Zillow recently predicted that home values in nearly 20 percent of all U.S. metros will surpass their housing boom peaks over the next year. Considering the housing recession just ended about two years ago, this has happened at record speed!

What does this mean for you as a Central California homeowner, home seller or future homebuyer? As your Central California real estate agent, I’d like to fill you in.

As a Central California homeowner, this is great news, considering that real estate is the biggest investment most people will make in their lives. Peak home values mean increased equity. You might want to consider turning that equity into cash. A cash-out refinance would allow you to refinance into a new mortgage and spend the extra money on whatever you’d like. One smart use for it would be for home improvements that will continue to increase your home value even more!

As a Central California homeowner, now might be an excellent time to sell. If you’ve been holding off, waiting for home values to return, they have. Home prices have increased at record speeds but are now slowing down, according to the National Association of Realtors. There really isn’t any point in waiting. The longer you wait, the more competition you’ll have from other home sellers, and homebuyers might disappear once they can no longer afford to buy. Now is the perfect time!

As a Central California homebuyer, I suggest that if you can afford to buy a Central California home now, you do. The longer you wait, the more expensive homeownership might become. This is because of rising home prices, but also because of the possibility of increasing mortgage rates. Your best bet is to lock in a mortgage rate now, while they are still sitting at record lows.

Have questions? Need help with the home-buying or home-selling process? Contact me, your Central California real estate agent! I’d be happy to help you achieve your real estate dreams while conditions are positive for homeownership.

From Grace Borzini
grace@oakshoresrealty.com