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We are looking to buy a bigger home, should we sell our existing and wait?

I have been told it is better to sell and rent until home prices come down. Is that a good strategy? Your input is welcome. by james_ingrid182 from Aliso Viejo, California. Mar 7th 2017 Reply


Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 83 contributions

In my opinion home prices are not coming down unless we have a major recession and rents are stilling going up and up and up.Save your money and buy while you can while rates are as low as they are because they are going up.I would be pleased to help you with your mortgage needs Call me

Mar 7th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

First, all real estate is local. What is going on in your market? Next, I would bet virtually everything I have that home prices ARE NOT going down, especially anytime soon. Rather, home prices continue to climb, and now in many markets, have actually gone higher than in 2006 before the collapse. Speaking of which, the combination of items that brought the collapse of real estate do not exist in the market today, and based on changes since then, are very unlikely to ever happen again. If you want to own a home, it would be, in my opinion, rather foolish not to buy right now if possible.

Mar 7th 2017
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Buy now while rates are still low.

Mar 8th 2017
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

I have to concur that we are in a strong economy according to all market and market analysts reports, and now my be the best time to buy. As to whether you sell and the rent something first is up to you. However, if rates continue to climb higher you could be buying a home at a higher rate if not a higher price (depending on the market in Ca you seek to buy in.) If you are planning to sell then you either shop for a home and qualify for the purchase while holding onto the additional mortgage payment until you sell...decide to keep the home for at least a year and rent it out thus cancelling out most of the mortgage from your total debt to income ratio in qualifying for the purchase, or you simply do as mentioned...maybe, rent month to month...perhaps leaving much of your belongings in storage...and then finding the right house for you. I would be happy to assist you in qualifying, with quotes/good faith estimates and with other questions you may have.

Mar 9th 2017
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