Homeowner equity at 85% in Southern Nevada.
Great News for Southern Nevada; nearly 85% of homeowners in have equity in their homes. This is an increase over 2015; in which only 79% of homeowner’s had positive equity. If you have positive equity and you want to move up to a larger home or a home in a different area; you may be paying only slightly more for a larger, more expensive home. If you purchased your home in the early to mid 2000’s you probably got a mortgage in the 6% or more range. Current mortgage rates are up to 2% less.
For as little as $232 a month a homeowner can enjoy $100,000 upgrade in their home.
Example: Your home was purchased in 2003 for $250,000 with a mortgage of $200,000. Your current interest rate is 6.25% with a current payment of: $1,231.43 (principle and interest). If you were to sell that home and move up to a $350,000 home; your mortgage could be 4.25% on $297,500; or $1,463.52 (Principle and Interest). For $232.09 in additional payment (principle and interest only); you can move up to a home that is potentially larger, perhaps a larger homesite or perhaps a new home.
There is an opportunity for homebuyers to participate in greater appreciation buyer selling now and buying.
Another benefit; with the prices increases in this Real Estate market; you will have the opportunity to participation in greater appreciation. You might be surprised what you can get for your home now. It is a seller’s market. We recommend you explore this opportunity to own the home of your dreams for a small additional monthly payment.