Hello Anna, I think you may be confusing total closing costs, which average about one percent or more, for either a buyer or a seller ( usually slightly more for a seller.) with escrow fees, which are but a small part of total closing costs.
Without seeing actual paperwork it is difficult to determine if my conclusion is correct.
You have to look at the two neighborhoods and decide. Which has gone down more, which has more inventory, which has more buyer base etc. It may not be the same % of decline.
Also this decline in the market hasn't been accepted by all sellers so you may find a home you really like but that particular seller may not have accepted the fact that they will not be getting what they intially wanted and therefore you may not be able to buy that particular house for the low price you want. If you are open to many possibilities of homes and not attached to a particular house, then you have a better chance.
Whether it makes sense to make the move now depends on your situation and your reasons for the move. If the need is an actual need such as closer to work, bigger family etc. then yes, I would explore the idea. Good luck!... more