We own a home bought @ $359k in '06. Now, we're interested in a bigger property listed $559k. Any advice w/ market trends and what to look?

Asked by Stan, Methuen, MA Mon Mar 26, 2012

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Lisa Johnson Sevajian’s answer
Lisa Johnson…, Agent, Winchester, MA
Wed Mar 28, 2012
Hi Stan,
There are some excellent options in today's market around our area.
If you are considering staying in Methuen you have some very nice new construction options in the mid $500's.
When planning to buy and sell at the same time as it sounds like you are the first step is getting an accurate value of your current property along with a strategic marketing plan that will promote the homes strengths and expose it to the largest buyer pool possible.

I encourage you to contact me with any questions to have a confidential discussion about your home and your options.
You can visit me at http://www.northofbostonlivinggroup.com to learn more about how I help home owners in Methuen market their homes successfully and negotiate the purchases on their next home.

Best of luck!
Lisa Johnson Sevajian
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Juan Pineda, Agent, Haverhill, MA
Mon Mar 26, 2012
to make a market analisis of both properties is the best way to approach this question for more information juan.pineda@nemoves.com
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Territory.c…, Agent, MA,
Mon Mar 26, 2012
Hi Stan!

Real estate is hyper local so you should focus on statistics in that particular town. I am assuming based on your profile that both properties are located in Methuen?

1/1/2006-12/31/2006 in Methuen:
352 single families sold
Median Price: $320,000

3/26/2011 - 3/26/2012
308 single families sold
Median Price: $224,950

Looks like sales were down only slightly but the median sales price has dropped significantly.

Everything on the market in Methuen: http://goo.gl/KGnRL

Hope that helps!
Web Reference:  http://territory.com/
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Scott A. Nel…, , 02155
Mon Mar 26, 2012
Well first would be to sit with a trusted mortgage professional to get an idea of what programs you are qualified for and the funds needed for these programs. You'd then want to consult with several real estate professionals to get an idea of what your property would be worth in your given market if you need to sell to move to the more expensive property. You can then take those numbers and work out a net proceeds sheet to share with your mortgage professional who can advise you if they will work with the different programs.

You can find alot of great professionals here on Trulia but you should also ask friends, family, colleagues for recommendations of professionals they've worked with recently and been happy with.

Good luck, check back to let us all know how you make out, great way for the whole community to learn,
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Joseph Lomba…, Home Buyer, Methuen, MA
Mon Mar 26, 2012
HI Stan,

We should see what you home will sell for. If you would like I'd be happy to work on that for you.

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Richard Shap…, , Framingham, MA
Mon Mar 26, 2012
Get a market analysis from a Realtor you know and trsut so you can be fairly certain what you might sell for and how much proceeds you will have for the next transaction. How much do you think you may be putting down as down payment??
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Marie Souza…, Agent, Centerville, MA
Mon Mar 26, 2012
What are you looking to do Stan? Need more specific s to answer your question.
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Wen Farina, Agent, Reading, MA
Mon Mar 26, 2012
This is a great/loaded questions and it also depends on your particular situation (from the buying time, mortgage, DTI of your current house to the buying of the future one). I would talk to a few real estate brokers or agents while also getting an estimate of value on your home that will help you with the budgeting and decision. Feel free to email/call us for a no obligation confidential consultation. wenrealty@yahoo.com
Web Reference:  http://www.wenrealty.com
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Mark Flint, Agent, Evansont, IL
Mon Mar 26, 2012
#1 Get a CMA and determine what your home will sell for now. Your home may sell for less than you bought it for in '06. That's the bad news. The good news is that the property you want to move into may be selling for the same percentage lower than its '06 value. You also need to check your mortgage to see if you owe more on your home than it's present worth. If the difference is workable you can roll that amount into your new mortgage. Check with a good lender.
We are seeing higher luxury properties selling well as long as they are priced properly. Home prices have fallen since '06, but the decline appears to have halted, and the market seems to be flat in terms of prices. The good news is that mortgage rates are as low as they have ever been, and most likely as low as they are going to be. Because of homes prices being as low as they are likely to be and rates being incredibly low, now is the time to trade up and get a better rate. The single family home market is bouncing back much better than the condo market, which is dragging the housing market. Buying a larger home now with the expectation of being able to sell it for a good profit in 10-12 years is very reasonable. Don't plan on short term flipping of the home.
Don't forget to check on FHA loans. You can get a better rate with a lower down payment. If you need a more detailed market analysis contact me.
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virginia bro…, Agent, Methuen, MA
Mon Mar 26, 2012
Stan give me a call be happy to sit with you and go over trends etc. virginia
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