If you have equity in your house now is the time to cash in and maybe double it!
NOW is the time to sell your house (yes maybe for less than you would like), take your equity and purchase your next house at probably a larger discount and put some money in your pocket. You could listen to the media that says "what a terrible time it is to sell a house" or you can contact your local Realtor and discuss your current local Real Estate market to show it is probably a great time to buy.
If there is a dip in value on your home but you want to purchase a larger more expensive home, a similar percentage of loss becomes a great opportunity for you. For example: if you own a $300,000 home and the market has dropped 5% (just an arbitrary number) the value is $285,000, a $15,000 difference. However if you are looking to buy a $550,000 home the same 5% decrease equals $522,500 a $27,500 difference. Who would not give $15,000 to get $27,500 in return (especially for a short term)?
The choices are great: there are many homes on the market; bank owned homes are available at great discounts, and you have time to choose the home you and your family will be most happy with. Yes, all of these will affect the sale of your existing house so be SMART, get the home professionally staged, do all necessary repairs, and price it just under market value for a quick sale!!!
Contact your local Real Estate expert for a home evaluation of your current home and to see what is available to move up into your dream home and check with your lender to see what the difference in monthly payment will be.
I'm a Realtor serving Northern Colorado with 13 years experience and list foreclosures as well as private listings.
Scott J Lee