Own a House, but considering to Move-Up?

Since the turn in the market place I have had several people ask me if now is a good time to Move-Up into a new home. Here's what I think: Keep in Mind- Austin's real estate market hasn't been hit nearly as hard as the National Real Estate Market. We are still experiencing a pretty good market. With that being said here goes:

One- now is a fantastic time to buy. The market is still low- and there are some great "deals" to be had out there. If you are thinking of buying a new place- now is the time to do it. To view homes currently on the market www.austinhomesearch.com or www.Realtor.com these are the most accurate Real Estate websites out there.


What do you do with your current place?

Keep it as a rental property is option one. However new lending laws make this more difficult as you have to put 20% down on your next place, and have to have 6 months reserves in the bank for your new and old property. If you can do this, it would be the best option- and then sell your house in 2-3 years when the market is back up.

Most people are not interested in becoming a landlord, so the second option is selling now. Yes the market is lower, so you are going to get less than you would have 6 months ago or even in 2 yrs. But think of it this way: it's equal. You're selling your house for less, but you're buying a new one for less. In 2 or so years when you are able to sell your house for more, the price you buy your next place will be higher as well.

There really is not a straight forward- here's what you should do answer. What I do know is this: The lending market will change with more reform and regulations (most likely for the worst and then in 2 years get better) after the election/new pres is in office. This will greatly effect what you can buy.

My opinion is you should either consider moving sooner than later (close before April) or plan on waiting out the market changes with lending- which will work itself out in a couple of years.

To view homes available now you can visit: www.AustinHomeSearch.com or www.Realtor.com these are great places to get an idea of what your current home would sell for, and what you can expect to pay for your new home.

For more information on buying and selling homes in Austin contact TriBella Realty www.TriBellaRealty.com