Americans are watching the real estate world slowly climb back up from our 2008 recession. Mortgage rates are at historical lows and people are realizing that not only can they afford a new house, they can upsize, downsize or even buy a vacation home! These trends had fallen off on the wayside as people were not able to afford to even think of moving. However this trend has served a purpose. Now families that have stayed in homes for years beyond what they originally thought have equity built up that they can now use to buy their next homes.
Equity is the market value of a homeowner’s unencumbered interest in their real estate property. Or in real terms, it is how much your home is worth after you subtract what debt you owe on it. For example, if your home costs $150,000 and you owe $50,000, your home is worth $100,000 equity. The best part is that you can use that $100,000 on your next home!
So how much equity do you have on your home? That is where P.E.A.R. (Professional Equity Analysis Review) comes into play. Ask your Shorewest, REALTOR® for a:
They will be able to tell you how much equity you have built up over the years and how much more house you can own because of it!
Another great trend going on right now are historically low mortgage rates. 20% down payment is maybe a thing of the past when now you may be able to go as low as 3%! Our Wisconsin Mortgage Corporation loan officers are on hand for any questions you have. They are here to guide you through the mortgage process with ease and comfortability.
You may not have realized it, but it is time for a P.E.A.R.! Contact your Shorewest, REALTOR® today for your Professional Equity Analysis Review and find out how much equity you have in today’s market.