Waiting to see how much home prices appreciate before considering selling a home might be causing home owners to miss a good opportunity, according to some housing experts. One such expert, Vice President of RealtyTrac Daren Blomquist, says the best time to move may depend on when the home owner purchased their current residence. Home owners who purchased their home during the last two to three years in the sluggish market may find moving up in 2013 to be a good opportunity.
“Because they bought near the bottom, these home owners should have build up some good equity that can go toward the purchase of a new home and waiting longer to build up more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace,” Blomquist said.
The additional anticipation of mortgage rates being predicted to increase from the current 3.5 percent range to 4.4 percent range, according to the Mortgage Bankers Association, may be motivation enough for home owners to consider moving up sooner than later.
More information about moving up opportunities and the predictions can be found here.