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11 Steps Away From Buying Your Dream Home
13 Extra Costs to be Aware of Before Buying a Home
3 Tips for First Time Home Buyers
4 Things You Shouldnt Do When Youre Buying A Home
5 Magic Points Should I BUY or RENT my HOME
5 Tips for the First Time Home Buyer
A Guide to Buying a New Home
A Look Inside Escrow For Real Estate Investors
A Real Estate Investing Primer
Adjustable Rate Mortgages Offer Alternatives For Home Buyers
Attention To Details Helps Homeowners Sell Fast In A Buyers Market
Avoid Home Buying Blues At Closing
Buy a condominium or get a starter home
Buying A Home Beginning Stages
Buying A Home Some Essential Tips
Buying a House How Much Home Can You Afford
Buying Home Appliances The Smart Way
Buying Home Whitening Kits like Whitestrips
Finance Your Real Estate Investment Properties
Finding A Capable Agent To Meet Your Real Estate Needs
How Can the Average Person Build Wealth in Real Estate
How To Qualify for First Time Home Buyers FHA Home Loan Programs
Important Tips For Home Buyers
Part I Home Buyer Terms and Definitions
Part II Home Buyer Terms and Definitions
Part III Home Buyer Terms and Definitions
Tips For First Time Homebuyers
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Conditions Are Right For Buying The Higher Priced Home You’Ve Always Wanted
by W. 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:
- Can you afford higher mortgage payments and property taxes?
- Is your credit record solid enough to qualify for the probable higher monthly mortgage payments?
- Do you plan to stay in your new home long enough to recoup your investment?
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.
W. Troy Swezey is the author of “CONDITIONS ARE RIGHT FOR BUYING THE HIGHER PRICED HOME YOU’VE ALWAYS WANTED." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, “REAL ESTATE SECRETS EXPOSED.” http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net
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Part I: Home Buyer Terms and Definitions
When you start shopping for a new home, you may encounter some words and terms with which you are unfamiliar. The following glossary will help you to be a better informed shopper.
Adjustable Rate Mortgage (ARM) - A loan whose interest rate...
Buy a condominium or get a starter home? Often considered an alternative to home ownerships, a condominium is a form of property where you own one unit in a development plus a share of all common areas. You can find condominiums in cities as well as suburban areas. Condominiums are often...
Avoid Home Buying Blues At Closing Buying a home is a stressful and emotional affair. You can avoid the home buying blues by keeping your cool at closing.
I’ve just come from a settlement table at which a friend bought a new condo. It’s beautiful, convenient and just what she...
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