It's OK to Be Positive! Let's Talk About Positive Home Equity.
Gabrielle reminds us that there really is some good news in this market.
Sure, those homeowners who have been there for years and have equity have "lost" what they could have gained if they'd sold in about 2007. But they weren't living in a home with the intention of selling.
They had homes they could afford, and they still do.
And, if they can now refinance into todays super-low rates, all the better! If they don't take cash out, and fi they continue to pay their current payment amount, they'll own their homes outright much sooner.
As the interest rates hover at a low level, I hear more people talk about refinancing their homes. "How can you do that in this market?!" is something I also hear.
There is so much negative news about real estate that it gets difficult to discuss it from a positive viewpoint. Not to mention, there are some people almost embarrassed to say that they aren't affected by the real estate market. And it isn't just that those people are lucky - it's that many just made different decisions.
There are people who didn't get in over their heads and only bought homes they could afford. And they did not take out second mortgages. And, there are many people who have owned their homes for quite some time and continue paying their mortgage despite tough times. It's unfortunate that they can't be positive and happy about their situation because of all the negativity.
According to a new study, roughly one out of every three home is mortgage free. And among those that have mortgages, a little over 48% have at least 25% equity; and over 25% have more than 50% equity.
Even though Arizona is the second worst state in the country with 49% of homeowners underwater, it's only half bad! The other half is good! The other half are the ones looking into refinancing, are able to sell their homes without a short sale or keeping them!
So enough already about all the negativity! It isn't that some folks just happened to get lucky! It's that some folks made better choices, didn't over spend; they only buy what they can afford, and live beneath their means. If this is you - don't be embarrassed! It's OK to be positive about positive home equity!
Photo from Reimaging Photography.
Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com!
This blog is written with my opinions and my opinions are
presented wit
h accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2011. If you want to reprint parts of this - just email me for my permission: TucsonsRealEstate@gmail.com.
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