MonitorBase is seeing a trend in the market we find interesting … if not a bit alarming!
You are a homeowner. You've lived in your home around 5 years (it needs some remodel-love). Your family is growing (all too fast!). Your job is going well. Life is good. Surely, it’s time to ‘move up’!
You contact a real estate agent, and are told your home is worth 25% more than when you bought it. ‘Awesome!,’ you say. But there are issues: Alternative homes in your price range may be bigger, but they aren't in as nice of an area as your current home. Or they need to be seriously updated (which can be very expensive and time-consuming). These issues can take the bloom off of the move-up rose in short order.
Are there other options? A resounding, ‘Yes!’
Homeowners are ‘re-purchasing’ their own homes.
All across the U.S., homeowners are borrowing against their equity at historically low rates. Lenders are aggressively seeking these loans! They then take this new money and invest it creating their dream-home out of their current one.
Some of the benefits …
- You update your home in the neighborhood you love and are settled in.
- Its value and livability increases.
- You don’t have to pay hefty selling, loan, and moving costs.
- You’re not competing for a purchase in an over-heated market.
The cash-out refinance strategy is a great conversation to have with your past clients, as there are billions and billions of dollars of home equity that can now be accessed.
When you get your MonitorBase alerts, think ‘re-fi’! It’s a massive gold mine to be harvested, and can help your clients in a vast number of powerful ways!