Are you planning to move soon?
Planning to Move
If you plan to move you have many things to take into consideration. Will the prices of housing increase? What will the economy be like this year? Where are the interest rates heading – up, down or the same?
The Real Estate Outlook
Although my crystal ball is a bit cloudy on these issues, many industry experts are predicting that the general outlook appears to be promising.
The National Association of Realtors is predicting that, nationally, prices of existing homes will rise this year. And while interest rates are still near historic lows, they’re expected to have a slight increase.
However, there are things you can and should do to prepare yourself if you’re planning a move. You need to put yourself in the best possible position.
Get Pre-Approved
- Get pre-approved for your mortgage. By doing this, you’ll have a better idea of the price range of houses which you’ll be able to afford. In addition, this will put you in a stronger position when you make an offer on your dream house.
2. You’ll need a down payment, so determine how much cash you’ll have available. Don’t forget to include the equity from selling your present home (if applicable) and your savings. There will also be closing costs that you’ll need cash for.
3. Get your paperwork ready. You’ll need your tax returns for the past 2 years, bank and investment statements, recent pay stubs. When you apply for a mortgage have them readily available.
4. Obtain a copy of your credit report, then check it for accuracy. It’s a fact that mistakes are sometimes made. It’s better to have any mistakes corrected before you apply for the mortgage. You can write a letter to the credit bureaus asking them to clarify any discrepancies.
Other Expenses
5. Utility bills and taxes are also part of the equation. Make an educated estimate of what your bills (taxes, utilities, insurance, maintenance etc.) will be. And if you’re buying a condos, don’t forget to include the homeowners association fees.
6. Making major purchases, especially a new car, can cause issues. That’s because this could affect your debt to income ratio. And this could possibly lower the mortgage amount you can be approved for.
7. Get your old house ready for sale. Spruce up the exterior, clean the closets and do any necessary repairs. If it needs new paint inside, get it painted. Buyers love the fresh, clean look and the intoxicating scent of new paint
8. Get an estimate the sales value of your old house. Your Realtor can analyze the recent sales price of comparable houses in your neighborhood. Bunny and I are Realtors, and we’d happy to prepare a free Comparative Market Analysis (CMA) to assist you. No cost – no obligation.
Will you either be buying and/or selling a home? Contact us.
Would you like to search for condos for sale in other Monmouth County towns?