The Morrone Real Estate Group PA

If you buy a home before you sell the one you're in, you're overextended financially; if you sell before you buy, you might need to rent a while before finding a new place. But there are ways to do both at once, and one option is to instate a “sale contingency" in your contract. This means you only agree to buy a home if you can sell the one you're in. The only downside is if your seller doesn't agree (which is possible if they want the timing set in stone).

In real estate, the way a Realtor typically determines market value when selling a home is to prepare what is referred to in the business as a comparative market analysis (CMA) . While there are other valuation methods, this is the most common one used when evaluating a typical property.

The best way is to check out comps—what similar properties are selling for in the area—“and whether those prices have been going up or down in the recent past.

Most financial institutions say that if you add your gross monthly income (not take home) with your spouse’s gross monthly income and multiply that by 30% of your total gross monthly income, this figure would be what you can afford to use towards housing related payments, ie: mortgage payments, taxes, and insurance.

A benefit of owning your own home is that you can deduct the cost of your mortgage loan interest from your federal income taxes You may also deduct the taxes that you pay as a homeowner. These two items can add up to LARGE SAVINGS on your income tax returns. Another financial benefit of homeownership is appreciation (the value of your home increasing over time) or as you improve your home and increase your equity in the home.