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Should You Take Equity Out Of Your Home?

Should You Take Equity Out Of Your Home?

Hey, everybody.

Tom Townsend with Townsend Realty Group coming to you.

Hey, I’ve got a question for you. I just want to know how’s the house working out for you folks? Is it still meeting your needs? Should You Take Equity Out Of Your Home?

The reason that I’m asking that is the more and more people that I have been talking to lately, it seems to me that over the last couple of years people have had a lot of changes occur in their life. Some good, some bad, some predictable, some not so predictable. And some of those changes that they’ve had in their life have prompted them to a situation where the house just doesn’t fit their needs all that well anymore.

Well, there’s some great news that I’d love to have a conversation with you about. And that is that you probably are in a wonderful position to be able to sell the house possibly and get the house that better meets your needs long term. And the reason why this is a great time to do that is that in the last 12 months alone we have seen on average a 20% increase in home values. Meaning you probably have a lot of equity in your house and it’s a great time to be able to take advantage of that. Sell the house and get into something that fits your needs a little bit better.

And the reason this came up, is I just had a couple of different clients in the last few months that just kind of had this AHA. And one of them was in a situation where they were retiring. The kids were gone, they just didn’t need the big house any longer. And they didn’t think they would be able to actually do it because first of all there was this fear of no inventory on the market. And the reality is if you really are motivated, you’re going to find a property that you could actually get into. So they were very pleased.

The fact that their house was actually worth as much as they more than it actually was. We had put the house on the market and actually ended up selling that house for a lot more money than what they originally thought that the value would even be for their property. Which gave them a little bit more wiggle room on the buy-side. We ended up putting them into new construction, which gave them a lot of flexibility of when they could actually move in.

This particular client we actually put in temporary housing for about four months, which worked out really well for them. There are a lot of services and a lot of houses that are out there that are actually provided for folks that are actually doing just exactly that. So it actually worked out just great for them. They’re super happy. Now they’re in a home that they’re super happy with and they can see themselves growing into and enjoying themselves for like probably the next 10 plus years at least.

So my point is if you’re in a house that just doesn’t fit your needs the way that it used to because of multiple different changes that have occurred over the last few years, reached out to us. Let’s at least have a conversation and see what kind of options are out there for you. Love to have that conversation with you. And I would be really disappointed if you didn’t take advantage of what’s going on in the market right now. It would just kill me to find out that you didn’t make a move only to find out that you probably could have.

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