Are you thinking of moving up to a new home in Roanoke, Va.?

      Thinking of moving up to a new home in Roanoke, Va.?

      Are you thinking of moving up to a new home in Roanoke, Va.? These questions will help you decide whether you're ready for a home that's larger or in a more desirable location. If you answer yes to most of the questions, it's a sign that you may be ready to move.

       Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don't build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you've owned your home for five or more years, you may have significant, unrealized gains. Ther government is also offering a $6,500 tax credit to qualifying homeowners who sell their current home and purchase another one.

       Has your income or financial situation improved? If you're making more money, you may be able to afford higher mortgage payments and cover the costs of moving. It is still a "buyers market" in the Roanoke, Va. area and a strongly qualified buyer has excellent buying power right now. 

       Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you'd like to be closer to your job or live in a better school district. With the budget problems in the local and state governments the school you originally chose for your children could now be closing, perhaps you would feel more comfortable with your kids in a different district.

       Are there reasons why you can't remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn't large enough, your municipality doesn't allow it, or you're simply not interested in remodeling, then moving to a bigger home may be your best option.

       Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you'll have more selection and better pricing as you seek your new home. In the current Roanoke, Va. market, two types of homes are moving, opportunities and deals. An opportunity is a home in move in condition, a deal is a home priced below market value with an owner willing to offer concessions (closing costs,etc.) to get it sold.

       Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer. Interest rates are still at or near historic lows. Contact a local bank or mortgage company to find out exactly what you qualify for.