Gaining equity in your home is a phrase we have not heard for some time. But as with most things, this is changing. In a recent article in CNNMoney the y noted that more than 700,000 homeowners, who once were, are now not- “underwater”!! Can’t you just feel the weight of the world lifting with that bit of good news!!
They go on to point out that close to 1.9million homeowners were 5percent underwater in the first quarter and if home prices keep inching up this will soon push them up and out of the water!! GREAT NEWS!
So how is this happening- for the most part it appears to be the low inventories (and if you have looked for a home in the last 3 months you have definitely noticed the lack of inventory on the market) and fewer distressed home sales- This combination has allowed homeowners to see their home values on the increase- rather than the reverse.
Although we all know we have to make offers and accept offers based on the market we are in not the market we wish we were in or that we once were in- it sure is nice to see that things are moving in a more positive direction!!
Source: “700,000 Home Owners no Longer Underwater on Mortgages,” CNNMoney (July 12, 2012)
Happy House Hunting in North Texas. If you need a Realtor to list your current home, or are looking to buy or rent in the North Texas region- Give Dawn a call/text 214-604-4561 at Avery Properties/Avery Realty Group- where Sellers Enjoy 4% Listings and Buyers Enjoy Cash Back!! (ask me how…..)