When the housing bubble burst in 2007/2008, many Americans found themselves underwater or, in other words, with a home worth significantly less than what they owed on their mortgages.
But that’s all changed now. According to recent studies, more and more Americans are finding themselves in the opposite situation—with a home worth far more than what they owe on their mortgage.
According to the a recent Equity Report from ATTOM Data Solutions, which curates a well-known nationwide property database, as of Q2 2018, nearly 14 million properties in the US are now what’s known as “equity rich”—meaning the balance of loans on the property is worth 50% or less than the current estimated market value. That’s approximately one in four homes in the US that currently holds a mortgage!
But what, exactly, is the advantage of being “equity rich”? Homeowners that are equity rich can sell their homes and walk away with a significant chunk of cash in their pockets—cash they can then use to make a down payment on a new property. The market is beginning to shift. Now might be the perfect time for you to use that to your advantage!
If you’ve been thinking about selling your home and upgrading to a larger and/or pricier property, let’s check the balance on your mortgage against the current market value. If you’re one of the equity rich, you can use that equity to get into the home of your dreams.
Have questions? Do you want to buy or sell a property? Call me at 717-371-0557, I’ll be happy to help you!
As always, I’d like you to be part of the conversation, so if you like what you read here please feel free to let me know, forward this post to your friends and subscribe!
If you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-291-1041!
Your Friend in Real Estate, Jason Burkholder
Certified Marketing Specialist
Weichert, Realtors – Welcome Home
717-371-0557 direct or text