You’ve been hunting local real estate listings and dreaming of a larger backyard, kitchen, master bedroom, etc., but you’re not sure if it’s the right time to make that leap and sell your house. Here are several good reasons why you might want to take advantage of the market and upsize or downsize.
Think of your home as a large piggy bank. With every monthly mortgage payment, you’re putting money into that piggy bank. If or when the time comes that you need it, that equity is there to use to your liking. So how can you increase your home equity at a faster pace? See here.
At some point as a homeowner you’re going to come to an inevitable, emotional and mathematical fork in the road. Whether your starter home isn’t enough for your growing family, you’ve recently become an empty nester or you just really want an updated kitchen or floor plan, you’ll likely ask yourself whether it’s in your best interests to remodel or renovate or list and trade up.
One in four homebuyers was looking to purchase a home in the first quarter of 2016 because rent was too high, up from one in five in November 2015, according to Redfin. Renters are feeling the burden of their monthly lease while homebuying continues to be the cheaper option by 36% , according to the latest Trulia Rent vs. Buy Report.
See five other benefits of buying a home sooner than later.
Real estate has been Americans’ top pick for “best long-term investment” for the past two years, according to an April 2016 Gallup poll. This year, real estate took a significant lead against stocks, mutual funds, gold, savings, CD’s and bonds with 35% of polled Americans saying that real estate is the better long-term investment.
Buying a home, especially your first home, can sometimes be a confusing process. With new terms like earnest money and title search jumping out at you from purchase contracts and mortgage documents, you may find your head spinning. That’s why we’ve compiled some of the common home financing terms you should understand when purchasing a home.
To rent or to buy? That is the (important) question. And it should be – choosing to buy a home is most likely the biggest financial decision of your lifetime. Choosing between a home purchase and a rental is also a highly personal decision, but here’s what we know on the financial side.
Even as mortgage rates remained near 3-year lows last week, refinance applications fell back 7 percent for the second week in a row, according to the Mortgage Bankers’ Association. As mortgage rates have remained low and home values have increased, many U.S homeowners have been put in the prime position to refinance their mortgage but many are also missing out on the opportunity.
Home equity is arguably one of the biggest perks of being a homeowner. It is an asset and part of your total net worth. You can use it to pay off other debts, fund your retirement, pay for a child’s education or wedding, or use it to purchase your next home. However you plan to use your equity, there are several ways you can build it.