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When the rain dries up and the earth gets dry, there are still flowers that pop through into the sunlight. Such is the case with those seeing opportunity! In the world of today’s real estate, most people in their own homes are not even dreaming of moving in these uncertain Coronavirus days. The racial biases, the increasing consolidation of the immensely wealthy and uneven distribution of America’s wealth, our children’s future in question… so many greatly disturbing factors are hitting us at once that most of us are unable to see above the fray.
There are enough to see that the recent increase in property values may be your opportunity to get the property that better suits your needs. Combining this recent jump in equity with today’s cheap mortgage money (2.5% - 3% interest rates), owners are making the move that previously might have been untenable. For example, the starter house bought 4 years and two children ago (for $225,000) is now worth $285,000. With today’s interest rates and the recent jump in equity, that Buyer with the $200,000 mortgage loan can buy that bigger $400,000 house and pay, for example, $1485/month for a $360,000 mortgage loan.
Houses in very good condition are rapidly pushing up neighborhood values due to multiple offers from today’s strong demand. Buyers who were reluctant to purchase anything other than a move-in condition property are again opting for those in need of updating.
As homeowners have found extra time on their hands these past four months, hardware and appliance stores have been flourishing with contractor & do-it-yourself purchases. Furniture, clothing and miscellaneous donation destinations have been loaded up with goods. Yards have never looked better. Might your home be the next flower to pop up in today’s marketplace? Call me and let’s talk!
