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Sean Casey Patterson-Schwartz

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Now is A Great Time To Move Up and Here’s Why!

January 24, 2013 By Sean Casey

moving up to your dream home

Buying a Home

Here’s Why You Should Move Up Now if You Can!

Right now is a great time to move from a smaller home to a larger home.  Let’s assume you purchased a home for $200,000 in 2007 and have seen it drop in value by 20% to $16o,ooo.  That would mean you would lose $40,000 on the sale of your old home.

Now let’s take a look at your move up home.  It was worth $300,000 in 2007 and saw the same 20% drop in home value to $240,000.  That property has lost $60,000 in value.  Your Net gain in this is $20,000.

Chart Illustrating Move Up Opportunity

 

Profit by purchasing a Move up home

Interest Rates Impact on Moving Up

Interest rates in 2007, ranged in the 6% range.  We will use 6.5% although your mortgage rate could have been higher or lower.  As you can see in the chart below, by purchasing a $240,000 home today you would also save $183 in your mortgage rate.

Interest rate impact on moving up

 

Future Wealth Building

Ok, so let’s face facts the last couple of years have not been pleasant for homeowners.  I look at the market everyday, so I know how much my home has dropped in value in just the last few years.  That has changed and now we are beginning to see increases in home prices.  A slow, steady increase which is great for the economy and for you.  Let’s take a look at the impact of a 10% increase in home values over the next several years.


Total gain by moving up

 

That’s a total gain of $28,000 just by moving up.  Add in the savings on interest rates and you can see why this is a great opportunity to buy your dream home.  Mortgage interest rates are expected to rise this year.

Where Will You Be in Ten Years?

We have just gone through a really difficult financial time in our country.  Now is a great time to sell your old home and buy a new home.  In ten years, you’ll be very happy with your decision to move up!

 

 

 

Filed Under: Real Estate Tagged With: Home Sellers, Homebuyers

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About Sean Casey…

I'm a full time Realtor®. I enjoy reading, listening to music and watching Philadelphia sports. I love animals, especially dogs and my wife rocks!
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Sean Casey Patterson-Schwartz Real Estate

Patterson-Schwartz College
680 S College Ave
Newark, DE 19713
Broker Office Phone: 302-733-7000
Direct: 302-733-7020
Business Cell:302-517-1977

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