Now is the Time for Move-Up Buyers

If you're ready to move on from your starter home, now is a good time. More homes are up for sale, easing competition and allowing those shopping for their next home to be a little picky. Home values are expected to continue appreciating and mortgage rates will likely tick up next year. However, new lending rules could make it tougher for some to acquire a new home loan. So what can you do if you’re ready to begin the house-hunting?

Price your current home to sell fast.
“Testing” the market at a price higher than the comps in your neighborhood is only going to add the number of days and even months your house is sitting on the market. Take advantage of the serious buyers at the end of the year and come out strong with a good, reasonable price.

Set the stage.
Clean and stage your home to appeal to most buyers before you put it on the market. You want to put your best foot forward and have your home looking and smelling fresh clean while being stylish and clutter free. This will help garner top dollar and get it sold quickly.

Keep a close eye on interest rates.
The interest rate on your home loan can impact the price point you’ll be shopping in and the affordability of your monthly payment.

Be mindful of new mortgage regulations.
Beginning in January 2014 new mortgage regulations will prohibit practices common before the financial crisis and will require lenders to verify prospective borrowers can afford to repay their mortgages. Under the new rules, fewer people will be able to get home loans.

Once you move up, stay put.
If you’re looking to build equity in your new home, plan on settling in for about 7 to 10 years. Equity ebbs and flows and being realistic and conservative will garner the best results.

Like my tips? I have much more to help sellers and buyers in today’s market and will Keep You Moving. Give me a call for all your real estate needs.

Kristy O'Connor
Realtor®
Weichert, Realtors - Media
606 E. Baltimore Pike, Media, PA 19063
c: 267.243.6434 | o: 610.565.1300
KristyLOConnor@gmail.com