Is A Bigger House Within Your Budget?

Stephen Perrino
Published on December 4, 2019

Is A Bigger House Within Your Budget?

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.

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.”

Is A Bigger House Within Your Budget? | MyKCM

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.

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