Things to Know as a Move-Up Buyer

Today, I’ll be talking about things move-up buyers will need to know when undergoing the process of selling their house in order to buy a new one.

The topic I’d like to discuss today is about selling a home in order to buy a home. Realtors call this kind of buyer a move-up buyer.

There are a lot of reasons why someone would want to sell their home and immediately buy a new one: growing families, switching school districts, downsizing, and more. You’ll need a real estate professional to assist you in this process because there are a lot of moving parts in the transaction.

The first step you should take is getting an evaluation of your house—how much is your current property worth? What are you going to do with the profit from the sale of your home? Are you going to get financing, or are you going to take the profit and pay cash? Once you know whether or not you’ll take the financing or cash route, then we can get your house on the market.

"The first step you should take is getting an evaluation of your house—how much is your current property worth?"

In our current market here in Reno, nobody is going to take a look at an offer from someone who’s current home isn’t on the market. You have to be on the MLS for another seller to take a contingent offer.

Once you get your home on the market and you’ve found a home you want to purchase, then there are timelines, contingencies, and home inspections (both for your own property and the one you want) to consider.

You really will need a real estate professional to help manage that process for you. There are a lot of moving parts that a professional will be equipped to handle.

If you’re thinking about moving up, moving down, or changing school districts, please reach out to me and I’d love to help you with the process.

Why You Need to Be Wary of Zillow's Mortgage Calculator

The perception of the home buying process you get from sites like Zillow is vastly different from the reality of buying a home.

When you look at homes on websites like Zillow, unfortunately, there's a big gap between perception and reality. Joining me today to help explain what I mean is Michelle Piccinini from Movement Mortgage. 

The biggest misconception when looking at homes on Zillow is the "What is my payment?" option you can click on. This mortgage calculator is typically not coded to your specific qualifications, however. Your credit score is probably different than what it factors in, and it can't include things like taxes or private mortgage insurance. 

"Zillow's mortgage calculators don't know your credit score or financial situation."

The average consumer might look at a $300,000 home on Zillow and have the mortgage calculator tell them that the payment will be $1,200. Then when you sit down with a lender to pull your credit and go over the particulars of the home, you'll get an actual payment. Nine times out 10, that actual payment is higher than what Zillow said. It's classic sticker shock.

This is one of the most important pieces of the value you get by working with a professional real estate agent. If you have any questions for Michelle Piccinini, you can call her at (775) 501-8546.

As always, give me a call or send me an email if you have any questions about the Reno market or you're thinking of buying or selling a home. I'm here to help.