You have decided that you want to move. Maybe you need more space, or less space, would like a different location, need a new project, would like to leave your current project, want to move into the city, or out to the country. No matter what your motivation for moving, many people end this train of thought with “Can I afford to sell right now?”
Rather than ending your dream of moving, I would encourage you to spring forward into action by asking yourself: “Can I afford NOT to sell right now?”
Unless you are truly upside down with your current mortgage, now is one of the best times to sell your home and move into the home you have always wanted.
Buyers are waking up. The fall and winter real estate market brings out the serious buyers. Buyers who are “just looking” and think “it might be nice to move” stick to the summer months. Well priced and prepared homes are selling quickly and sometimes even with multiple offers.
Interest rates are still incredibly low! Do you have a 6 or 7% mortgage right now? You can sell your home and buy one with today’s lower rates (often 3.25%-4%.) That means you can buy more house for the money, enabling you to get what you truly want. A $200,000 home with a mortgage payment of $1600/month at a 7% rate, may only have a $1250 monthly payment at a 3.5% rate*.
Competition is low. Home owners who just wanted to put their home on the market to see what would happen, have since left the market. Others are still “waiting until prices go up” even more before putting their homes on the market. Sadly, that means that prices will go up on the homes they want to buy as well. However, this leaves the door wide open for you to sell your home.
Let the others wait and miss out. You know what you want. You are the one with vision and an eye for opportunity. Can you really afford NOT to sell now?
*rates listed are PITI taken from a handy online mortgage calculator. Be sure to check in with your local mortgage broker for the latest and most detailed rate information.