Today, let’s chat about a biggie: deciding to move. Maybe your family’s growing and you need more space, or the kids have flown the nest and you’re looking to downsize, or perhaps you’re just itching for a change of scenery. It’s a huge step, and I totally get all the mixed feelings that come with it.
So, here’s the deal for a lot of homeowners: You snagged your home a while back, got a sweet deal, refinanced during the whole pandemic craze, and now your monthly payments are so low, they’re giving rentals a run for their money. But now, you’re feeling the move bug biting. What to do?
The Silver Lining:
Good news is, you’ve probably built up some solid equity, which means you’ve got options for your next adventure.
Untangling Your Move Options:
- Sell and Rent Back: You sell your place, but then rent it from the new owner for a bit while you hunt for your dream home. Just know, it’s not a sure thing and depends on the buyer.
- Buy First, Then Sell: Check out bridge loans—they let you buy your next home before selling the current one. No rush, but you’ll deal with juggling two mortgages for a bit until your first home sells.
- Use Your Equity: Dive into your home’s equity with a line of credit or refinancing. That cash can be your next home’s down payment. Or, think about keeping your current home as a rental for some extra income on the side.
Market Scoop:
Interest rates are getting friendlier, and while there are about 2,600 homes up for grabs in San Diego, it’s still not a lot given how many people are looking. Things have cooled off for the winter, but expect things to heat up once the Super Bowl wraps.
Need a Hand?
I’ve helped loads of families figure out these kinds of moves. Whether you’re thinking about switching up your living situation or adding rental properties to your portfolio, I’m here to help guide you through it all. Just give me a shout!
Stay Tuned:
Catch me live every Wednesday at 10:30 a.m. on my Facebook page, “Real Estate by Najla,” where I share all the latest market insights and tips to step up your real estate game. Got questions or ideas? Don’t be shy—reach out anytime. Hope you all have a fantastic week and see you next time!
