Wheatland Realty Agent Nicole Tudisco offers sound advice on those considering moving up into a larger home in 2014.
Real estate is a big investment for most of us and timing plays a big role in capitalizing on that investment. Obviously no one has a crystal ball, nor can we make any guarantees but we can evaluate trends to make educated decisions. We can also use plain old common sense. For instance the real estate burst of 2006/2007 was not the market for down-sizing if you didn’t have too. Home values had taken such a huge hit the money on your big home couldn’t come close to offsetting a smaller purchase.
If you are thinking of moving in a larger home in 2014 here are 5 compelling reasons to consider moving up….
1. Predictions are that the market is on the upswing and if you look at the sources of one of our recent articles on “Where home values are headed in the next 5 years” it’s looking to be as much as 19.7% cumulatively. If you live in a $300k home and values are on the rise do you want that 19.7% return on $300k or $500k?
2. Mortgage rates are on the rise. We all know we have been spoiled for many years as you can see below. Rates are expected to be as much as 1% higher by this time next year so between that and the home values on the rise the same home will cost you more next year.
3. Real estate is typically a long term investment. As you can see by this recent Gallup survey, real estate is a top contender in long term invesment returns across varied income levels.
4. You’re not the only one thinking about it. Many consumers are thinking about moving up. The housing market is indicating it’s on the way to recovery.
5. You have the data projections that all point to 2014 being the move up year but now you have to decide if it’s also the lifestyle you want to live. Emotion plays a real role in real estate as it should. It’s where we lay our head at night and with as much as the American culture works we should love where we “live”!
Thinking of moving up? Contact us today www.TeamTudisco.com
Our Best Always,
Nicole and Tony Tudisco