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How can you calculate... (also bpaullo in!)
Maybe "mommy brain" has really fried my brain this much.
But how can you calculate the price range you should spend when selling one home and buying another? It it really as simple as selling price minus current mortgage balance minus fees plus any extra $ you have to put into it? Seems like it should be more difficult.
Also, what are the average interest rates right now? Is it even a good time to start looking?
DH has finally agreed that we are outgrowing our 1,000 sq. ft. fast! After Christmas we are going to weigh the options of building on (extra bed and bath) here (I think it's a bad idea) vs. buying something larger in the Heights vs. going ahead and moving to the area we want to be in when Georgia starts school.
Brandi - the realtor that we used when buying this house, DH would want to use again, but he only works inside the loop. Is it weird to use him to sell this house and another realtor (you) to buy one? Is that too much coordinating between two people?
Re: How can you calculate... (also bpaullo in!)
If you decide you want a bigger house in the heights, these guys build awesome houses. http://www.whitestonebuilders.com/index.html
ETA: To answer your question, I have no idea. I'd just figure how much mortgage you can afford and look in that price range.
Oh gosh I'm drooling over their website! I think they're out of our price range though.
i cannot even imagine moving now, then moving in 4 years (when she starts school). DH would cry...lol.
whatever you do, good luck!
my photography blog
There is definitely more to it than profit from the sold house/fees/etc.
Your credit plays a big part of your rate as well as what your debt to income ratio is. Those are the main things lenders look at. Also, many lenders will not allow a new mortgage for another home if your current one hasn't sold unless you really do have the income to support 2 mortgages. It also depends on what products are available or types of mortgages the lender you look at, offer. Sometimes you can qualify for one rate at one lender with certain specs while another one won't qualify you at all with the same numbers.
Of course the more cash you have to put down also figures into the equation. The higher the amount down, the better it sits with the lender. A lot of them are wanting the full 20% down now for many of their loans. The 20% will eliminate the PMI or Private Mortgage insurance which is something they require you to have if you don't have 20% down.
If you jump onto the "Home Buying" board they an really give you the details.
The only way you will know for sure is to get prequalified. That way you know where you stand and if it's even a possibility for you.
Rates are changing every day, all day. To be safe, I'd plan for 4.5% (one a 30), but you can expect anything from 4-4.5% right now. Dave will shoot me, but I probably wouldn't even look at a 15. The rates on a 30 and 15 are too close and you have the ability to pay more or less as your situation changes. I'm seeing 15 at 3.5-3.75%.
I'd sit down with a mortgage person to figure out who much you are going to spend. Taxes and insurance are a major factor. Since taxes differ by neighborhood it's a good idea to see how the work in. Also, I'm sure your current taxes are on the lower end because of the annual cap in an area that is appreciating. We put off moving because of the taxes. The mortgage didn't scare us, the taxes did!
If you want to talk about adding on, been there done that. I can give you the pros and cons. It was worth it for us because of the taxes.
It's actually a good time to sell close in properties. The market is dry. What's available has been on the market a while. I've seen everything 200-500 for a client and there just isn't anything new popping up. People are willing to pay a little bit more for something good right now, because there isn't much to choose from. As far as buy, it's kind of the same situation. Unless you're looking at the burbs, the market is kind of dry.
You can use 2 Realtors. Email me and I will give you the specifics. brandisellshouses@yahoo.com