Planning to Move Soon?
There are many things to consider if you plan to move. Will housing prices increase? What will happen with interest rates? What will happen to the economy this year?
My crystal ball is a bit cloudy on these issues, but many industry experts say the general outlook seems to be promising.
The National Association of Realtors predicts nationally, existing home prices will rise this year. While interest rates are still low, they are expected to rise a little
So, if you’re planning a move, there are things you can and should do to prepare yourself. Because you need to put yourself in the best possible position.
- Get pre-approved for a mortgage. By doing this, you’ll have a better idea of what price range of houses you’ll be able to afford. It also puts you in a stronger position when you find your dream house and put in an offer.
2. Determine how much cash you’ll have available for a down payment – include the equity from selling your present home (if this applies to you), and savings. Don’t forget closing costs.
3. Estimate how much your new bills (utilities, insurance, maintenance etc.) will be.
4. Prepare your paperwork – tax returns for the past 2 years, bank and investment statements, recent pay stubs, so that when you apply for a mortgage they are readily available.
5. Pull a copy of your credit report and check it for accuracy. Because mistakes are made from time to time. If you think there is a discrepancy, write a letter to the credit bureau asking for an explanation.
6. Avoid making major purchases if possible, especially a new car. Because this could possibly lower the mortgage amount you can be approved for.
7. Prepare your old house for sale. Spruce up the exterior, consider new paint in the interior, clean the closets and do any necessary repairs.
8. Estimate the sales value of your old house. You can ask a Realtor to analyze the recent sales price of comparable houses in your neighborhood. We will be happy to prepare a free Comparative Market Analysis (CMA) to assist you. No cost – no obligation.
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