Do you know how much your home is worth? You might be surprised by the amount of equity you have in your home. Median home values across the nation have gone up for the 40th month in a row as of June, according to research cited in an article by housingwire.com. Northern Colorado is a healthier market than many other areas in the country so it is likely you have a good amount of equity in your home. In fact, in a study conducted by CoreLogic, homes in Colorado have appreciated 9.8 percent from June 2014 to June 2015.
Recent research, however, conducted by Fannie Mae (Federal National Mortgage Association), which guarantees and insures mortgages, indicated that homeowners may lack awareness of how much equity they have in their home. This lack of awareness could hinder homeowners from selling their home and using the profits to put toward another home. They also may not be aware that they could get a loan for their new house that only requires 5% down or even less instead of a larger down payment. They then would be able to set aside the profits made from selling their home for investments, retirement, a college fund for their kids, etc.
As a homeowner, this puts you in a commanding position. It is good to know the value of your home to help you make the best decision moving forward. If you are looking to move to a different home or cash in on your equity, now is a good time to do it.
Make the most of your biggest investment! Contact me for a free Comparative Market Analysis of your home.