Interest rates are down, which means buyers’ purchasing power is up.
There’s an inverse relationship between interest rates and homebuyers’ purchasing power. In other words, since interest rates are low, buyers’ purchasing power has increased. In that vein, there are two topics I want to discuss:
Equity is the difference between what you owe on your home and what it would likely sell for in today’s market. Over time as you pay down your mortgage, the home’s value appreciates with the market. However, many people don’t really know how much equity they have. There’s a good chance that you have more equity than you realize and that you could actually be able to move up if that is a goal you have.
With interest rates as low as they…