With the Cambrian (and overall Bay Area) real estate markets very hot right now, it truly is a great time to consider moving up. This means different things to different people. Perhaps you have outgrown your house and are looking for something larger or maybe a nicer neighborhood. Whatever your goals, it may be time to consider making a change for the better.
Why consider moving up now? Because chances are you will get a great price for your home in today’s hot market (if priced and presented well) and mortgage interest rates are still at historic lows. To be more specific, Zillow indicates that home prices in the Cambrian Park area were up 15.8% year-over-year in Dec 2012. Interest rates for 30 year fixed mortgages are well into the 3% range for those that have good credit. So the window to buy your dream home before prices rise too high and/or interest rates start to climb is open for now. When trying to move up, it is always a balance between a strong market that provides you a good selling price for your existing home and one where the “move up” home is still affordable. I believe we are at a point where this balance is very optimal. If anything, the sales trends for Cambrian area home prices are rising faster (as a percentage) on lower priced homes than higher priced homes. Couple this balanced market with sub 4% mortgage rates, and a new home might look more affordable than ever.
Of course, all of this depends on your home having equity. A discussion with an experienced realtor can arm you with the information needed to make an educated decision on whether the time is good to consider the home you have always wanted. It never hurts to know the facts.