Sellers Who Delay May Miss Out
DAILY REAL ESTATE NEWS | MONDAY, MARCH
25, 2013
Some would-be move-up
home sellers are eyeing home prices carefully. They’re waiting to see how much
home prices appreciate more before they consider selling their home. But they
may be missing their perfect opportunity, some housing experts say.
The best time to move
may depend on when the home owner purchased their current residence, says Daren
Blomquist, vice president of RealtyTrac. Blomquist says that home owners who
purchased their home during the sluggish market the last two to three years may
find moving up in 2013 may be their prime opportunity.
"Because they
bought near the bottom, these home owners should have built up some good equity
that can go toward the purchase of a new home, and waiting longer to build more
equity likely won’t provide much advantage given that other homes that they
might want to move up to will also be appreciating at roughly the same
pace," Blomquist told HousingWire.
Home owners who wait
much longer to sell their home may miss out.
"If you're
selling one house just to move up to another, it does you no good to wait for
prices to rise — the price of the move-up home will increase faster than the
price of the place you're leaving behind," says Redfin CEO Glenn
Kelman.
Plus, mortgage rates
are expected to come off the 3.5 percent range and reach 4.4 percent in the
next year, according to the Mortgage Bankers Association. That will increase
the costs of financing your next home.
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