Looking for something to share around your Thanksgiving table? Please join Seth Godin and friends and participate in The Thanksgiving Reader.
The Thanksgiving Reader was created by Seth Godin. Art Direction: Alex Miles Younger. Special thanks to Casper ter Kuile, Chelsea Shukov, Gretchen Rubin, Susan Piver, Dan Pink, Pamela Slim, Anne Marie Miller, Niki Papadopoulos, Arianna Huffington, Kevin Kelly, Anne Kreamer, Brian Koppelman, Liz Danzico, Debbie Millman, Emily McGuire, Willie Jackson, Winnie J. Kao and you & your family.
Images: Viintage.com and the U.S. Department of Agriculture Pomological Watercolor Collection. Rare and Special Collections, National Agricultural Library, Beltsville, MD 20705
As we launch into Thanksgiving week, consider this: Research shows that feeling grateful doesn’t just make you feel good. It also helps — literally helps — the heart.
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There are many reasons, both financial and non-financial, that homeownership remains an important part of the American Dream. One of the biggest reasons is the fact that it helps build family wealth. Recently, Freddie Mac wrote about the power of home equity. They explained:
“In the simplest terms, equity is the difference between how much your home is worth and how much you owe on your mortgage. You build equity by paying down your mortgage over time and through your home’s appreciation. In a nutshell, your money is working for you and contributing toward your financial future.”
They went on to show an example where a person bought a home for $150,000 with a down payment of 10% ($15K), resulting in a loan amount of $135,000. The buyer secured a 30-year fixed-rate mortgage at 4.5% with a monthly mortgage payment of $684.03 (not including taxes and insurance). The chart below demonstrates the home equity built after 7 years of making mortgage payments and assuming the historic national average of 3% per year home appreciation:
And that number continues to build as you continue to own the home.
Merrill Lynch published the report above that shows equity attained by age.
Home equity is important to building wealth as a family. Referring to the first scenario above, Freddie Mac explained:
“Now, if you continued to rent, and made the same payment of $684.03 per month, you’d have zero equity and no means to build it. Building equity is a critical part of homeownership and can help you create financial stability.”
Put your housing cost to work for you and your family. Call me or let’s meet to explore your options.
Every room in your home deserves a unique and personal work of art. For me, more is more…Art enhances any home.
Photo courtesy of victoriamag.com
When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold. In order to accomplish all three goals, a seller should realize the importance of using a real estate professional.
We realize that technology has changed the purchaser’s behavior during the home buying process. For the past three years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers. However, the report also revealed that 95% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.
Buyers search for a home online but then depend on an agent to find the actual home they will buy (53%) or negotiate the terms of the sale & price (48%) or understand the process (60%). The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots”. This is obvious, as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.
If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process. I am here to help.