As Cindy Jones points out, no way to really answer this question until your specific circumstance is taken into account. Having equity in your home will be a HUGE help on the purchase end. If you are in a short sale situation (owning more on your home than you will make from the sale) then you will be renting for a few years before you can be approved for another loan.
You really need a market analysis of your home's specific worth and you can go from there. That is your first step.
Chris Ann Cleland
Realtor, Licensed in VA
Long & Foster
Office: (571) 261-8800
Cell: (202) 368-3494
Marilyn & Chris Brennan
Long & Foster
Marilyn Knows Virginia!
I am very familiar with Dominion Valley and the other gated communities in Prince William County. Dominion Valley is one of my favorite communities and I am usually there every other week. I'd love to discuss your particular situation. We offer a fantastic Free Move for clients who are both buying AND selling. Feel free to give me a call at 818-836-1520 or send me an email at Suzanne@Move4FreeRealty.com.
Are you upside down on your current property and need to sell as a short sale or are you in a positive equity position? This makes a difference. Without knowing more details it is impossible to know if your current home is marketable at $350,000. Certainly finding a home that is in the $275K range is possible depending on where you would like to be.
If you are currently in a negative position on your current home, selling it as a short sale will impact your credit and reduce your chances of being able to qualify for a loan on a new property.
Yes, it's possible and many are downsizing and/or moving closer in. I'd be happy to discuss it with you in greater detail offline - firstname.lastname@example.org - 703.582.6900 (cell).
Real Estate Consultant/REALTOR