Pay cash for your new home? It may not be just a dream!

Did you ever think you could pay cash for your new home? Thanks to recent home price appreciation, homeowners have near record amounts of equity, which simply is the difference between what you owe on your home & what your home is worth.

On average, homeowners have $311K worth of equity. Once you sell, you can use it to fund your down payment on your next home or maybe even to buy a smaller house in cash. By paying cash, you avoid qualifying for a mortgage, mortgage fees & restrictions. You don’t need to pass an Appraisal, since you won’t be getting a loan, although I always advise to still get a home inspection.

There are a lot of benefits to paying cash, including instant equity in your new home, since you are not paying down a loan. You also won’t need to buy Mortgage Protection Insurance (MIP) which protects the lender of a loan, not you, AND, maybe the best feature of paying cash – you could be a more attractive buyer to a seller in this market, since you won’t be waiting for mortgage approval. Of course, you need to sell your home first to access the equity & cash for a new home purchase. Some clients have opted to sell, take a short-term rental while they are waiting to find their next cash home, and speeding up the process!

If you want to find out how much equity you have, call me. I can do a current market analysis (CMA). Maybe moving is a lot more feasible than you’d think!

Karen Daugerdas, Coldwell Banker REALTOR®, Pricing Advisor®, Seniors’ Real Estate Specialist®. 847.494.1102. #equity #cashforyournewhome #karenisourfamilyrealtor👱‍♀️
#karenbuysandsellshomes🏠
#CBProud💙#poweragent