Does Moving Up Make Sense?

Ask yourself these 5 questions to help you decide if you have house fatigue and are ready for something newer or bigger or in a more desirable location:

  1. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
  2. Have you outgrown your neighborhood? For example, you may have realized that you hate your commute or your children might excel in a different school district.
  3. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
  4. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
  5. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.
Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

Let me personalize your home market analysis for you so you can decide what your next step is. Knowledge and experience count!

My name is Georgia. My friends call me Peach. I live in Kirkland where I have been helping Buyers and Sellers for 12 years.

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