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A Singles Game of Real Estate
This discussion leans toward answering questions asked most often by our youthful men and women in there early twenties. They often begin to ask themselves the question, “Should I consider buying a home, condo/town-home or some other type of...
Escrow Accounts - Are You Paying Too Much?
Money in escrow is "dead money". It doesn’t earn interest for you and it doesn’t reduce your mortgage interest payments. Therefore every cent in your escrow account is costing you money. Make sure there is no more tied up in escrow than there needs...
Home Business Legalities And Tax Advantages
Even if you work out of your home, most cities and/or counties require you to have a business license and/or permit. Check with your local government municipalities to find out what the requirements are for where you live. Depending on where you...
I’ve heard about FACTA. What does it mean?
Employers are starting to hear about this new law called FACTA, and are starting to be aware that they need to do something. But what should they do? What FACTA means is that if you, as an individual, lose the information on anyone you have ever...
Nursing shortage: Here is what some Hospitals are doing
Sam Khan,MD Copy right: medjobcity Inc. 02/2004. ursing shortage have been an issue for sometime now in the country. The causes are varied and have been discussed in many articles in the recent past. The purpose of this article is to...
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Conditions Are Right For Buying The Higher Priced Home You’Ve Always Wanted
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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