1. Have you built equity in your current home? Look at your yearly mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are primarily interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.2. 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. Click Here for helpful tools to calculate what you can afford.
3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer proximity to your employment or live in a better school district. Click Here to find out more about schools, employment, entertainment, and recreation in the Boise, Idaho area.
4. Are you comfortable moving in the current housing market? If your market is hot or a seller’s market, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow or buyer’s market, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. The past three years the Boise real estate market has been a buyer’s market but over the past few months we have sign that we are starting to recover.
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. With historical low interest rate, and low home price people buying power has never been better.
Nick Smith
Silvercreek Realty Group
Cell 208-859-6590
Fax 208-319-8969
RealOneSmith@gmail.com
www.Real1Smith.com
No comments:
Post a Comment