I'm thinking of selling our 1500sq ft place now, and purchasing up. I think it's a good time to sell since rates are still down (thanks fed) and the credit is still there. im going to guess that housing prices will drop later this year, and that it will be a decent time to purchase. even if mortgage rates go up, I wouldnt be opposed to taking out a 5/1 @ ~5.5-5.75%.
The reason I ended up down this path is that 99.99% of current sellers don't want any part of a contingent sale. Cash in hand is what counts. Even the finance guy @ Woodbury said, "Oh... I see that you have a home, is it sold? On the market? He seemed to not like the fact that we would be a contingent seller.
I will say that it is a bit scary going down this path. Let's say we sell and close escrow by the end of March. We'd be out of a place for a while. Even though not very likely, what if Irvine RE continues to skyrocket? These are the thoughts that worry me. Is anyone else in this same position? What are you thinking about at this moment in time?
Thanks.
The reason I ended up down this path is that 99.99% of current sellers don't want any part of a contingent sale. Cash in hand is what counts. Even the finance guy @ Woodbury said, "Oh... I see that you have a home, is it sold? On the market? He seemed to not like the fact that we would be a contingent seller.
I will say that it is a bit scary going down this path. Let's say we sell and close escrow by the end of March. We'd be out of a place for a while. Even though not very likely, what if Irvine RE continues to skyrocket? These are the thoughts that worry me. Is anyone else in this same position? What are you thinking about at this moment in time?
Thanks.