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Using Your Equity To Move Up - Now Is The Time!
Is this a move-up market?
Yesterday we had someone wanting to buy a home in Tallahassee come in to the office for a consultation. She was concerned that with everything she has read in the paper and online about the "soft real estate market", that maybe it was not the right time for her to move from her townhouse into a single family home. She could not have been more wrong.
She purchased a townhouse in Tallahassee in 2001. She has not refinanced it. We were able to show her something that amazed her!
First of all, as most young people do, she put no money down when she purchased her townhouse in 2001 for $82,500. Today, that same property will sell for $145,000 to $150,000. That means with no money down, she now has $60,000 worth of equity (that includes her paying closing costs when she sells!).
So, with the equity from the sale, she can comfortably purchase the $225,000 home that she really wants. She was amazed to find out she had so much equity in her home. With interest rates being so low, she will be able to keep the payment in a comfortable range for her.
She was not aware of ... more
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