"Should I sell my home now or wait until next year? This is a question I've heard quite often the past couple of months from potential move-up buyers. Just yesterday, I met with a family who is thinking of selling their Woodbridge VA home, but isn't sure if they are ready. They want to buy a home in western Prince William, a home that is large enough for their growing family.
Like many move-up buyers in the Woodbride VA area, they bought their current home several years ago when it was a foreclosure, so they have a good amount of equity in their home and now feel they are ready to buy their next home. The inventory of homes for sale in Woodbridge VA is low right now, so sellers are sometimes getting multiple offers for their home. The family I met yesterday have some preparations to do to get their home ready to sell, and are thinking that by next year, they will have the home ready. I suggested that if they can speed up the time table and be ready by early spring, it could end up saving them money in the long term. I advised them that while the value of their current home is likely to increase between now and then, the price of the home they wish to purchase will likely also increase. This will result in a larger mortgage necessary to purchase the next home.
And while mortgage rates are currently still near historic lows, they are forecast to increase to near 5% by the end of this year. While that is historically a very low rate, an increase of around 1% to 1.5% will make a major impact on a monthly mortgage payment. This higher interest rate will also decrease the total amount a buyer can get pre-approved for, thus lowering their buying power. Higher mortgage amount+higher mortgage rate= possibly missing out on the home of their dreams!
If you or someone you know is thinking about selling their current home and "moving up" to their next home, contact me today for a meeting. I will provide a FREE home valuation, tips for making your home "market ready", as well as analysis of the current housing market, so you will be able to make an informed decision. The weather may be cold and dreary, but the housing market is heating up and looking to get hotter as we approach spring!
Author:Jason Jordan Phone: 703-300-2643 Dated: March 1st 2015 Views: 912 About Jason: My name is Jason Jordan and I am a Virginia licensed REALTOR® with EXP Realty in Leesburg VA. I ha...
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