Is there a neighborhood you’d like to move into someday? Why not find out whether that could be achievable? In the worst case, you’ll discover that those homes are beyond your means.
On the other hand, you might learn that you can get into that neighborhood, perhaps this year!
The first thing you need to do is find out the current price levels of homes in that area. Narrow your scope to the type of home you’re looking to buy. Then, using sales data from the last few weeks — as “current” as possible — find out the price range you’d need to shop within.
Your next step is to determine if that price range will work for you. You’ll need to find out how much your current home would likely sell for on today’s market. That can be calculated by reviewing recent sales of comparable homes in your area. If additional financing is required, talk to a mortgage advisor to find out how much you qualify for.
If it all looks good, ask yourself, “Is there anything else holding us back from moving to that desirable neighborhood?”
If there isn’t, go for it!
