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How to buy a house and sell the condo

Contributions: 2

Q&A

:2

Most people start with a small home or condo. Then they decide to put their first property on the market and "move up" to a larger home. How is this done if the household income is the same ?

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May 07 - Long Beach

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Connie Wildasinn, "pwildcon"
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Connie Wildasinn, "pwildcon"

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a better aspiration... save your money (like crazy) keep your first place, rent it out.. and it to your retirement portfilo... and buy a new place...

with FHA at only 3.5% down, if you can't save that money, you should most likely stay where you are...

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June 06

BMFPitt
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- Household incomes tend to rise over time to allow people to cover a larger payment.
- Equity rises over time when it's not being sucked out into HELOCs, allowing for a down payment on the new house.
- People can save money in order to pay for the price difference (a crazy concept, I know!)

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May 08

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It isnt! that was only true during the boom years with bad lending standards not based on real income and savings growth.

What was the result of the no and low downpayments ?
An economic meltdown of our nation....
Are you up to date what has heppened lately?

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May 07

Barbara Robbins-Olexa, "bstrealtor"
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Barbara Robbins-Olexa, "bstrealtor"

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HI! I have had many clients buy a condo and then sell and be able to purchase a home. Now it is even easier because many areas like Lakewood, have homes priced like condos were just a few years ago and the interest rates are lower so the payment is similar. That is how it can be done with the same income. If there is equity in your condo, that can help bring down the payment as well by allowing you to borrow less by putting more down.

You need to get preapproved by a lender and then you will know what you will qualify for and then can determine if a house is in your future.

There are great buys out there with even houses in Lakewood a nice family community starting at $300K with FHA financing you can get in with 3.5% down for starters.

[content removed by moderator for being self promotional]

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May 07

Amanda Wilson, "WilsonAmanda"
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Amanda Wilson, "WilsonAmanda"

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Home prices have come down and are more affordable in most areas....many people even downsize....The household income is what needs to be evaluated...can the seller afford to move up or not?

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May 07

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Related Questions

Question Do you think they will extend the $8000 tax credit? The market is so crazy right now in so cali. Pro

Question Bidding War in Long Beach

Question does the property have to be owner occupied?

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Question what is going on that all these placecs are selling for 2-30 K??? Where are they listed?

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