If you're a first-time homebuyer, it's pretty obvious that this is a great time to be buying a home with the unprecendented $8,000 tax credit expiring the end of November.
But if you are selling a home to make a move it gets more complicated…especially if you don't 'have to' move.
I have had several clients struggle with this decision this year…some decided to sell and buy another home, others decided to stay put for a while longer. How does one decide? Well, it boils down to priorities.
Obviously, declining market values in the last few years play a role in making the decision…but not always negatively. In current market conditions houses in lower price ranges are in higher demand than those in higher price ranges, often resulting in bigger price drops and higher cost savings when buying a home that costs more than the home you are selling. That, combined with record low mortgage rates means you may be able to afford a home you could only dream about a few years ago, even if you take a loss on your current home.
But beyond financial reasons, the biggest reasons people decide to make a move are personal…after all, a home is where you live…and life goes on regardless of what else is happening in the world.
Some personal reasons people move…
- Be closer to family
- Job change
- Life change
- Health change
- Downsizing
- Add or re-arrange space for entertaining and guests
- Change location/setting for various reasons
- Current home just doesn't fit your life any more
Only you know your reasons…and only you can determine your priorities. Remember to look not only at the 'nuts and bolts' of your reasons for moving…but also to examine your 'soul' reasons. Where you live can have a profound effect on your sense of well being. The deepest aspects of life are about wordlessness, something you can't articulate…did you know you have more nerves in your gut than in your brain?!
You will know when it is time to make a move…when the sacrifice to stay is greater than the cost and risk to move.
Sharlene Hensrud, RE/MAX Results – Email – HomesMSP.com
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