Selling and moving up:
Since you are selling and buying in the same market, today's lower prices will be made up by the lower prices of the home you'll be buying. End result: you get more home for your money. Stimulus programs can also help with costs. But, you have to have enough equity in your current home to pay off your mortgage and pay closing costs. It's more important than ever that you feel financially stable and confident in your continued employment. You will also need to be prepared for probably a little more of pulling your hair out then the last time you sold or bought real estate, as it is rough out there! Buyers looking for a deal, Sellers not wanting to 'give their house away', the crazy hoops the lenders are requiring people to go through - your patience is bound to be tested! Don't forget to consider keeping your current home as an investment property.
Since you are selling and buying in the same market, today's lower prices will be made up by the lower prices of the home you'll be buying. End result: you get more home for your money. Stimulus programs can also help with costs. But, you have to have enough equity in your current home to pay off your mortgage and pay closing costs. It's more important than ever that you feel financially stable and confident in your continued employment. You will also need to be prepared for probably a little more of pulling your hair out then the last time you sold or bought real estate, as it is rough out there! Buyers looking for a deal, Sellers not wanting to 'give their house away', the crazy hoops the lenders are requiring people to go through - your patience is bound to be tested! Don't forget to consider keeping your current home as an investment property.