Hope everyone's have a great spring - this popped up in our news feeds today and we couldn't help but share it... exactly one year ago this week!
I remember being so happy to be hosting my first open house again after we closed them down for two months in the midst of the shut down… could’ve never imagined it would be a year later and we’d just starting to be get back to some normalcy. But for me at least, what a wild year it’s been - the craziest ever in real estate 🏡, a new husband 💍, an amazing new assistant 👏 - things are looking up! 🙌👏😎
In the real estate world, it has been such a rollercoaster this last year. While we are so lucky that we've been able to work through all of it, it hasn't been easy - and often times it is downright brutal for buyers. In some areas prices have gone up 10-15% since their pre-COVID prices, and although we are constantly wondering and waiting for things to slow down, so far it hasn't happened (although some signs are point to a little summer steadying)!
BUT, the good news if you own already - that means your home values have likely gone up! Even if you bought a year ago there's a good chance your value has increased. So if you're able, now is a great time to take advantage and take out a home equity line of credit (also known as a HELOC) - which is basically tallying up the equity you have built up in your home and having access to it if needed. Usually, you will not pay any fees or interest on it until you actually draw on it and use it. So it's like an emergency rainy day fund, potential money for bigger projects or renovations, and if you do plan to upsize in the future and buy and sell, having access to that equity for a liquid down payment is a huge positive and something I always recommend for those in that position.
So if you have any questions or want to talk more, please reach out anytime and we will point you in the right direction. Or, if you're just curious what your home is worth, we are happy to send you a virtual market analysis to give you an idea of your home's current value.
