The answers to these 2 questions will enable you to decide if the condo is readily marketable in today's tough market - 70% + owner occupancy and FHA Approval give your condo it's best chance to sell.
In general terms not looking at your property or the immediate area you are living in, nor where you want to move into etc.
When clients of mine in that situation ask me the same kind of question, my answer always is similar:
It is one of the best times to upgrade, selling a smaller - less valued property to move up into a larger home, or a different kind of home in a different area.... Having said that, once you completely depend on selling your
condo, then the question is, what is it worth in today's market, not what you can list it for, but what it will actually sell for, and do those numbers still bring you a net to seller, which will be enough for you closing costs on both properties and for a reasonable down payment on the next home.
That is part one of the financial part to determine...
The second financial part is how secure is your current job.....
Then put your condo on the market, market it well, and before doing so, double check with your Realtor first
what is in the market as far as single fam. homes are concerned you may want to consider, so that you DO have a clear knowledge of how much you would have to spend, what your loan amount will be like and how much our monthly loan payment taxes insurance etc. would be....
In other words be comfortable with the numbers first and be critical when looking at the numbers.
Then get a lender to provide you with a free pre-qualification letter, so that you know how much they will allow you to borrow with what amount of down payment, and whether you will be comfortable with that
expense based on your other obligations.
So putting numbers together, looking at the market, getting a true to market evaluation of your current condo...
But based on purchase price for your new home and the low interest rates available it is certainly a good time to buy, but you may get less for your condo that you may have thought all along.... Then it comes to bear, how long you have lived in the condo and what your current equity in it is....
Good Luck to you, get in touch with a good Realtor (if you need a recommendation let me know), put all the
options and numbers in front of you and then decide....
Your Chicago Connection
This is a fantastic time to be moving up and while you may not get as much for your current condominium you will also be benefitting from the current market conditions when you buy yours single family home. Nobody can predict exactly what will transpire over the next few months but a qualified RealtorÂ® can show you the inventory and sales levels and make an educated guess. However, you must remember that if you are hoping for a rebound in pricing before selling you will also be paying more for your new home.
If renting out your current home is an option (check with your mortgage lender for details) this is something that you might also consider. With interest rates at an all time low now might be the perfect time to pull the trigger!
I hope this information is helpful but if I can be of service in any way please feel free to contact me at your convenience.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
Yes, it is a great time to upgrade, property values are low and more importantly the rates are the lowest in decades. I'd be more than happy to help you sell your condo and find you a new home, call me anytime at 241-7728.
Some areas of Portsmouth will have greater appreciation than others. With rates this low and the local economy recovering nicely, this is a perfect time to consider the options.
Please let me know if I can be of any further assistance.
When did you buy your condo?
What is current market value?
What are you qualified to purchase?
What are your needs in a home?
The # Bedrooms, Baths, Garages, Square footage?
What towns are you interested in.
With the answers to these questions i can help you with the possible sale of your condo and purchase of a single family home. There is no cost for this evaluation and will save you a lot of time and potentially a lot of money. If you would like to meet personally or discuss on the phone give me a call at 401-742-3216 and let me know.
Regards Dan Liese
If you have enough equity in your townhome to purchase a single family home, I don't see why not. You might lose on the sale, but what you lose, you will probably more than make up for on the purchase of a home with todays prices and rates hovering at 4%!
If you need help finding a dynamite agent in RI to help you, just let me know. An experienced agent in RI can guide you in the right direction. You really need to know your market first.