Remember Me
forgot your password?

Trading Up? Tips to Get Into That Next Home Faster

The resale housing market is expected to remain at near record sales levels in 2008, according to The Canadian Real Estate Association. For homeowners looking to trade up, there are several things to consider before jumping back into the real estate market:

Don't be afraid of rising prices

Homeowners often worry that strong housing prices will price them out of the market. But this is often offset by a higher asking price for their existing homes. Longer amortization periods, resulting in lower monthly payments, are another way to bridge the gap between the price of your current home and your next one.

Assess your home's value

A real estate agent or mortgage broker can get you in touch with an appraiser who can prepare an assessment report for your home. Once you know what comparable properties have sold for, you can list your home at a realistic asking price.

Do your financial homework

Whatever the market conditions, bigger houses cost more to purchase, finance and maintain. Work closely with your mortgage broker to ensure you can make the move without compromising your other financial priorities. Bridge financing may also be required if your purchase overlaps the sale of your existing home.

Confirm your timing

Deciding whether to sell your current house before buying your next one is an important decision. Purchase offers with conditions based on you selling your current home will diminish the appeal of the offer. These days, many sellers bypass this by including long closing periods or rental provisions in their purchase offers.

The House Team Of Mortgage Intellingence

The House Team is committed to providing quality information to help people make informed decisions about their mortgage financing needs.

Compare Canadian Mortgage Rates

Need a mortgage calculator? Mortgage Calculator Ontario

Mortgage Rates Ontario

Rate this Article: 5 / 5 stars - 1 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest Real Estate Articles
  • More from The House Team Of Mortgage Intellingence

Turkish Real Estate Investor Guide

By: Melissa Chappell | 23/11/2009
The growth and development of the Turkish real estate market amongst foreign investors has been largely attributed to the excellent realistic opportunities the market represents for pure investment, buy-to-let and lifestyle purchases.

Sell your home fast through auctions and auctioneers

By: Nisha | 23/11/2009
Auctions have become a popular way to sell homes fast as they attract the potential buyers and once the buyers find the property of their choice then you can be assured of getting a price that is fair.

The foreclosure basics - Short Pay (section-II)

By: Jeff Adams | 23/11/2009
If we want to signup in the real estate market we should be aware of foreclosure short-sales. We already discussed some of the basics of the foreclosure of short sale. Now let us see the remaining concepts in the basic of foreclosure short sale.

Property for Sale in Cyprus

By: Robert Linley | 23/11/2009
If you are searching for property that you can purchase here are a few suggestions to help you find property for sale in Cyprus.

Cyprus Property

By: Robert Linley | 23/11/2009
If you are in the market to find a vacation home or just a complete change of environment you may want to consider purchasing Cyprus property. Sometimes when you get caught up in everyday life

Property For Sale? Playing The Waiting Game

By: Debbie Morgan | 23/11/2009
If you have property for sale and the house you live in is on the market then it can be a frustrating time. Here we look at staying realistic and playing the waiting game.

Understanding Homeowners Insurance: Benefits, Coverage and More

By: Maria | 23/11/2009
The old adage “home is where the heart is” could only be true if you regard this place with the protection it deserves. And in order to secure such place, the inhabitants in it should also be safe. A homeowners insurance would perform such expectation of security. This popular form of insurance upholds manifold benefits for you and your beloved home.

Top Preps Tips Before Buying Your First Home

By: Maria | 23/11/2009
Owning a home brings that feeling of pride to have a place of your own. Freedom at its simplest sense is at your hands when you could finally decorate, paint or landscape your very own property. However, there are top considerations you have to make. You need to be familiarized with the plus points and the downside of home ownership. With these, you could properly decide if you could fully commit to all the responsibilities – from legwork to financial obligations.

Downsizing Your Home, Expanding Your Options

By: The House Team Of Mortgage Intellingence | 01/04/2008 | Moving & Relocating
Once the kids have grown and moved out, it often makes less sense to hold onto a big home. Ongoing maintenance costs and taxes may be difficult to justify when only one or two people are occupying the home.

7 Reasons to Use a Mortgage Broker

By: The House Team Of Mortgage Intellingence | 01/04/2008 | Mortgage
For many people, mortgage payments are their single largest expense. Yet, when financing a home, most Canadians don’t comparison shop to ensure they’re getting the best mortgage rate and terms available. This mistake can cost homeowners tens of thousands of dollars over the course of their mortgage.

5 Steps to Making Your Dream Renovation a Reality

By: The House Team Of Mortgage Intellingence | 01/04/2008 | Home Improvement
The lure of a stunning gourmet kitchen or sparkling spa-style bathroom may have you chomping at the bit to begin a home renovation. But if you heed the advice of experienced renovators, pre-planning and advanced preparation are the secrets to renovation success. Here’s a helpful checklist to get your renovation started on the right track

Is a Recreation Property Right for You?

By: The House Team Of Mortgage Intellingence | 28/03/2008 | Real Estate
Whether it's called a cottage, a chalet or a country house, the lure of a recreation property far from the hustle of the city is too much for many of us to resist.

Trading Up? Tips to Get Into That Next Home Faster

By: The House Team Of Mortgage Intellingence | 28/03/2008 | Real Estate
The resale housing market is expected to remain at near record sales levels in 2008, according to The Canadian Real Estate Association.

Belleville's House Team - One of Canada's Best

By: The House Team Of Mortgage Intellingence | 18/01/2007 | Press Releases
Local mortgage broker Peter House also named to national awards shortlist for Canada’s Broker of the Year

Mortgage "stores" are a Hit With Homebuyers

By: The House Team Of Mortgage Intellingence | 11/01/2007 | Mortgage
Okay, that may have been an easy one if you read the headline of this column. For most Canadians, their home is their biggest investment - and their most powerful financial tool.

Submit Your Articles Free: Signup
Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.24, 2, w1)