Top 3 Mistakes That Move-Up Buyers Make
Hey there, are you thinking about making the move to a new home? It can be a stressful process, especially if you're a "move-up buyer" (aka someone who's looking to trade up to a more expensive home). There are a few common mistakes that people in your situation tend to make, and we want to help you avoid them.
Timing issues:
When you're trying to coordinate the schedules of three different groups (the person you're buying from, the person buying your home, and yourself), things can get hectic. It's important to try to have the two closings happen in close proximity to each other, or you risk losing both homes (or ending up with two mortgages). The best way to avoid this is to work with an experienced real estate agent who has a track record of helping move-up buyers.
Owning two homes:
This is probably the biggest fear for people in your position - what if you buy a new home before you sell your old one, and then the deal falls through on your old home? You're left with two houses (and two mortgages) that you can't afford. To avoid this nightmare scenario, make sure to plan ahead and work with a realtor who has a guarantee in place to protect you (like the Keri Shull Team's Move-Up Buyer Guarantee program).
Not getting pre-approved for your new home:
Just because you qualified for a loan on your old home doesn't mean you'll automatically qualify for a loan on your new, more expensive home. Make sure to go through the pre-approval process and work with a real estate team that has strong connections to local lending partners (like First Savings Mortgage).
Bonus tip: Don't get cold feet!
It's normal to feel intimidated by the process of buying a new home, but don't let that fear hold you back. With the help of a knowledgeable real estate team and tools like our Mortgage Calculator, you can come up with a plan to make your dream home a reality. And don't forget to ask about our off-market listings - they might be the perfect solution for your move-up buying needs. So, if you're ready to take the next step, contact DMV Millennial Homes today!