Will Home Equity keep Foreclosures Sidelined?
Will we see more foreclosures in 2023, and are we heading into a crash? With all the latest
headlines regarding the recession and the slowing housing market, it’s no surprise that many
people are worried about foreclosures being at the forefront moving into 2023. However, most
experts agree there is very little chance that foreclosures will dominate the market like we saw
back in the 2008 housing crash. So, why is that? Hi, I am Cynthia Lowry with Brokers Guild Real Estate. According to
Mark Fleming, chief economist at First American, he says, “Don’t expect a housing bust like the
mid-2000s, as lending standards in this housing cycle have been much tighter and homeowners
have historically high levels of home equity, so there likely will not be a surge in the foreclosure
market.” This is good news for most homeowners, but a small percentage may be coming face
to face with the possibility of foreclosure. As a homeowner under challenging situations, it is
critical to understand that options are available to you, with home equity being on top. So it’s
essential to identify and understand what home equity is. Home equity is the difference
between what you owe on your mortgage and the home’s current market value. And although
we have seen prices come down this year, home prices are still relatively high, which means
there is a good chance you have a lot of equity. Simply put, if your home is worth more now,
you may be able to sell it and use the equity to pay off your mortgage and any late payments,
thereby avoiding foreclosure. If you are a homeowner facing some potential foreclosure
hardships, let’s connect so we can explore all your options to determine how much equity you
may have in your home and see if selling is the best option for you. I’m always here to help,
so give me a call. Don’t try to navigate these markets on your own; that’s why you have experts
like me supporting you along the way. Give me a call. I’m happy to Help! 303-884-6741
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Recent Posts
- Can you Really Afford It?
- Will Home Equity keep Foreclosures Sidelined?
- What purchase leverage opportunities do you have in today’s market as a buyer?
- October National Update on Real Estate Should I still consider selling my house in 2022? Are you still considering selling your house in 2022 but have some reservations? With the current housing market, there is no denying the market has undergone a shift. In the last couple of months, the housing market has seen a shift where the buyer demand has slowed down and the inventory of homes on the market have increased. But as a seller, should that deter you from putting your home on the market? Not necessarily. The shift can actually give a seller some unique benefits and opportunities. One of the biggest concerns for sellers is “Will I have a place to go after I sell?” If you are selling your house to make a move, chances are you will have more properties to choose from that check all the boxes for your move. And if your home is priced right, it will still be in demand. Another opportunity is that your home equity has substantially increased in the last few years making it possible to move up. According to Danielle Hale, chief economist at Realtor.com, “Homeowners trying to decide if now is the time to list, are still in a good position in many markets as a decade of rising home prices have given a substantial equity cushion.” That’s right, if you have been worried and holding off on how rising prices can affect your next home search, keep in mind increasing equity in your home can help to cover the next down payment on your next home. So, if you are still thinking of selling this year, let’s connect so I can go over current market data to help you get the best possible price for your home to make the best possible move today. Reach out if you have any questions, and, remember I love what I do and will advocate for you! Cynthia Lowry, Brokers Guild Real Estate.
- Market Update What Three Things can you do as a Buyer in Today’s Housing Market?
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