Home equity is a popular word these days. Equity is the difference between what you owe on your home and what it is worth in today's housing market. So when home prices are growing, equity is too. And with the recent spike in home prices, equity has surged.Many homeowners have flexibility to use this to make home improvements, pay off loans, pay education, new car's, or repair car's. Nationwide many have at least 20% equity in their home and prices to include rent has skyrocketed. Click here to see more about home equity loans /HOME-EQUITY-LOANS---32819---32836---Dr-Phillips-6-18844.html
By far this is the strongest growth I have seen in over 17 years of selling homes that can equate over 170,000 in equity available to the average mortgage holder. Many homes increased 20,000 in three months. I believe the market has cooled down just a bit 4th quarter 2021 as long as the market interest rates remain hovering around 3%. Many buyers have hovered to our State of Florida due to cost of living is much less inexpensive. The pandemic has a huge effect on the economy, especially working from home, which opens the door for relocation for many working employees.
While equity helps increase your overall net worth, it also can help you achieve other goals like buying your next home. When you sell your current home the equity you have built up comes back to you in the sale of your home and it may just be just what you need to cover a large portion, if not all your down payment and or closing cost.
Fannie Mae has a monthly survey gauging Americans thought about the housing market and overall economy. the survey was concerning mortgage rates, home prices, jobs and financial situation. In August 2021index was largely unchanged from from the previous month. However, a great share of participants who said they felt it was a good time to buy a home was up 7%. It was the first increase in buying optimism since March 2021. Kevin Strawter is one of the finest Realtor's in the Central Florida region you can find and selling homes for over 17 years as a seasoned veteran and Retired 39 year Air Force Veteran. Contact him today at 407 479-8583. Serving Dr Phillips and Central Florida. Click here to know more abut Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html