If you purchased your home in the last 2-3 years when the market was low, you have likely gained a decent amount of equity. If you are planning on selling your current home in order to upgrade to a different home in the same market, now may be the time to cash out for two major reasons.
Number 1:
If you are in an increasing market, the price of the home you are planning to purchase will increase more quickly than the one you are leaving behind, says CEO Glenn Kelman.
Number 2:
Interest rates are expected to increase almost 1% in the next year, which may significantly increase the costs of purchasing your new home.
If you fit into this category, 2013 may be the right time to take advantage of your equity and the low interest rates. For more helpful information, visit our “What’s My home Worth?” page and we can help you get started.
-Some information was gathered from “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013).
