2019t allow it, or you\u2019re simply not interested in remodeling, then moving to a bigger home may be your best option.<\/p>\n
\nIf your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you\u2019ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally.<\/p>\n
\nLow rates help you buy \"more\" home, and also make it easier to find a buyer for your current place.<\/p>\n