Kids Off to College? Time to Sell Your Home
"New families and couples looking to start a family are all looking for good schools," says Baris. "They want to purchase homes in these towns now while rates are at an all-time low and they want to get settled before school starts in the fall."
In many cases, avoiding exorbitant property taxes is the motivation for older families to sell. A couple living in a three-bedroom, two-bath home in Tenafly, N.J., for example, could save more than $10,000 per year in property taxes by moving to a one-bedroom condo in Edgewater, N.J.
But there are other good reasons for putting your house in the market after your kids graduate from high school. Some sell to help pay for college tuition, while others sell to put more money toward retirement.
"Whatever your motivation is for selling, it's important to act fast," says Baris. "There is so much buying power now and you wouldn't want to pass up on this opportunity -- on hopes that your home's value would be much higher five years from now."
Anastos warns that although mortgage rates are lower than ever, they will not last forever. He expects rates to begin to rise within the next 12 months.
-- Written by Marilen Cawad in New York.
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