Sunday, March 12, 2017 / by Michael Wilson
Over the next five years, home prices are expected to appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according to
Home Price Expectation Survey.
So, what does this mean for homeowners and their equity position?
As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years?
Since the experts predict that home prices will increase by 4.4% this year alone, the young homeowners will have gained $11,000 in equity in just one year.
Over a five-year period, their equity will increase by nearly $43,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.
Not only is homeown ...
Tuesday, August 18, 2015 / by Michael Wilson
Moving is an emotional process. It can represent growth and new beginnings. But it can also be stressful. People often try to second-guess themselves, wondering if they made a good decision.
From my experience helping clients make a move, I know of specific things you can do to lessen the stress of moving.
Here are some tips:
• Understand that your jitters are perfectly normal; you've just made a major commitment.
• Ask questions throughout the process. Part of my job is to provide you with information and keep you informed so that you are confident about your decisions.
• Let me help you ease the transition to your new environment. I can provide you with information on your new neighborhood, school districts, and more.
• Keep an emergency fund for unexpected costs that may crop up during the move or as you set up your new household.
• Remember to have some fun during the process. Try to take your mind off the move for a little while.
Friday, August 14, 2015 / by Michael Wilson
Some people ask whether an Appraisal is better than an Inspection for home buyers. And the answer is BOTH! They are serve different purposes and are used for different reasons.
Here are some of the differences between a property appraisal and an inspection, and how each is used during the homebuying process.
An appraisal is a formal assessment of the value of a home or property.When you are seeking financing, the lender usually requires an appraisal to ascertain the value of the property in order to make sure the loan amount does not exceed the value of the property being sold.
Unless you are going to pay CASH for the property you are buying, you will almost certainly have an Appraisal ... the lender will insist on it. But, it is also very good for the home buyer too! It doesn't set the price, but it's a professional's assessment of the value of a particular property in a particular market at a particular time.
An inspection is an assessment of th ...
Thursday, July 16, 2015 / by Michael Wilson
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Wednesday, June 24, 2015 / by Michael Wilson
The classic dilemma for many homeowners is whether to buy or sell first. There is no "right" answer. It depends on your specific circumstances.
Most homeowners agree that it's more prudent and less stressful if you sell your existing home before you buy a new one. You can often get top dollar for your home if you are not under pressure to sell. And you're in a better position to negotiate on the buying side of the transaction. If you have to make an offer contingent on the sale of your home, you often lose negotiating leverage.
If you sell your current home and the home you select isn't available when you're ready to move, you may end up with cash in hand in a short-term rental. No one wants to move twice, but it may be well worth it to eliminate risk and have more money to work with.
If you currently own a home I would be happy to provide you with a Professsional & Customized Home Valuation so that you know what your home is worth in today ...