Hope this helps,
1) finance to low rates if you have not already.
2) live in the home with low payments if you wish,
3) rent with position cash flow if you want to live elsewhere
4) sell it when ever you have sound reason to do so.
You're in a strong equity position which gives a patient person lots of options and opportunity.
Enjoy . . .
One consideration is that the credit doesn't require you to sell to take advantage of the $6500. You can stay in your home and still get it if you purchase a new one. If you downsize you can also still recieve the tax credit. The only real requirement is that you've lived in your home for 5 consecutive years of the last 8 as your primary residence.
In your case you could get a great deal in the current buyers market and get the tax credit to offset your closing costs. If you wanted to keep your old home as an investment property the $6500 credit for current homeowners is a great deal.
At the end of the day you're not likely to lose any money selling as you'll make up the difference by taking advantage of the current buyers market and the tax credit is just an added bonus.
Instead of selling your current home if your happy with it, you may want to consider taking advantage of the down market and buying another investment property. There are plenty of forclosure properties available that can be purchased at discounted prices as long as you have the right negociator.
If you would like to explore this possibility, feel free to give me a call.
Realtor can provide you research days on market, true home values, up to 3 year history of area assist in making a decision.
My name is Loretta Hartfield. I am a REALTOR in Inglewood, CA. If you are considering lising your home for sale there are sevealfactors to consider.
First you must ask youself why are your considering listing your property? What are your motvations?
Secondly, you will need to know the market value of other homes listed and sold in your area in the last 3-6 months, for a more accurate price gauge. Third, you will needd the the assistance of a good REALTOR to help you through the process and provide you with the most current information in order for you to make the best decison for your financial outlook. You also require the services of agood bank or lender to give you the best advice on mortgage rates and to answer any financial questions you may have.
Finally you must work diligently with your REALTOR ,and/or Lender, to detrmine if in fact this is the best transaction for you at this time in the sales market. Good Lck with your decision.
If I can be of assistance please eel free to contactt me.
1601 Centinela Avenue, Suite#5
Inglewood, CA 9032
However if your considering selling to downsize the market may or may not work in your favor. Much like upgrading, mortgage rates can translate into great deals and your payments will likely not only be lower, but considerably lower (the same if you moved into a comparable home) due to rates alone. However you'll lose ground on resale value because a smaller home doesn't gain equity as quickly as a larger one.
**Make a profit
**Up Size to a bigger House
**Down Size to a smaller home
John Ehlers â€“ Remax
Congratulations on being in a situation where you have the choice to sell and leave with equity. Now is a great time to buy with many houses remaining on the market for longer periods, with homeowners strapped with financial obligations beyond their means, and with many unfortunately losing their jobs. But I caution you not to put yourself in the same situation by taking equity from your existing home to buy another or a second home. If your home has held good value during this economic downturn, and you want to get the most out of it now to buy a home with more value for the money, yes you might consider selling now. Or, if you are wanting to downsize and you can come out in a win-win situation, then selling is a good idea.
Take the time to evaluate your financial situation before making this large decision.
Contact a local real estate professional for their advice,
The Eckler Team