Is A Bigger House Within Your Budget

Dated: 01/17/2020

Views: 3

Is A Bigger House Within Your Budget?


Image title

Now is the time of year 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.

According to the Q3 2019 U.S. Home Equity & Underwater Report by ATTOM Data Solutions,

“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.

NAR recently released their 2019 Profile of Home Buyers and Sellers showing that,

“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

Image title

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.



Blog author image

Lori Coyne

You are winning with Lori. Lori has experience buying, selling and renting. She has flipped properties and managed rental properties of her own. She is the current expert in Loudoun and Fairfax. ....

Latest Blog Posts

Is A Bigger House Within Your Budget

Is A Bigger House Within Your Budget?Now is the time of year 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

Read More

What Is The Best Investment For Americans

What is the Best Investment for Americans?Some are reporting that there is trepidation regarding the real estate market in the United States. Apparently, the American people are quite comfortable

Read More

Have You Budgeted For Closing Costs

Have You Budgeted for Closing Costs?Saving for a down payment is a key step in the homebuying process, and it’s not the only piece you need to include in your budget. Another factor that’s

Read More

Real Estate With Lori Coyne Blog Weekly Topic Rental Prices On The Rise

Year-Over-Year Rental Prices on the RiseLooking ahead, 2020 is projected to be a strong year for homeownership. According to the Freddie Mac Forecast, “We expect rates to remain low, falling

Read More