Glenn Roberts 206-524-3665   |    Lake and Company Real Estate   |    Marjie Cunningham 206-380-0718

These questions will help you decide whether you're ready for a home that's larger or in a more desirable location. If you answer yes to most of the questions, it's a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual 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 mostly 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.
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 to your job or live in a better school district.
4. 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.
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.
6. Are you comfortable moving in the current housing market? Our market is slow and finding a buyer may take a while, but you’ll have more selection and better pricing as you seek your new home. Do the math on this one. If your first home was worth $400,000 but has lost 15% in this market it will probably sell for $340,000. The average move-up buyers buy a home for 40% more than the ne they sold. So if you would have been looking at homes over $550,000, you’ll see them priced around $450,000-475,000. With 30 year fixed interest rates at 5% you might end up in a better home/neighborhood for about what you are spending now.
7. It's possible to move down in this market as well. Give me a call and we'll talk about it. 206-524-3665

Marjie Cunningham and Glenn Roberts have been licensed Realtors since 1985. We rely on your referrals to sustain our business. Thank you for your continued support.