Is It Time to Upgrade Your Small Home to a Bigger Home? Since we all have had to stay locked down the past few weeks, I am starting to see a patern develop. People are now calling me asking me to sell their current home so that they can upgrade to a bigger home. In addition to all of this, keep in mind that our local inventory is still at a low level. It’s simple supply and demand right now.
Do you need more bedrooms, a bigger backyard, more square footage? Do you want a single story instead of a two story? Relocate to another part of town? These are just a few reasons to read on!
The question I get though is it the right time to sell? What about the local economy? How about housing prices? If you were in my situation, what would you do? Great questions! Here is my response:
First off, if you are scared of the economy, do you have equity in your current home? If so, how much? Let’s sit down together and plan this out. If you have over $50,000.00 in equity, is it time to payoff some of your monthly bills? Payoff a car, credit card debt or Payoff student loans?
Keep in mind that everyone’s situation is different. The first thing is to determine your budget, and how much equity you have in your home. Call me today so we can set up an appointment and figure all of this out together! I can provide you with a free market analysis on your home.
As for the local economy right now, there is a lot of unemployed people right now that The State of Nevada will have to deal with. There is still a lot of demand from local buyers as well as out of state buyers. Pricing is still not bad, I personally feel that each home will be specific to see if there is a deal to be made or not. If people are not selling their homes, inventory will remain low with demand still high.
Chances are if you bought your home 10 years ago you paid a lot less than current home prices. This means you will have a bigger house payment! If this concerns you, put more money down. Check out this mortgage payment calculator for more information:
If you can payoff monthly debt and afford a bigger mortgage payment, you may be saving more money than you think. When you payoff your monthly debts and have a bigger mortgage payment, you may also be able to get more of a tax credit from the interest you are paying on your monthly mortgage too.
Time to sit down figure out all of your debts, all of your savings and do you have a 6 month emergency fund if you lose your job or have a loss of imcome! Create a work sheet so that you know what to pay off and what to expect if you have a bigger house payment. Calculate all utilities, credit card debt, student loans, insurance, health insurance costs, car payments, and any other debts you have. This way if you figure out that paying off all of these debts will actually allow you to afford a bigger mortgage payment and still have less costs than before.
In conclusion, call me anytime if you have any questions about your current homes value and is it a good time to sell! Is It Time to Upgrade Your Small Home to a Bigger Home? I hope this article gives you some ideas.
Be sure to check out my communities pages too: https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/