Today we are going to talk about the 3 most common mistakes we see move up buyers and sellers make when they start their search for a new home so you can save time, money and have less stress during this exciting time move!

Let's define what a 𝐦𝐨𝐯𝐞-𝐮𝐩 𝐡𝐨𝐦𝐞 𝐛𝐮𝐲𝐞𝐫 is. A move-up home buyer is someone who currently owns a home and they're looking to move to a larger home.

Today we are going to talk about the 3 most common mistakes we see move up buyers and sellers make when they start their search for a new home so you can save time, money and have less stress during this exciting time move!

First of all let's define what a 𝐦𝐨𝐯𝐞-𝐮𝐩 𝐡𝐨𝐦𝐞 𝐛𝐮𝐲𝐞𝐫 is. A move-up home buyer is someone who currently owns a home and they're looking to move to a larger home, as their family grows or their needs grow, like working from home, and they are looking to do that in the same market or many times in a new market.

What are the three biggest mistakes that move up home buyers are making?

☝️ 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐢𝐧𝐠 𝐚 𝐧𝐞𝐰 𝐡𝐨𝐦𝐞 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐰𝐡𝐚𝐭 𝐭𝐡𝐞 𝐯𝐚𝐥𝐮𝐞 𝐢𝐬 𝐭𝐨 𝐬𝐞𝐥𝐥 𝐨𝐫 𝐭𝐨 𝐫𝐞𝐧𝐭 𝐭𝐡𝐞 𝐡𝐨𝐦𝐞 𝐢𝐧 𝐇𝐨𝐛𝐨𝐤𝐞𝐧.

People think they have a reasonable understanding and they have their finances in line but then their expectations might not be aligned with what reality is. The numbers might not align exactly how they want them to, causing them to have a bigger expense or not as much cash flow on the property. Know what your home is worth both rental and sale, depending on your plans going forward.

✌️ 𝐇𝐨𝐦𝐞𝐨𝐰𝐧𝐞𝐫𝐬 𝐚𝐫𝐞 𝐧𝐨𝐭 𝐚𝐰𝐚𝐫𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 𝐨𝐟 𝐰𝐡𝐚𝐭 𝐬𝐞𝐥𝐥𝐢𝐧𝐠 𝐨𝐫 𝐫𝐞𝐧𝐭𝐢𝐧𝐠 𝐭𝐡𝐞𝐢𝐫 𝐡𝐨𝐦𝐞 𝐥𝐨𝐨𝐤𝐬 𝐥𝐢𝐤𝐞 𝐢𝐧 𝐇𝐨𝐛𝐨𝐤𝐞𝐧.

In New Jersey, if you own a home for three years within the last five years, and lived in the home for two years within the last five years, you don't have to pay capital gains taxes when you sell. If you have a long time horizon to keep the property as a rental you're going to have to pay capital gains. How much equity do you have in the property? Could that equity be better invested in the stock market or in a property? People don't know the back end details of holding a property versus selling that property.

👌 𝐋𝐨𝐨𝐤𝐢𝐧𝐠 𝐟𝐨𝐫 𝐚𝐧𝐨𝐭𝐡𝐞𝐫 𝐥𝐨𝐜𝐚𝐥 𝐚𝐠𝐞𝐧𝐭 𝐭𝐨 𝐡𝐞𝐥𝐩 𝐲𝐨𝐮 𝐢𝐧 𝐚 𝐧𝐞𝐰 𝐦𝐚𝐫𝐤𝐞𝐭.

When you're buying in a different market, you should coordinate with the listing agent and have them talk to your buying agent, and make sure they understand what types of markets and expectations they should be working to make sure everyone's on the same page.

Hope those are helpful if you have any questions, feel free to reach out.

Catch you on the next one!