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Conditions Are Right For Buying The Higher Priced Home You’Ve Always WantedW. Troy Swezey Higher interest rates and home prices in the past have kept home owners from purchasing larger homes. The current real estate market conditions, however, are encouraging for many home owners who want to “buy up” to higher priced homes with more to offer. If you are considering trading up for a larger and more expensive home, conditions for doing so couldn’t get much better. Interest rates are the lowest they’ve been in two decades, and home prices in many regions are the most affordable they’ve been in years. You should consider a few factors before reaching a decision to trade up:
Obviously, you’ll need to sell your current home before getting serious about trading up to a new one. A healthy real estate market indicates that you’ll have little trouble selling your existing home. The national Association of Realtors reported in August that sales of existing single-family homes are rising steadily, especially among first-time buyers. Affordable home prices and low interest rates could make the starter home you purchase several years ago particularly attractive. If you can afford the up-front cost, you may want to consider switching the fixed-rate mortgage on your old house for an adjustable rate on a new one. This could allow you to trade up without increasing your monthly payments. The type of mortgage you choose also depends on how long you plan to stay in your new home. A good mortgage lender can advise you on whether a fixed-rate is an advantage is you’re planning on staying for more than 10 years. A fixed-rate may be better for long term owners who don’t want to worry about rising mortgage payments. Trading up may not be worth the move if you’re planning on living in the new home for only a couple of years. You might have to stay three to five years for your house to appreciate enough to recoup the closing costs. Conditions for a move-up haven’t been this good in many years, and you may not want to wait much longer to consider it. An experienced real estate broker can help you decide if buying a new house now is a good investment for you.
| | | | RELATED ARTICLES Rates May Be Rising. Mortgage And Refinancing Preparation Made Simple For You Buying a home is probably the single largest investment most people make in a lifetime. By preparing yourself and your credit before a home purchase or refinance, you can ensure a smooth finance process and can potentially save thousands on your loan. Improve your financial profile now so you can take advantage of the low interest rates before they disappear. Searching The Internet Without Search Engines The World Wide Web contains more than ten million websites with thousands more being added daily from all over the world, and search engines are tasked with presenting the most relevant pages based on the search criteria entered.Finding a large and popular site like www.irs.gov is easy because it is related to a large agency, but a small site like mine www.consumermortgagereduction.com would be impossible without the use of search engines.The task of finding a website that relates to a specific subject would be almost without the use of the search engine, yet they perform this task with relative ease using tools that may be unknown to most users of search engines. 13 Steps to Increasing Your Link Luck Link development can be an absolute nightmare. It takes up most of a marketer’s time and the yield isn’t always what we originally hoped. Worrying about PR, one way inbound links, triangle linking, where to find quality sites to exchange with, it’s all just a huge headache. To be honest, there’s no real way to wash your hands of it, unless you have a huge budget for purchasing text links or to hire someone to do your linking for you. So here are 13 ways to increase your linking luck. They require a little bit of effort, but executed properly, these steps will only bring your site success. Online Loans Made easy What will it take for you to get a low interest, low payment loan The answer to that question could be an online loan from one of the many companies that specializes in granting online loans, or e-loans. How To Make Affiliate Sales In 15 Minutes If you are one of the 98.6% of affiliate members that never make one cent from affiliate sales or make small $5.00, $10.00 commissions, then this article is for you. Even if you are making nice checks, this will interest you. Are Mortgages a Risky Business A bank or mortgage company is nothing more than a box in which to keep money. The owner of the box has to do a few calculations.Firstly, how much is he going to offer those people who deposit cash in his box, in return for such a deposit Secondly, how much of that money should he keep as cash in case the owners of that cash want it back Maybe 5%, maybe 10%, what are the regulations in his jurisdiction Thirdly, how much is he going to charge those people who wish to borrow the money of others, previously deposited in his box Tax Assessment/Appraisal: How Do I Know What My Home is Worth If you are in the home buying or selling market, it’s important to understand the difference between tax assessment and appraisal value. Concentrate on the appraisal value because this determines your asking price. Comprehending a Credit Report Obtaining a credit report is an excellent way to begin taking control of your financial future. Its recommended that you review your credit report once a year, not only to be aware of your standing with creditors but to also keep abreast of errors and fraud. However, once your report arrives you may have trouble making sense of it. How are you to read and understand a credit report The Effects of Consumer Debt Consumer Borrowing What To Expect In Closing Costs On A Home Purchase Many are taking advantage of this year’s low mortgage rates to purchase a home. Pent up with excitement, many families, who have scrimped and saved for a down-payment, jump for joy when the mortgage lender finally approves their application.But, they should realize that there’s a whole new set of expenses that must be covered before actually closing on the sale. When Renting Is Better Than Buying If possible, it is ALWAYS better to buy than to rent. Right Perhaps Not. Which IRA Is Best For You An Ira is one of the greatest ways to save on taxes currently and accumulate money for the future. Anatomy of an Online Marketing Failure Wife: "Im getting sick of these harrassing bill collectors who call me all hours of the night and day." The "Wall of Defensiveness": 7 Ways to Tear It Down Have you ever gotten frustrated when you realize that your prospects keep stereotyping you as a "salesperson" And because of that, they dont give you the trust and openness that you deserve, and that are essential if youre going to help them solve their problems What is a Bad Credit Personal Loan A UK Bad Credit Personal Loan is a loan designed for the many people with a bad credit rating. A bad credit rating can make your life a misery. The Single Most Important Thing you Must Know if you Own a Home Dont ever, ever lose your job! Decision Time: Home Equity Loan or Home Equity Line of Credit Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and loan portfolios grew 29%, following a torrid 31% growth rate in 2002. With so many people deciding to cash in on their homes equity value, it seems sensible to review the factors that should be weighed in choosing between out a home equity loan HEL or a home equity line of credit HELOC. In this article we outline three principal factors to weigh to make the decision as objective and rational as possible. But first, definitions: Dont Sell Your House--Ever! Keeping your existing house when you buy a new one could be THE most profitable financial decision you could make. Consider the following: Five Ways to Stand Out from the Crowd Some people are content to just to be another face in the crowd. By assuming this attitude, they are saying, in effect, to the rest of the world, Im just average; theres nothing special about me. For those of us who would rather stand out from the crowd, there are some relatively easy ways in which we can accomplish this mission. None of them require a whole lot of skill or money. They do, however, require a little bit of commitment on our part. Unintended Consequences Direct Answers - Column for the week of May 26, 2003 |
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