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Home > Home Buying Tips > Is Now the Right Time to Move up to a Bigger New Home

Is Now the Right Time to Move up to a Bigger New Home?

If it seems that your once spacious home just is not quite large enough anymore, it could be that you need to trade it in for something bigger. Oftentimes, many homeowners discover that after a few years in their starter home, they simply need more space. The reasons could be numerous. Perhaps you need more bedrooms for the kids or even more space in the backyard for them to play. Even if there are no children in the picture, you may simply find that there is not sufficient storage space. Whatever the reason for the problem, if you are feeling hemmed in, the solution could be moving up to a larger new home.

Given the current condition of the housing market, many prospective buyers are concerned that their dreams of a bigger home may not be realistic. In reality; however, it is actually an excellent time for many people to go ahead and make the move to a larger property. The reason actually has something to do with the slowdown of the overall housing market. It is true that home prices as well as sales have declined over the past few years. There is also no denying the fact that your current home may not have quite the same value as it did just a couple of years ago. Even so, smart homeowners have discovered that the market could still be in their favor when it is time to move up to a property that is larger and more expensive.

While you might not get all of the money you would like out of your home when it sells, there is still a huge inventory on the market and few buyers who can actually qualify to purchase those homes. This means that in order for those homes to sell, the price must be right. In numerous communities around the country, values have slipped dramatically. This is something that can actually work in your favor.

The larger and more expensive home you would like to have may be more affordable than you thought. This is because prices on those homes have dropped as well. In fact, you might even find that the sales price on a larger home could rival that of your existing home. The simple truth is that there may not be as much of a price gap between your existing home and the one you would like to buy as you might have thought. Furthermore, if you have only been in your home for just a few years, there's an even better chance that you have built up a sufficient amount of equity that could be used to purchase a larger home.

Homeowners who purchased starter homes just a few years ago have also found that the first-time home-buyer credit can be used for their advantage as well. The credit amounts to $8,000 and can be used for purchasing homes much like the one that you are probably in right now. This means that might not take as long as you would think for your home to sell. You might even end up receiving multiple offers.

Of course, everyone's situation is different so it is important to sit down and put the pencil to paper and do the math. Avoid focusing on the difference between the price you can get today versus what you could have received before the market slipped. Instead, focus on the bottom line. If you are interested in trading up, keep in mind that the property you are going to trade-up to is going to most likely sell at a discount as well. You need to focus on the net.

While many people are interested in purchasing up today because of growing families, there may be other reasons why you might consider moving up as well, such as the need to relocate for a job or even the desire to move into a better school district. Whatever the reason may be, keep in mind that the competition for homes that are larger and more expensive is far less than it was a few years ago. Less competition translates to lower prices as well as better bargains.

In addition, you can also benefit from mortgage rates that are still quite low. Such low rates mean that the dream home you've had your eye on could really be quite affordable. Due to the combination of these factors, larger homes are now more affordable than they have ever been.



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