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    Using Home Equity to Improve Your Life

    As recent headlines tell us, homeowner equity (the difference between your property’s current market value and how much you still owe on your mortgage) has increased over the past few years. The average homeowner’s equity increased by $17,000 in just the last year, according to CoreLogic. ATTOM Data Solutions’ latest report on U.S. home equity found that 30.2% of 59 million mortgaged homes were at least 50% equity. Moreover, 38% of homes are free and clear, which means they don’t have a mortgage.

    How can equity help a household?

    You can drastically improve your life by utilizing the equity in your Albuquerque home. You can use it as a savings account when you need money. It is largely the same process as using any other savings account. The following are three reasons you should use your equity.

    Financial Hardship

    Equity can help you in difficult economic times. By refinancing your home for cash, you can reduce the burden and protect yourself from the prospect of the bank reshaping your debt until you recover.

    Approximately 2.7 million Americans are in forbearance because of this epidemic. At least 90% of those in the program have equity of at least 10%. In most cases, the equity in the home will serve as collateral in the new mortgage loan, so they can avoid foreclosure. Regardless of whether you get a modification, your equity in the house gives you the option to sell the house and keep your equity instead of losing it or your investment.

    Starting a New Business

    There are many stories on how great companies such as Visual Arts, Walt Disney, Hewlett Packard, Apple and Yankee Candle started in a garage. We might not know, however, that the house (and the garage) were used for refinancing by many of these firms.

    Your home equity may allow you to realize your dream of launching a new company if you’re passionate about it.

    Investing in Your Children’s Future

    In the United States, many families contribute to their children’s college expenses. Some have borrowed against their home equity to do this.

    It’s safe to assume a percentage of that down payment money likely came from home equity.

    Savings of any kind is always good. Mortgage payments can force you to save, allowing you to build wealth through home equity, which may come in handy in good and challenging times.

    Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

    HOT HOME LISTING OF THE WEEK!

    102 SHADY OAK Circle, Tijeras, NM 87059   $529,000

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    3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 3695 Square Feet

    Gorgeous Tijeras Custom Estate on approximately 2.5 Acres w/Spectacular VIEWS! East Mountain living at its finest! Featuring an open & light floorplan that seamlessly flows from one living space to another. This home has it all, including formal & informal living/dining rooms/areas; game room w/sit at bar, built ins, & space for pool table; office and/or hobby rooms; cathedral & raised ceilings; Clerestory windows; Skylights; Refrigerated air; 2021 New Water Heater; surround sound in game & family room; & so much more. The gourmet kitchen is appointed w/double islands; eat-at-bar; ample counter & storage space; beautiful granite countertops; SS appliances; all of which opens to the nook & cozy family room w/pellet stove.

    Contact the Sandi Pressley team for additional details! 

    Get your Morning Inspiration with the Sandi Pressley Team

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    Sandi Pressley

    Albuquerque New Mexico Real Estate YOUR SOURCE FOR ALBUQUERQUE REAL ESTATE! Sandi Pressley offers unparalleled service to ALL clients in Albuquerque and surrounding communities in the New Mexico real estate market. Sandi's motto is "Putting You First." Your complete satisfaction with our service and representation is our number one priority. As a native of Albuquerque, Sandi Pressley has been dedicated to serving her client's real estate needs for over 42 years. Sandi has achieved a goal unprecedented by any other Realtor of being the #1 Top Producing Realtor for 35 consecutive years in all of Albuquerque as well as the entire state of New Mexico. She is also the #1 Top Producing Realtor for the entire Western Region and 8th in the Nation with Coldwell Banker National. Sandi Pressley serves the entire Albuquerque New Mexico real estate market including the surrounding communities such as Rio Rancho, Placitas, Corrales, Bernalillo, Northeast Heights, North Albuquerque Acres, Sandia Heights, High Desert, Foothills, Four Hills, UNM, Nob Hill, Ridgecrest area, Uptown area, North Valley, Northwest Heights, Paradise Hills, South Valley, Southwest Heights, Bosque Farms, Los Lunas, Cedar Crest, Tijeras, and all East Mountain areas. Whether you are considering buying a home, selling a home or both, we know these areas inside and out.

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