Bigger isn’t always better, but for growing families and those in search of the American dream, a bigger home is often the end goal.
Right now, housing starts are higher, interest rates are lower, inventory is good, and more Americans have equity. In fact, many experts say current conditions make it possible for many homeowners to sell their current homes for more without paying through the roof for a better one.
So if you’re hoping for more square feet and a chef’s kitchen, carefully go for the gold with these four important steps:
You obviously want to get the most for your current home, and one of the best ways to do this is through bang-for-your-buck improvements. Make some minor investments that will boost the appeal of your listing. These can include painting walls neutral colors, replacing kitchen and bathroom fixtures, updating lighting, and landscaping.
2) Get Pre-Approved
You’d be surprised how many buyers fail to get a mortgage pre-approval when they begin their search. Once you do get it, you’re taken much more seriously, and you have proof that you can afford the bigger, better home of your dreams.
3) Sell First
If you’re in the midst of negotiations, you’re likely to feel much more pressure to sell low if you’re already committed to a new home. If you sell first, you can rest assured that the deal is done and you can actually afford to buy your new house. It helps you get a higher selling price while sleeping at night.
4) Coordinate Transactions
One closing is stressful; two are a bit overwhelming. There are a lot of papers to sign and logistics to cover. However, if you work with a good mortgage broker and coordinate your closings, everything is much more likely to go smoothly and trouble-free. Your broker knows how to carefully and successfully juggle the many factors that go into simultaneous closings, so trust him or her to make it all work.
Take these steps and then start furniture shopping—you’ll soon have much more space to fill!
If you’re buying or selling a home in the Boston area and are in need of a mortgage, or have any mortgage-related questions, contact me at anytime for advice or help.