It’s Time To Find A Bigger, or Just “Better” Home…

Most people move, on average, about every 7 years.  So, as a current homeowner you have the advantage of experience. You probably know really well what works and what doesn’t work for your housing situation.  

Make a List

The best thing you can do is to first make a list of what you do, and don’t, want in your next home.  Write down your “Must Haves” of things that are not negotiable.  Include a “Wish List” of features that are desirable, but are open to compromise.  Lastly, include items that you definitely don’t want.  Put 4-8 features in each category.  This will make the search process more effective.

Timing is Everything

Determine your target date to move.  This is one area that your experience might work against you.  Changes in the market, lending practices and compliance requirements have probably changed significantly since you bought your current house and will affect the timing of your move.  I’ll work with you to create a realistic time line to sell your current home and find your new one.  It’s not unrealistic to start planning at least 6-9 months prior to your anticipated move date.

About the Money

I’m assuming you’re not in a position to pay cash for your next home.  Like most people, you will need the proceeds from your current home to help fund your next home.  This is a daunting, but manageable, task.  It’s done every day, but there are things you can do in advance to prepare for an easy transaction. It’s common knowledge that the mortgage industry went through an upheaval a few years ago.  This resulted in more stringent regulations that added some complications to the lending process.  You can do a few things in advance to streamline this process

1. Create a snapshot of your current financial situation.  List all of your income sources, debt (especially home equity loans and mortgage balances), financial assets and monthly expenses.

2. Check your Credit Report.  Each reporting service allows you one free report annually.  Apply for them Here. Also check out Credit Karma  for your credit score.  Correct anything that you find that is wrong in your report.  

Finding Your New Home

You have probably already done two things online.  First, you most likely tried to determine a selling price for your current home.  Secondly, you probably checked out the market for your next home.  This is great because anytime you do this, you understand your markets a little better.  

However, the tools that are available to you as a consumer are not very good.  The search tools they provide are intended to attract you to their websites so you can be exposed to their advertisers.  They are really not in either the Real Estate business, or the information business.

I can help you determine a range for your sales price, based on comparables and your home’s unique characteristics. Also, I can customize a new home search for you that uses information sources and search tools that are exclusive to Realtors, including some that are proprietary to Fox and Roach.