Do you remember when the real estate bubble burst in the mid-2000s? At that time housing prices had risen so quickly, that there was bound to be a crash. They were many causes. Mortgage companies were giving loans to unqualified Borrowers. People were taking mortgages that had negative equity built into them. And there are many more reasons.
This put the entire country into a bad financial position. And individual homeowners we’re in a position where they have negative equity in the house. What that means is that they owed more on the mortgage than the property was worth. And if they had to sell, they had a problem. And that caused all of the short sales to happen.
Now the people that didn’t have to move, and they can keep up with the payments, they were in decent shape because they would just ride it out.
Well we’ve had pretty much a very good turn around since those days. I recently read a report says that over 93% of homes and this country now have positive Equity. That means that they now own a property that is worth more than they owe. And almost 79% of those homeowners have significant equity, which is defined as at least 20% equity.
What this really means is that almost 75% of homeowners with a mortgage could use that Equity that’s in their current home, and purchase a new home now.
So if you’re looking to sell anywhere in the near future, now is a great time. In addition to the laws of supply and demand, there is a pent-up demand for your home. And now there are buyers who have the equity available that they can purchase your home. Call Bunny and Art, we can help.