Tips for the Move-up Buyer

     Thinking of moving up?  the time is certainly right.  Many buyers have amassed enough equity in their home that they can afford to buy a bigger home more easily than they thought. 

Before making that move, there are five tips that can be helpful.

     1. Check Out the Interest Rates: Even though interest rates have threatened to go up in the last year, they still have remained at record lows.  That's good news for buyers, as their monthly payment is lower.  But any homeowner who hasn't refinanced in the last few years is probably paying a higher interest rate than the current rates.   They will be surprised at what they can afford. with a lower interest rate.

     2. Call Your Realtor: Perhaps it's time to find out how much equity you have in your home.  After all, home values have been going up 20 percent annually for the last few years.  A market analysis by a real estate agent can provide this information.

     3. Talk to a Lender: "You need to find out where you can place yourself in the buying arena," advised Hines.  "Many people are making more money than they were 10 years ago, they have built up equity in their home and the interest rates are low.  For the same or slightly higher monthly payment, they could possibly be in a bigger home.

     4. Know the Market: Another advantage of knowing  the market is that it allows buyers to get the home they want by moving quickly.  Due to a shortage of supply, homes are selling faster than ever before.  "They need to know what they want," she said.  "If they see it, don't take too long to make a decision."

     5. Do it Now: Hines advises clients not to sell then rent for a while.  The best plan is to sell then purchase right away before there's a big gap in appreciation levels.  "If you rent, you're also losing time you could be building equity," she said.  "Any time you're trading dollars, you can't go wrong."  It can sometimes be a difficult choice to move up, but if it's something in your future, now is the time to do it.

     "It's always a good time to get more for your money," Said Hines.  "Especially in real estate.  The market has proved that there's no better long term investment than real estate."

 

 

 

By Patricia Morris Buckley

Windermere Homes & Estates
830 W. Valley Parkway 330 • Escondido, CA 92025
Phone: (760)470-2519 • DRE LIC. #01345138



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