Bev Murray Real Estate Sell Your Home

Over the course of the past few years home prices have continued to rise, albeit in some cases a somewhat slower pace, and that is great news for homeowners in Sarasota and around the U.S.

While it's true that rising home prices can be a double edged sword, for homeowners who are not first-time buyers there are strong positives when real estate prices increase.

1. Homeowners Can Afford To Move Into A Better Home

If your home has increased in value and gained equity, this additional value can be used to purchase a more expensive home than otherwise would be able to afford. With equity, the amount you still owe on your load will be reduced and the amount of profit on the sale will be increased.

The Homeowner Equity Insights report from CoreLogic, stated that “In the first quarter of 2019, the average homeowner gained approximately $6,400 in equity during the past year.”

2. Opportunity For Increased Profit From Your Home Sale

Nationally, US homeowners who sold their home during the second quarter of 2019 had an impressive gain in value. In a second quarter Home Sales report from ATTOM Data Solutions, they state:

“A look at the national numbers showed that U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since the original purchase of $67,500...the average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of the original purchase price.”

Depending on your original purchase price situation, sellers who sold during this period were able make a significant profit as a result of the rising home prices.

3. Climbing Out From Being Under Water In Your Mortgage

While at this point the great recession is just a bad memory, many homes were still stuck in a negative equity situation, due to the crazy prices from the over-heated market just prior to the crash.

As home prices have been rising, more and more homeowners have climbed out from owing more than their home is worth.

A report from CoreLogic states that, “U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $485.7 billion since the first quarter 2018, an increase of 5.6%, year over year. In the first quarter of 2019, the total number of mortgaged residential properties with negative equity decreased…to 2.2 million homes, or 4.1% of all mortgaged properties.”

While 4% of homes still being in negative equity is not perfect it is a far, far better situation than just a few years ago, and most homeowners will now be able to make use of their equity or take comfort in gaining a return on their investment.

The Time May Be Right To Leverage Your Home's Equity For A Move Up

If your home has increased in value and gained more equity than your realized now may be the perfect time to seize the opportunity. With the increased value come greater opportunity, including the ability to move into a better home.

Contact Bev Murray, and find out what possibilities you home's increased value has opened up.