12/28/2021
The latest data is showing that existing home sales have risen in the four of the last five months. Now, a new report shows that home sales are likely to continue increasing as the year closes out. If that happens, existing home sales will hit a level not seen in 15 years.
The financial benefits of owning a home continued to grow in the third quarter of 2021, as rising home prices boosted the equity that many homeowners hold in their homes. These ongoing price runups continued boosting equity because they widened gaps between what homeowners owed on their mortgages and the value of their properties.
There is no doubt that homeowners continue benefitting big-time from the relentless home price increases we are seeing around the country.
With interest rates still near historic lows, now may be a great opportunity to purchase your first or second home and begin building wealth through these monumental equity gains. Similarly, refinancing to a lower rate could help you save potentially thousands over the life of your loan in the long term and lower your monthly payment in the short term. Cashing out some of your built-up equity may also be a great option if you are looking to pay off debt or add improvements to your property.
Interested in learning more and seeing if one of these options could work for your situation? Send me a message and let’s start to chat about your options today!
