BUYING OR SELLING A HOME—WHICH COMES FIRST?

Traditionally, we have been told that it was best to place your current home on the market, take the equity from the property and reinvest it in the next home you plan on buying.  As we know, the current market in Ocala and The Villages, Fl is leaving many sellers with little or no equity or even negative value. 

One fact that has become very evident, the purchase prices of today are becoming incredible.  We are seeing great buys and it has become an outstanding market to buy real estate in.  There are many folks looking for great homes to rent and this might be the time to turn your home into an investment property if it does not afford you enough equity in the current market.

Of course, you must have great credit to get a loan and this is a factor that must first be considered. Just today, my loan officers have contacted me to let us know that interest rates have dropped down to the 5% range.  It has been a while since we have seen this and we do not think that it will last very long.

Renting your current home may be a good option in a buyers market until the market switches. This is the current trend for many people who want to buy with these great prices but they are not able to sell for a great profit. Renting your current property will hopefully take care of your debt service owed and cover most of your expenses leaving this as a lateral move and still enable you to take advantage of what is going on in our current market.


If you would like further information or need a great mortgage lender contact, please let us know.

Crystal@CrystalMcCall.com