Weekly Market News + Event Guide | The Public Square 6.20.23

The Public Square

Equity is the difference between the value of your home and the amount you owe on your mortgage. It is the money you would get if you sold your home. Equity can go up or down depending on the market and your payments.

This article by Keepingcurrentmatters.com tells you that even though equity has dropped a little bit in the last year, it doesn’t mean that you have low equity. Most homeowners still have a lot of equity in their homes, and that they can use it to buy a new home, refinance their mortgage, or improve their financial situation. 

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Home prices can fluctuate a lot in a short time. This was the case in the last few years, which were known as the ‘unicorn’ years. As home prices rise, so does equity, but this trend cannot last forever. At some point, home prices must stabilize or even decline. This happened in the second half of 2022. As home prices fall, so does equity. However, we can still take advantage of this situation. For example:
Buyers can leverage the market cycles to their advantage. Some experts recommend that the best time to buy low is when the market is at the bottom of the cycle, before prices start to soar again. Buyers can look at indicators such as inventory levels, sales volume, price trends, and economic factors to assess the market conditions and act quickly when they see an opportunity.
Sellers can still profit from their high equity by selling their home. Even though the equity has dropped, they can use the proceeds to achieve their financial goals, such as buying a new home, paying off debt, investing, or saving for retirement. Moreover, they can benefit from the high demand and low inventory of homes in the market, which can help them sell their home faster and at a higher price with multiple offers.

However, these advantages are not without some responsibilities and risks. That’s why we must work hard, stay updated, follow ethical standards, and exceed our clients’ expectations. Feel free to contact us for your Real Estate needs.

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Fun Fact of the Week

How to Start Flipping Houses: Essential Tips and Tricks
 
This article by Moneytalksnews.com gives you some tips and tricks on how to start flipping houses. It tells you how to find good deals, how to budget and plan your renovations, how to avoid common mistakes, and how to sell your house fast.

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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.