Is there money hiding in your home? (Sponsored)
March 11, 2016
We've all seen those unclaimed money ads, the ones that point you to the state controller's website where you can search to see if there's cash floating around, waiting for you to grab it. If you're one of the lucky ones who find a few bucks, it feels like you've hit the jackpot even though it's usually just some chump change. But what if you're sitting on thousands, maybe tens or even hundreds of thousands of dollars and you don't even know it?
With the low interest rates and climbing sales prices that the real estate market is currently seeing in Nevada County, you as a homeowner could have more equity in your home than you realize. Over the last several years, when home prices were at their lowest, buyers picked up properties for a steal even though interest rates were much higher than they are today.
Now, in 2016, the real estate market in Nevada County is starting into its fifth straight year of substantial price appreciation. The median sold price of single family homes for Nevada County in January 2012 was $195,000 compared to $340,000 in January of this year. That's a huge jump!
Here's how this works: say Steve purchases his first home in 2012 for $180,000. Steve lives there for a few years and in the meantime, the real estate market begins to pick up. Home prices soar and interest rates drop. Steve sees an article talking about home equity, contacts his real estate agent and learns that his home is now worth $300,000! Steve now has $120,000 equity (in just four years) that he can use to realize his real estate dream be it upgrading to a bigger home or purchasing an investment property.
The best part? With low interest rates, Steve might be able to keep approximately the same mortgage payment while enjoying the larger home. That's not just good business, that's free money. Steve would be taking advantage of an unbelievable opportunity that does not come around very often, and so could you.
If you're wondering how much equity you have in your home, here's a step by step of what you need to do to find out where you stand:
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1. Call Network Real Estate
It really is that easy. Network’s experienced, knowledgeable real estate agents have the resources needed to give you an estimate of the equity in your home and a strategy for success that can be shared in a no pressure, no strings attached appointment.
John and Suzanne Voter of Voter Home Loans have recently been contacting local homeowners to inform them of the equity they have and the options available. When asked just how common this is, John said, "I have a stack of local homeowners who have equity in their home they might not know about. I've already spoken with several homeowners who have enough equity that they can now explore the possibility of upgrading to a larger home sooner than they expected."
Nevada County currently has a very low real estate inventory, and has stayed consistently in a seller's market over the last few years. Now is the time to discover your options as an equity homeowner, whether it be to upgrade your personal residence or to begin your journey as an investor.
Give Network a call at 530-272-8885 to discover how many thousands of dollars you may be sitting on.
Established in 1982 by Bill and Kathy Papola, Network Real Estate is an independent, locally owned real estate company with its main office in Grass Valley. Branch offices include Nevada City (530-265-2551), Lake Wildwood (530-432-8885), and South County (530-268-8800). There are over 55 Network Real Estate agents. Visit Network Real Estate online at http://www.Network-RealEstate.com