Moving Up in Overland Park? Do it NOW not Later!
The number of Overland Park home owners planning to buy a home this year is about to increase dramatically. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer.
There is no way for us to predict the future but we can look at what happened over the last year. Let’s look at buyers that considered moving up last year but decided to wait instead.
Assume they had a home worth $300,000 and were looking at a home for $400,000 (putting 10% down they would get a mortgage of $360,000). By waiting, their house appreciated by 13.8% over the last year (national average based on the Case Shiller Pricing Index). Their home would now be worth $341,400. But, the $400,000 home would now be worth $455,200 (requiring a mortgage of $409,680).
Here is a table showing what additional monthly cost would be incurred by waiting:
Prices are projected to appreciate by over 4% and interest rates are also expected to rise by as much as another full percentage point. If your family plans to move-up to a nicer or bigger home this year, it may make sense to move now rather than later.
Who do you know that is thinking about buying a home this year? Please share this information with them so they can be informed.
If you are planning a move this year, let’s sit down and figure out if NOW is the best time for you to sell. Getting your home on the market so it sells quickly is what I do best. Not selling quickly could cost you when selling and buying in 2014. You can reach me at (913) 515-3250, text me the word NOW or contact me here.