Buying Up in the Same Market?

Are you planning to sell your home and buy a new home in the same market area?  Did you know that selling your home quickly by pricing it competitively may allow you go gain more on the buying side of your goals?

Let’s review why:

Sell Fast -Make More on the Buy

Most likely if you are buying up in the same community, your new home price is going to be more than the sale of your existing home.  Your equity gain on the purchase may be greater than your loss on sale.  With that being said, the math works like this:

Take a 10% discount on the sale of your home.  Offer a 10% discount on the purchase of your new home.  Your $200,000 sale means a discount of $20,000.  Your  $400,000 new home purchase with a 10% discount  is $40,000.

You may get more for less because of low interest rates. The cost of owning a home has dropped due to both lower rates and prices. This combination can mean much more home for the same cost of interest that you may be incurring now. This may be true especially if you haven’t been able to refinance due to a low appraised value.

Tax-free capital gains exclusions are still available.   Be sure to check with your Tax Advisor, , but who knows when tax laws will change? If you’ve built up a lot of equity in your current home, selling while it’s still favorable tax wise may make sense. Again….Always consult with your tax professional for advice on tax matters.

 

Want to know more? If you haven’t checked in a while, you may be surprised at how many homes, once out of reach, have become affordable to qualified borrowers today. Never hesitate if you’d like to have a conversation to see what it might mean for you.

Karen Jones Banner with Disclosure

AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS # 145368). 1­877­276­1974. Copyright 2017. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. AZ: Arizona Mortgage Banker License No. BK0013635; CA: Licensed by The Department of Business Oversight under the California Residential Mortgage Lending Act; CO: Regulated by the Division of Real Estate; WA: Washington Consumer Loan Company License No. CL­145368. AmeriFirst Financial, Inc. is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Karen Jones is a licensed loan originator at AmeriFirst Financial.,Inc. Karen Jones complies with all regulations and rules of all government agencies and regulators including the Real Estate Settlement and Procedures Act. The services provided by Karen Jones are not a condition, nor do they create any obligation for any form of remuneration for any real estate settlement service related to any referral.

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