In the Tulare County real estate market, buyers are frustrated with the price increases over the past three years. But many homeowners in the area are discovering the hidden gem of being "house rich".
Recent data reveals that the average homeowner in Tulare County is sitting on close to $200,000 of equity. This opens the door to possibilities, and asking the question: Should I do something with my equity?
There isn't a one-size-fits-all answer, here are some ideas to explore what you can do with your home equity.
Get rid of PMI: If you purchased your home with less than 20% down, you might be paying Private Mortgage Insurance (PMI). By speaking with your lender, you may be able to get that cancelled. This puts more money towards your principal balance, but also can lower your monthly payment.
Home Improvement Projects: Consider using a home equity loan to enhance your living space. Whether it's a dream kitchen, a luxurious bathroom, or expanding your home with a new room, investing in these improvements can increase your property's value.
Expand Your Real Estate Portfolio: Home equity can serve as a valuable resource to fund the purchase of an additional home. But it's essential to understand the risks associated with using your home as collateral for a loan, this can be a strategic move for those looking into expanding their real estate holdings.
Smart Investing: You can leverage your home equity for strategic investments. Whether it's starting a business, funding your education, or finding other opportunities, your home's equity can be a powerful financial tool to help you reach your goals.
As a trusted Realtor in Tulare County, I'm here to guide you through the exciting new possibilities that come with being "house rich". Whether you choose to explore new investments, upgrade your living space, or sell and buy in a new location, now is the time to take advantage of the equity you've build. Contact me to discuss your unique situation. Don't miss out on the potential that Tulare County's housing boom has to offer!