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Offered by Eddy & Muñoz Home Team

Ah, the ever growing question… should I sell now or wait until I can buy something cheaper? Every homeowner is faced with this question when deciding if they should sell in a “sellers” market or wait until homes are cheaper to purchase in a “buyers” market.

It can feel at times this is a no win situation however, I subscribe to you both questions are one in the same. If I sell in a sellers market I will get more money for the home I already own thus having more money to put down. If I sell my home in a buyers market, I will likely get less money but would not have to put as much money down on the next home I purchase. Either way, the goal should be 1) can I afford the monthly payment and 2) can I purchase something that has what my family needs?

My wife and I recently sold our home, which we were comfortable in but lacked items we desired. The price point for the home was much larger than what we owed on our current home but, due to the awesome interest rates and equity of our home, we were able to place a down payment on the home of our dreams and merely increased our payment by $75 per month.

The main point of this post is to clear confusion a bit on the whole “higher prices mean we can’t buy” mantra. The equity you use to make a down payment on your new home is not lost, it is still your equity just used to buy a new home. If you placed a $70,000 down payment from the sale of your previous home, it is just equity in a new house. So whether you’re in a “sellers” market or a “buyers” market, if you wish to upgrade you should do so. And if you don’t know what kind of equity you have gained from the market, contact us to find out where you stand. How does a new home for Christmas sound? Pretty good, huh?!

Contact the Eddy & Muñoz Home Team at Innovative Real Estate Group. We are your Real Estate Resource.

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Eddy & Muñoz Home Team