Should I Move

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Topic: Should I Move

Announcements May 7, 2015 at 12:42 pm

Should I Move

I look at the housing market and things are crazy around here. My neighbor just sold her condo for like $90,000 more than she paid for it. I live with my GF now and would love to get a row house somewhere. I don’t need the space now but I see a point where I will need it. Should I wait and continue to save or sell my place and try to get a house before things get crazier.

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I don’t think prices will be less crazier than now in near future. But then the price of your place will also go up. So first find a suitable house with suitable price and then sell it. Meanwhile continue to save more.

I am asked this question often. The housing market is volatile. Unfortunately, people get caught up in the emotional chatter about rising prices and low interest rates, etc. The most important part of your question is the “I” part. General answers are rubbish. The simple answer is found in your finances and current housing situation. If you own, you have to consider what you will net when you sell. The sales price is only a reference point. The net figure will be the one you work with. You will then take that net figure and add whatever savings you wish to also invest in a new home to come up with a down payment. Your next step is to speak with your lender. Your question will be “If I put this much down, how much money can I borrow to purchase a new home leaving me with a monthly payment of “X”. X is your key. It is the amount you are comfortable paying for housing each month (note that you will have other expenses, i.e. condo fees,insurance, etc. If the comfortable amount will purchase a larger home, it is time to move. If now, save and move when you are ready

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