The Cost of Waiting: Move Up Now

Move-Up-Cost-of-Waiting-2According to a recent study, the number of current home homeowners who are planning to buy a home this year will soon increase dramatically. Three-quarters of these buyers are “move-up” buyers. While waiting to buy a bigger home may increase the value of your current home, it also increases the cost of the bigger home. Prices are expected to increase by over 4% and interest rates are expected to rise by as much as an additional 1%. If your family has plans to move-up to a nicer, bigger, or newer home in 2014, this chart shows why it makes more sense to move now rather than later:

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