At this time of year, many families come together to celebrate the season. It’s also the time when many realize their homes are just not quite big enough to host all of their guests and loved ones. Are you one of those homeowners dreaming for a larger space to call home?
You may have enough equity in your current home to move up.
“14.4 million residential properties in the United States were considered equity rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value.”
This means that one in four of the 54 million mortgaged homes in the U.S. have at least 50% equity. If these homeowners decide to sell, they can use their equity to put toward the purchase of a new home. Maybe you’ll be one of them.
“This year, home sellers cited that they sold their homes for a median of $60,000 more than they purchased it, up from $55,500 the year prior. This accounted for a 31 percent price gain, up from 29 percent the year before.”
Here’s the equity gain breakdown based on the number of years these sellers lived in their homes
Bottom Line
If you’re one of the many homeowners with big dreams of owning a larger home, let’s get together. Working with a trusted advisor to find out how much equity you have is a great first step in putting your move-up plan in motion.
Dec 7 (10am-3pm) Christmas in the Village on Main Street. Visit with Santa, horse drawn wagon rides, performances by Zionsville Show Choirs, street carolers and more. https://www.facebook.com/events/519524401955175/
Whitestown Dec 14 (1-5pm) Visit with Santa at the Whitestown Municipal Complex. Parade, hot chocolate, snacks, crafts and free pictures with Santa. FREE. https://whitestown.in.gov/events
Dec 7 (7am-11am) Musical Breakfast with Santa at Brownsburg West Middle School. Visit with Santa, craft, decorate cookies, musical instrument “petting zoo” to experiment making sounds on all different musical instruments. Tickets $10 each. https://www.facebook.com/events/1177163162671646/
Dec 14 (1:30-3:30pm) Build a Gingerbread House at the Natural Valley Ranch. Pony rides, animal encounter and decorating gingerbread houses. $15 per person. Must pre-pay and pre-register. https://www.facebook.com/events/2505772896414979/
Thorntown Dec 7-Dec 8 (1pm-5pm) Newfoundland Dog Day at Dull’s Tree Farm. The South Central Newfoundland Club have their dogs pull your tree from the field to the processing area. https://www.facebook.com/events/2103105883313525
With interest rates around 3.66%, now is a great time to look back at where they’ve been over the past few decades. Comparatively, they’re pretty low!
According toFreddie Mac,rates are projected to increase to 3.9% by this time next year.
The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year and $7,200 over the life of your loan.
Maybe it’s time to lock in now, while rates are still historically low.
Dec 7 (6pm) Avon Tree Lighting at the Avon Town Hall Park. Live music and entertainment, crafts, hot cocoa, train rides, a visit from Santa, the lighting of the town's Christmas tree and then fireworks. https://www.avoncommunityheritagefestival.org/
Nov 23-Dec 22 Reindeer Ride Express in Noblesville. 1hr 15 min train ride decked out in approx 2,000 lights. Visit Santa’s workshop. https://nickelplateexpress.com/reindeer
Nov 30 (4pm-7pm) Zionsville Tree Lighting. Horse-drawn wagon rides, live entertainment, smores, photos with Santa, parade at 5:30pm followed by tree lighting. https://www.facebook.com/events/394084601310192/
South Nov 23 (4pm-7pm) Greenwood-A-Glow Tree Lighting Ceremony @ the Greenwood Public Library. Holiday crafts, shows, carriage rides, food and photos with Santa Claus.
“The homeownership rate of 64.8 percent was not statistically different from the rate in the third quarter 2018 (64.4 percent), but was 0.7 percentage points higher than the rate in the second quarter 2019 (64.1 percent).”
Today there is still a lack ofinventory, particularly at the entry and middle-level segments of the market, but that is not stopping buyers from making every effort to pursue homeownership. The manyfinancialandnon-financialbenefits continue to drive the American Dream and will likely do so for generations to come.
Bottom Line
If you’re thinking of buying a home, let’s get together to make your dream a reality.
Today we are launching our new website. We are working with our web development vendor to finalize the remaining content so please be patient during this time. High Point Realty Group LLC is a brand new company so we have had to create a lot of content since this is the 1st website for our new company. We look forward to working with you!
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Today there is still a lack of inventory, particularly at the entry and middle-level segments of the market, but that is not stopping buyers from making every effort to pursue homeownership. The many financial and non-financial benefits continue to drive the American Dream and will likely do so for generations to come.