808 Oahu Realtor (Ryan Riggins) License #RS-74740

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Your home may be worth a lot more than you think

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Real estate lost a lot of value during the recession but most areas have rebounded considerably. In some cases, the homes are worth more than they were before the housing bubble burst. 60178926_250.jpg

The dynamics are classic for this type of market: inventories are low, mortgage rates are low and demand is high. All price ranges are on the rise with some at an even higher rate because the short supply is causing competition among buyers.

Another reason many homeowners’ may have more equity is simply not staying current with what is going on in the market. In a recent FNMA study, it indicates that 23% of owners believe they have negative equity in their home when actually, it is 9%. 37% believe they have greater than 20% equity in their home when actually 69% of homeowners do.

Even if you’re not planning to sell your home, knowing the value helps you understand your financial position better. Home equity debt up to a $100,000 limit is tax deductible and can be used for any purpose. Owner’s commonly refinance to eliminate mortgage insurance, consolidate mortgages, pay off higher interest rate debt like credit cards or student loans or to buy out an ex-spouse’s equity.

Be aware that an automated value model like Zillow Zestimates uses algorithms to determine a price and while it might be in the ballpark, AVM results may only be accurate about 20% of the time. A comparable marketing analysis or broker’s price opinion will be more accurate due the subjective approach that will be used by an agent with personal experience in the area. An agent will consider factors like condition, floorplan, marketability and demand.

Author: Ryan Riggins (RA)

Born and Raised on Oahu my approach to the real estate business is different than most agents working in the industry today. The average agent sells fewer than 7 homes a year while attempting to manage every aspect of the business all by themselves. This approach allows them very little time working directly with buyers and sellers because they are so overwhelmed with all the busy work that is required behind the scenes. My system allows me to spend 90% of my time working directly with clients who want to buy and sell real estate today and in the very near future. Here at John Riggins Real Estate we have been helping families move since 1977. We specialize in the Aiea to Kapolei area but not limited to Ewa Beach area. To see all the great ways we help buyers and to view what differentiates us from the typical realtor in the area, visit http://tinyurl.com/clientsuccessstorys Because of Ryan's Military Relocation Expertise, Ryan's success revolves around that same simple principle his Mother and Father instilled in him; serving those who serve our country. His track record shows that he puts his clients first and in a high paced market, he is making VA loans work for our soldiers, sailors, airmen and marines. With previous clients ranging from E-5's to 04's, Ryan is ready and willing to make sure all those who have served our country, have every opportunity to own their piece of it. For the majority of people the purchase or sale of a home is their largest single investment. My goal is to guide you successfully and easily through the contractual, investment, and emotional decisions involved in the Real Estate process. I am committed to providing you, your family and your friends with superior service and expertise and to make it the most memorable purchase of your life.

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