Fast AF Summary
Don’t believe the negative headlines – the real estate market is still strong and you can use the equity in your current home to upgrade to the home you’ve always wanted! Here’s a couple of ways that the Zac Folsom Group can help millennials like you upsize around Kalamazoo, MI:
- Use Equity for a Down Payment
- Get a Bridge Loan for the Move
- List the House Subject to You Finding Housing
- Get a Mortgage for the Second House First
- Utilize Our New Temporary Living Space for Free
So if you’re a homeowner in Kalamazoo, MI and considering upsizing to a larger home, you might be wondering where to start. Fortunately, the Zac Folsom Group is here to help you navigate the buying and selling process.
We believe that upsizing to a larger home should be a seamless and stress-free experience. That’s why we offer personalized service to help you every step of the way, and we’re happy to share our knowledge and insider tips to make your transition as easy as possible.
Plus, if you’re worried about finding a place to live during the buying process, we have you covered. Sellers who buy and sell with us are eligible for free temporary housing, ensuring that you’ll never be without a place to live while we help you find the perfect home.
So Your House Feels Tight?
If you’re a millennial seller in Kalamazoo, MI, you’re in luck. You’re part of the largest group of homebuyers in the market today. According to the National Association of Realtors (NAR), millennials have been the largest group of homebuyers since 2014. And with the past two years bringing about significant changes, many homeowners are reevaluating what they truly need in a home.
As millennials are becoming a larger segment of the home buying market, many are finding that their first homes, which were often starter homes, no longer meet their needs. With many millennials working remotely, the need for larger home office spaces has become increasingly important. Additionally, growing families may require more space, both inside and outside the home. Features like bigger yards and pools may have been unattainable in a first home, but can now be considered as priorities for those looking to upgrade. As a result, many millennials are making the decision to sell their starter homes and move into larger homes that offer the amenities and space they need.
So, if you’re working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has the space and features you’re looking for. That’s because there’s a good chance you have more equity than you realize. As Diana Olick, Real Estate Correspondent for CNBC, notes:
The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.
How Your Homes Equity Can Help
For millennials looking to upgrade to a larger home, using the equity in their starter home can be a great way to help offset the next mortgage. With many millennial homeowners being considered “equity-rich,” meaning that their mortgages are half or less than half the value of their home, this equity can be a valuable resource in financing the purchase of a new home. By using the equity from the sale of their starter home towards the down payment on a larger home, millennials can often qualify for a more affordable mortgage, making their dream home more achievable.
Additionally, using the equity from a starter home can also be used to pay down other debts or to invest in other opportunities. With many millennials facing student loan debt or other high-interest debt, using the equity from their starter home to pay down these debts can be a smart financial move. Additionally, for those interested in investing, using the equity from their starter home to invest in stocks, mutual funds, or other assets can potentially yield a higher return on investment.
Overall, using the equity from a starter home can provide millennials with the financial flexibility they need to make their dream of a larger home a reality, while also providing additional financial opportunities to pay down debt or invest in the future.
Find the Next One Without Selling First
When it comes to upgrading to a larger home, one of the biggest concerns for many millennials is the potential gap between selling their current home and finding a new one. However, there are several options available to ensure that the person moving is never without a home.
One option is a bridge loan, which provides financing for the purchase of a new home before the sale of an existing one. This allows homeowners to make a smooth transition from one home to the next without the stress of waiting for their current home to sell.
Another option is a subject-to-finding suitable housing clause, which allows homeowners to make an offer on a new home while still living in their current one. This clause stipulates that the purchase of the new home is contingent on the homeowner finding suitable housing, ensuring that they won’t be without a home during the buying process.
We Do this A LOT
Additionally, some homeowners opt to purchase a second home with a mortgage before selling their current one. This allows them to move into their new home while still owning their previous one, giving them time to prepare the home for sale and ensuring that they’re never without a place to live.
The Zac Folsom Group has helped many people navigate these options and find the best solution for their unique situation. With their expertise and guidance, homeowners in Kalamazoo, MI can make a smooth transition to their dream home without the stress of uncertainty.
Move Worry Free with ZFG
As a seller looking to upgrade to a larger home in Kalamazoo, MI, working with the Zac Folsom Group can make all the difference in a smooth and stress-free transition. Not only are they experts in the local real estate market, but they also offer a unique benefit to sellers who buy and sell with them: free temporary housing during the buying process.
This benefit can be a game-changer for those who want to upgrade to a larger home without the fear of being without a place to live. With free temporary housing available, sellers can take their time to find the perfect home while knowing that they’ll have a safe and comfortable place to stay during the buying process.
And, for sellers who list a home with the Zac Folsom Group in the future, there’s an added bonus: completion of a new unit for temporary housing will be available in mid-April. This new unit is designed specifically for those who are in the process of buying a new home, ensuring a seamless transition for all involved.
At the Zac Folsom Group, their commitment to personalized service and client satisfaction is evident in every step of the buying and selling process. With their expertise and dedication to helping homeowners in Kalamazoo achieve their real estate goals, they are the go-to choice for those looking to upgrade to their dream home.