Have you been dreaming of moving to a bigger home? Or a better neighborhood? Closer to work? Chances are, the LaForest Team can help you leverage the home equity in your current residence to move up to the home of your dreams!
Home equity, “is the value of ownership built up in a home or property that represents the current market value of the house less any remaining mortgage payments. This value is built up over time as the property owner pays off the mortgage and the market value of the property appreciates.” Or basically, the current value of your home compared to what you paid for it. Ideally, you will build home equity, meaning your home is worth more than you paid.
CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017 in the United States. Colorado shares a huge piece of this pie, with a 9.9% average increase in the value of the home in the last year.
According to the Fannie Mac’s Home Purchase Sentiment Index (HPSI), more homeowners are beginning to realize that they may have more equity than they first thought. This is only the second time in the survey’s history that the net share of those saying it’s a good time to sell surpassed the net share of those saying it’s a good time to buy – 78.8% of homeowners have significant equity (more than 20%) in their homes today!
This means that many Americans with a mortgage have an opportunity to take advantage of today’s seller market. With a sizable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).
This could very well include you! If you are a homeowner in Northern Colorado, chances are good that your home has acquired much home equity in the last several years. The LaForest Team in Greeley, Colorado can show you how you can leverage that equity to move up to the home of your dreams. Contact us today to get started!