Michelle Romero, a real estate agent from Phoenix, AZ, writes that today's' homeowners may be Equity-Rich and there is a benefit to it. She writes.
"You may be one of the fortunate equity-rich homeowners in today's real estate market. The number of homeowners nationwide with equity is growing. Rising home prices have prompted more owners to now be in the equity position as well. For homeowners facing foreclosure, they may be able to avoid it altogether and cash out with the sale of their home."
Ed Silva, a Realtor from Waterbury, CT, agrees with Romero, writing "For home owners that have had their homes at least 10 years there is a good chance that they have enough equity to justify the sale of the home.
Romero replied that this is correct and depends on the area. She adds that she has clients who bought in 2010 and have made $100,000. It's a remarkable time for those sellers.
In today's market homeowners facing foreclosure should definitely take another look at their home value. Perhaps this is also true for any homeowner. Another good option is refinancing to a lower mortgage rate for those homeowners who don't wish to sell right now, adds Barbara Todaro, a Real Estate executive from Franklin, MC. "It's security and the ability to sell when the they are ready," adds Todaro.