As the real estate market continues to grow and expand, we are seeing more and more Montgomery County move up buyers. Equity is improving, which mean that selling one home can help finance the purchase of a larger home. If it’s been awhile since you were on the market for a home, it may be a good idea to review our tips for first time buyers. However, there are issues specific to move up buyers.
1. Call an experienced real estate agent to get a clear picture of the Montgomery County real estate market. You need to know what your current home is worth and how much the sale price will help with buying your next house.
2. Find out your credit score and take steps to improve it if necessary. Montgomery County move up buyers often have the ability to take time to get their financial house in order before buying.
3. Get a pre-approval letter from the bank. This will help you limit your search and give you a clear idea of how much your mortgage payment might increase each month. Be sure to look critically at your budget and factor in closing costs.
4. Decide on your priorities. Do you need more space or want a larger yard? Do you want a shorter commute? Or are you moving for a job? Communicate clearly with your agent so you see the houses that fit your needs.
5. Consider whether you need to ask for a longer escrow or make an offer that is contingent on the sale of your current home. Not every buyer will agree to either of these.
Once you have these logistics clear, you can start looking for the right house. Keep a level head through the whole process and expect for there to be challenges. Before you know it, you’ll have the keys to a new house that suits your life.