Buying A Bigger Home

CONDITIONS ARE RIGHT FOR BUYING THE

HIGHER PRICED HOME YOU'VE ALWAYS WANTED

Higher interest rates and home prices in the past have kept home owners from purchasing larger homes. The current real estate market conditions, however, are encouraging for many home owners who want to buy up to higher priced homes with more to offer.

If you are considering trading up for a larger and more expensive home, conditions for doing so couldn't get much better. Interest rates are the lowest they've been in two decades, and home prices in many regions are the most affordable they've been in years.

You should consider a few factors before reaching a decision to trade up:

? Can you afford higher mortgage payments and property taxes?

? Is your credit record solid enough to qualify for the probable higher monthly mortgage payments?

? Do you plan to stay in your new home long enough to recoup your investment?

For atrium style homes with a three car garage, fireplace, etc click on View Listings

for a ranch home and main floor laundry View Listings

with a water view View Listings more water view View Listings

suitable for horses View Listings or listings with a pond View Listings

this backs to the golf course View Listings

this has cathedral ceilings View Listings and this with 10 foot ceilings View Listings

oh and the 9 foot ceiling View Listings

built in bookcases View Listings

paladian windows View Listings or with skylights View Listings

two story entry foyer View Listings a second floor laundry View Listings

includes a media room View Listings

a sun room View Listings

houses with an inground pool View Listings

this is possible short sales View Listings and these are the foreclosures View Listings

you can still use http://www.stcharleshousing.com/menuform.asp?WebFormID=55 to schedule a showing or call.

Obviously, you'll need to sell your current home before getting serious about trading up to a new one. A healthy real estate market indicates that you'll have little trouble selling your existing home. The national Association of Realtors reported in August that sales of existing single-family homes are rising steadily, especially among first-time buyers. Affordable home prices and low interest rates could make the starter home you purchase several years ago particularly attractive.

You'll still need a significant down payment on a new house. If you can afford the up-front cost, you may want to consider switching the fixed-rate mortgage on your old house for an adjustable rate on a new one. This could allow you to trade up without increasing your monthly payments.

The type of mortgage you choose also depends on how long you plan to stay in your new home. A good mortgage lender can advise you on whether a fixed-rate is an advantage is you're planning on staying for more than 10 years. A fixed-rate may be better for long term owners who don't want to worry about rising mortgage payments.

Trading up may not be worth the move if you're planning on living in the new home for only a couple of years. You might have to stay three to five years for your house to appreciate enough to recoup the closing costs.

Conditions for a move-up haven't been this good in many years, and you may not want to wait much longer to consider it.