Paul Anastos, president of Mortgage Master, thinks the DeSantos could be missing out on a great opportunity by waiting it out. "If your children are off to college and you happen to be in a much sought after location or a good school district, you may want to consider selling now. You'll get a lot of bang for your buck," Anastos says. With mortgage rates of all types at or near their lowest levels in history, Anastos says he is seeing competitive bids -- three or four offers for a single property -- and houses being bought at the full asking price. According to Zillow, the 30-year fixed-rate mortgage has an interest rate near 3.5%, while the 15-year fixed-rate mortgage has a rate less than 2.9%, each for the most highly qualified borrowers.
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. >To contact the writer of this article, click here: Marilen Cawad. >To follow the writer on Twitter, go to http://twitter.com/marilencawad. >To submit a news tip, send an email to: firstname.lastname@example.org.