Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
If you're thinking of moving up in the near future, be an active shopper. That doesn't necessarily mean getting out there and looking around. Instead, keep up with the numbers-interest rates, home prices in your targeted neighborhood, the value of homes in your own neighborhood, etc. By keeping tabs on these numbers, you'll know when your equity reaches the level you need for the down payment on the home you want.
Tracking your equity is easy. Simply estimate the current market value of your home and subtract any remaining mortgage balances. If your home is worth $600,000 and you still owe $250,000 to your mortgage holder, your equity is $350,000. That would be a great start on your next down payment-perhaps all you'll need! Be sure, though, to budget enough cash to pay for closing costs on the sale of your current home and the purchase of your next one.
Of course, you'll want to start with an accurate estimate of your home's value. Give us a call to find out! We'll be happy to help you determine how much equity you have in your home whether it's in Georgetown, Capitol Hill or another area of Washington, DC - and advise you on when you'll be ready to buy the move-up home you've set your sights on.