Is now the time to sell? I am going to mention mostly financial angles to consider when making this decision. And certainly, these are not the only considerations.
Many of you may have put off a move that you wanted to make. One reason may be that you have no equity in your home or may even be upside down. In that case you might not have a choice. However, if you have some money set aside, you may be able to pull it off.
That means you will have to put some money into the transaction to get to the closing table. We’re seeing this in many cases and are even refinancing some homes where borrowers are having to put some money into the deal to get a great interest rate. A short sale can be considered, but in most cases that means you will not be able to buy again for several years.
Again you have to consider the cash required to buy the new house. You will probably be able to move to the next house at a great price and at a great interest rate. If you are a Veteran or buy in a rural area you may be able to buy with no cash. If you don’t fit one of those categories you may want to go FHA which is 3.5% down. The cost on any of these can be paid by the seller or by the lender. (Ask me how)
If you would like to take a look at some numbers for yourself, give me a call at 615-777-4663 and we can take a look at it for you.
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