Life in Newtown, CT

head_left_image

We're Moving on Up

Recently, we've had a few homeowners ask if now is a good time to move up into a larger home.  Our answer is a resounding "YES!" and here's why:

  • House prices in Newtown have come down a total of 15.11% in 2007 and 2008.
  • Mortgage rates are still at historically low rates
  • Many sellers need to get their homes sold and there are definately "deals" out there
  • There are short sales available for sale, as well as pre-foreclosure and foreclosure properties.
  • Contrary to what you hear on the news, people CAN get mortgages and homes are beginning to sell again.
  • If you currently have equity in your home, great credit and have outgrown your exiting your home, you should definitely consider moving up to a larger home.
  • Financial experts are speculating that when the housing market recovers, home values will increase at more normal rates (1-3% per year).  This translates into more built up equity in a more expensive home than in a less expensive home.  Here are examples:

    • A home worth $300,000 that increases in equity at 1%/year would be worth $303,000 - a gain of $3,000 in equity after one year.
    • A home worth $500,000 that increases in equity at 1%/year would be worth $505,000 - a gain of $5,000 in equity after one year.
    • A home worth $300,000 that increases in equity at 3%/year would be worth $309,000 - a gain of $9,000 in equity after one year.
    • A home worth $500,000 that increases in equity at 3%/year would be worth $515,000 - a gain of $15,000 in equity after one year.

So, if you've been waiting for the "right time" to move up to your next home, the time has come.  Contact a Realtor and get movin'.

Move up the housing Ladder

If you have any questions or if you would like us to assist you with moving up, please feel free to email us.

Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818 

0 commentsBob and Richelle Ward • April 26 2009 04:53PM
We're Moving on Up
share
Recently, we've had a few homeowners ask if now is a good time to move up into a larger home. Our answer is a resounding "YES! " and here's why: House prices in Newtown have come down a total of 15. 11% in 2007 and 2008 Mortgage rates are… more