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We are thinking about buying a new house. Our mortgage is $85,000 on our house and we can sell it for about $150,000. Our other debt is about $40,000. Should we wait to purchase a home or sell now? What factors should we be considering?


The BIDaWIZ Team's Answer:

Now is an excellent time to purchase a new home, because prices

are low, and mortgage interest rates are low. However, now is a bad

time to sell your current home; again, because prices are low. If possible,

re-finance the current home, and use the cash proceeds towards the down

payment on the new home purchase, and try to "hold on" to the old house until

the real estate market rebounds.

The BIDaWIZ Team



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