Reply to How to swing a move to a move up house?

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[quote=Anonymous]We've been in our current house for ten years now, and it's feeling a little squeezed. We're lucky to have over $200k-$250k ish in equity in it at this point. But how do people in this market swing a move to a move up house?

The DC market is so hot that any financing contingency based on the sale of our current house is likely to not be competitive. We have two kids, so selling our place and moving to a rental while we search would be pretty tough. We have to stay in DC.

My ideal situation would be to keep our current place and buy a new one, and rent our old place out as an investment. But we'd likely be looking at $700-$800k for a new house to get any improvement in size and quality etc. over our current one, and we don't have $150k ish in cash for a down payment at this point. Both of us max out our retirement. We have a rainy day fund, but not that much extra money available.

Is there some option I'm not thinking of? Should we lower our retirement contributions for a while to save for a down payment on a new place? Is there a financing option I don't know about? Should we just stay put in our current house for a while?

Any thoughts are welcome. [/quote]

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