Have Sellers Finally Gained Enough Equity to Upsize or Downsize?
Every adult in America distinctly remembers the recession of 2008 that led to a weak economy and housing crisis. Home prices plummeted between 2006 and 2012, and in 2008 the Case-Shiller home price index reported its single largest price drop on record. Despite the government’s $900 billion in special funding to the housing market, more and more homeowners found themselves living in homes suddenly worth less than what they owed.
This prospect of being “upside down” in a mortgage loan and devoid of equity sent many homeowners into foreclosure. Others had no choice but to continue making monthly payments in the hopes that their home values would recover in the future. According to real estate experts, homeowners looking to sell have finally found relief. Attom Data Solutions recently released a report that homeowners who sold in the first three months of 2017 achieved the highest average gains seen since 2007. Read more