Tucson Real Estate News

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for seven or more years, you may have significant, unrealized gains. Has your income or financial situation improved? If you’re making more money, you may be able to afford a high mortgage payment and cover the cost of moving.
2. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a different school district.
3. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But, if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
4. Are you comfortable moving in the current housing market? If your market is hot, your home will sell quickly and for top dollar, but, the home you buy will be more expensive. If your market is slow, finding a buyer may take longer, however, you’ll have more selection and better pricing as you seek your new home.
5. Are interest rates attractive? A low rate only helps you buy a bigger home, it also makes it easier to find a buyer.

Should you decide that selling your home and moving is a good idea take advantage of the Selling Your Home tips and Staging tips offered on this page.