The Colorado housing market presents unique challenges and opportunities for those feeling stuck in their current homes and yearning for a better fit. In this blog post, I share expert insights from top mortgage lender Jess Uphoff, providing practical strategies to transition smoothly from your current home to one that better suits your life.
Current Challenges
Many homeowners are currently benefiting from low interest rates, with around 62% of Americans holding rates under 4%. However, the prospect of upgrading to a 6-7% interest rate can be daunting. The silver lining? Significant equity is common, with the average American homeowner having approximately $274,000 in equity.
Five Strategies for Transition
1. Contingent Offer: Make your offer on a new home contingent on the sale of your current one.
2. Double Move: Move to interim housing as a transitional step.
3. Leaseback Agreement: Negotiate to stay in your current home temporarily after selling it.
4. Non-Contingent Buying with Bridge Loan: Purchase your new home without selling the old one first, using a bridge loan.
5. Retain as Rental: Keep your current home as a rental property.
Expert Guidance
The importance of education and strategy cannot be understated in the current market. Our upcoming webinar will explore these strategies in depth, discussing the pros and cons to help you make an informed decision. The webinar will cover both financing and real estate aspects, crucial for understanding how to navigate away from a low-interest rate yet unsuitable home. Sign up here.
With the right approach and expert advice, transitioning to a home that better fits your lifestyle is achievable, even in a complex and fluctuating market. Stay informed, consider your options carefully, and don’t hesitate to seek professional guidance to make your next move a success.