BEAUTIFUL CUMBERLAND HALL WITH BASEMENT

 

10432 Bethpage Drive Website

 

This stunning home is both a peaceful retreat and an entertainer’s paradise! Sitting on a premium wooded lot, it's a serene sanctuary for the most discriminating buyer.The main level features a gourmet kitchen with a 5-burner gas stove, new refrigerator(2024) & microwave(2025), & a breakfast nook with a bright bay window, in addition to a formal dining area and beautiful study/office. Fabulous views of the woods from the sunroom, great room, primary bedroom, and screened porch. The lower level boasts a very spacious entertainment area composed of 3 large open rooms, including a large tiled sunroom that opens to a covered patio, as well as a wet bar, a specially lit game room with a full-size pool/air hockey table, a 4th bedroom, full bath, finished flex room, and a shelved storage room. Situated near the front of Sun City and close to the Lake House, this fabulous home offers easy access to all the beautiful amenities and diverse activities this premier 55+ community has to offer!

What’s Your House Worth Now? The Answer May Surprise You

Article Courtesy of Keeping Current Matters/The KCM Blog

Let’s talk about something you might not check nearly as often as your bank account – and that’s how much your home is worth. But when it comes to your financial situation, it’s an important thing to remember. When’s the last time you had a professional show you the value of your home?

Think about it. For most people, your house is probably the biggest asset you have. And if you’ve owned your home for a few years (or longer), chances are it’s been quietly building wealth for you in the background. And honestly? You might be surprised by just how much. 

What Is Home Equity?

This wealth you may not even realize you have comes in the form of home equity. Home equity is the difference between what your house is worth and what you still owe on your mortgage. It grows over time as home values rise and as you pay down your mortgage each month. Here’s an example to help you really understand how this works.

Let’s say your house is now worth $500,000, and you have $200,000 left to pay off on your loan. That means you have $300,000 in equity. And most homeowners are sitting on some pretty significant equity right now.

According to Cotality (formerly CoreLogic), the average homeowner with a mortgage has about $311,000 in equity.

Why You Probably Have More Than You Think

Here are the two main reasons homeowners like you have record amounts of equity right now:

1. Significant Home Price Growth. According to the Federal Housing Finance Agency (FHFA), home prices have jumped by more than 57% nationwide over the last five years (see map below):

And if you purchased your home a few years ago (or more), this means your house is likely worth much more now than when you first bought it, thanks to how much prices have climbed lately.

2. People Are Living in Their Homes Longer. Data from the National Association of Realtors (NAR), shows the average homeowner stays in their home for about 10 years now (see graph below):

That’s longer than it used to be. And over that decade? You’ve built equity just by making your mortgage payments and riding the wave of rising home values.

So, if you’re one of those people who’s been in their home for that long, here’s how much the behind-the-scenes price growth has helped you out. According to NAR:

“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”

What Could You Actually Do with That Equity?

Remember, your house might be your biggest financial asset – and, if you’re smart about how you leverage your equity, it could open up some exciting opportunities for your future.

• Use it to help buy your next home. Your equity could help you cover the down payment on your next home. In some cases, it might even mean you can buy your next house in all cash.
• Renovate your current house to better suit your life now. And, if you’re strategic about your projects, they could add even more value to your home if you do sell later on.
• Start the business you’ve always dreamed of. Your equity could be exactly what you need for startup costs, equipment, or marketing. And that could help increase your earning potential, so you’re getting yet another financial boost.

Bottom Line

Chances are, your house is worth a lot more than you realize. Whether you’re thinking about selling, upgrading, or simply want to understand your options, your equity isn’t just a number. It’s a tool.

BEAUTIFUL COPPER RIDGE WITH BASEMENT IN SCCL

3052 SANTEE CT. WEBSITE 

 

Come and enjoy resort-like living in amenity-rich Sun City Carolina Lakes. This beautiful 3BR/3BA Copper Ridge basement home is move-in ready. Main floor features a large great room, kitchen w/gas range, SS appliances, dining area, bright & beautiful sunroom, flex room (office/study/craft room), primary ensuite bedroom w/custom shower, BR 2 & bathroom. The spacious basement has a large great room, BR 3 w/sitting area, bathroom, large flex room, and utility room w/workbench storage space. Garage features full house surge protector, custom shelving, and electric car charging station. Fenced area ideal for pet. Great view of woods from upper level deck and patio off of basement. Now is the time to live your dream! Come and enjoy all the beautiful amenities & diverse activities this premier 55+ community has to offer! Sun City Carolina Lakes has a public golf course and is in close proximity to shopping, restaurants, medical facilities, recreation areas, entertainment, and more!

Things To Avoid After You Apply for a Mortgage

 Infographic Courtesy of Keeping Current Matters/The KCM Blog

 

Some Highlights

• Once a lender has reviewed your finances as part of the homebuying process, you want to be as consistent as possible. Don’t make any big changes that could affect your mortgage application.
• Here are a few tips. Don’t change bank accounts or apply for new credit. And this one may surprise you, don’t buy appliances or furniture for your next home yet either.
• The best tip of all? Before you do anything financial in nature, talk to your lender first.

Here’s What a Recession Could Mean for the Housing Market

Article Courtesy of Keeping Current Matters/The KCM Blog

Recession talk is all over the news, and the odds of a recession are rising this year. And that leaves people wondering what would happen to the housing market if we do go into a recession.

Let’s take a look at some historical data to show what’s happened in housing for each recession going all the way back to the 1980s.

 

A Recession Doesn’t Mean Home Prices Will Fall

Many people think that if a recession hits, home prices will fall like they did in 2008. But that was an exception, not the rule. It was the only time we saw such a steep drop in prices. And it hasn’t happened since.

In fact, according to data from CoreLogic, in four of the last six recessions, home prices actually went up (see graph below):

So, if you’re thinking about buying or selling a home, don’t assume a recession will lead to a crash in home prices. The data simply doesn’t support that idea. Instead, home prices usually follow whatever trajectory they’re already on. And right now, nationally, home prices are still rising at a more normal pace.

Mortgage Rates Typically Decline During Recessions

While home prices tend to stay on their current path, mortgage rates usually drop during economic slowdowns. Again, looking at data from the last six recessions, mortgage rates fell each time (see graph below): 

So, a recession means mortgage rates could decline based on the data. While that would help with affordability, don’t expect the return of a 3% rate.

Bottom Line

The answer to the recession question is still unknown, but the odds have gone up. But that doesn’t mean you have to wonder about the impact on the housing market – historical data tells us what usually happens.