The old saying goes: “There is no time like the present.” When making the decision to move up to a larger, smaller, or newer home, there is no better time than right now to put your home on the market. Prices have gone down! There are some wonderful opportunities to secure that home of your dreams right now at the right price (interest rates are still at a 30-year low).
However, before you can seriously think about a new home, you have to do something about your present one. The best situation is to have your present home at least under contract or sold. Without the first event, the second event may be a difficult reality in the current market. By having the dollar figures in hand from the sale of your present home, you can better evaluate how much cash you’ll have for a down payment and how much you can actually afford to pay for your new home.
Coordinating the purchase and sale of two homes in a short time frame can be extremely tricky. As your Realtor, I can guide you through the steps to produce a smooth sale as well as purchase. However, if you do not need to sell your home right now and can afford to purchase your next primary residence or rent your current home, you will be able to turn it into a potential 103 1exchange and pay no taxes on the gain! Call for details.