5 Reasons to Buy Bigger Now

Thinking about selling and buying a bigger home?
You can’t afford to wait.

By Bill Forrest

We hope you’ve heard the good news: Atlanta’s real estate market is booming, largely due an increase in available loans with reasonable credit requirements and stabilized interest rates.

While it’s easier to for buyers to get the funds they need, there’s an incredible shortage of move-in ready homes. That’s where you, awesome homeowner, can help the market… and yourself.

It’s time to sell your house and buy a bigger one. Here’s why.

 1. Your property is probably more valuable now than it has been in the past seven or so years.
Source

Home prices in the metro-Atlanta area have jumped up in the past several years. In the past year alone, according to the popular property search site Trulia, price per square foot is up 20%, median home sales prices increased 14.6% and the number of home sales increased 23%. Your property probably benefited from this boost, and here’s the best way to find out.

2. The “market recovery” is really a “market correction.”

If you bought your home at the top of the market — before the crash in the mid-2000s — you’re probably worried that you’ll lose money on investment. Waiting for “recovery” to those levels really means waiting for the market to re-inflate to bloated pre-crash levels, which could take years. You don’t have to spend that long in an uncomfortable house you no longer want.

3. Finding out what your home is really worth takes seconds.

No matter what your situation, the first step to selling is to find out what your home is actually worth in today’s market. Click this link to do that for free online. You’ll have your results in about half an hour.

4. Regardless of where you stand, there are options.

Depending on your home’s value and what you currently owe on your mortgage, you’ll either be able to sell outright, sell at a loss or not be able sell because you owe more than your home is worth.

If you sell at a loss, you might be able to write it off your taxes. It could take a while to recoup the cash, but it’s worth it in the long run. If that’s your situation, I’ll put you in contact with a tax professional who can help.

If you’re underwater — owing more on your loan than what your home is worth — short sale might be your best option. It doesn’t mean you made a bad choice, or that you shouldn’t buy another home. Short sale is better than foreclosure, and my team and I can help you through it.

5. You’ll save money if you buy bigger now.

It might make sense to wait until home values improve so you can make more on the sale of your house, but the money you’ll make waiting to sell will be outpaced by what you’ll spend to upgrade later.

Say your current home is worth $155,000, but you’ve outgrown it and your dream home currently costs $225,000. That’s a $70,000 upgrade.

Prices have appreciated more than 15% in the past year (it’s actually 16.9% according to the AJC, but we’ll use 15% for simplicity’s sake.)

If the trend continues — and through early 2014 it has — this time next year, your current home would be worth $178,250 and your dream home would be worth $258,750. That’s now an $80,500 upgrade.

Sure, if you wait, your home will be worth $23,500 more than it is today. But the dream home you’ve been looking for will cost $33,750 more. That means if you wait, it will cost you $10,500 more than today and you’ll have spent ANOTHER year in a home you’ve outgrown.

And none of this takes into account the fact that interest rates are rising, which means it’ll be more expensive to get the money for your dream home as well, and you may not qualify for as much.

Let’s talk about it.

You won’t find all the answers to questions you have about selling in this blog. Every situation is different, but every seller has options. Reach out today to discuss your next move, let me earn your business and we’ll get you in an upgraded home in no time.

Call ME today to discuss 404-353-9233 Bill Forrest
BillForrest.com