Skip to Content

Expert Update - 10.23.2020

Boost Your Mood with Home Improvements

During the pandemic, the top three DIY projects have been bathroom repair, interior house painting, and bathroom decor. Not only are these improvements good for a home's value - they're also beneficial for mental wellness. A recent study found 34% of homeowners reported that a DIY home improvement project has helped their mental health during quarantine, with nearly half finding a sense of enjoyment in the process.1

Turn Your Home's Equity into Cash

A cash-out refinance can take advantage of today's rates and free up funds for other endeavors. Since you will be paying mortgage interest, invest in projects that can appreciate over time, such as home improvement, paying off high-interest debt, building your investment portfolio, buying an investment property or second home, or setting cash aside for emergencies.2

Investigate Refinancing for Big Monthly Savings

Homeowners who refinance at today's rates are saving an average of $297 per month on their mortgage. Borrowers in Hawaii, Washington, D.C., California, New York, and New Jersey have reported monthly savings - up to $483 per month. Most lenders will want homeowners to have at least 20% equity in their home and a good credit score to qualify, making 43% of all 30-year mortgage holders eligible to apply.3

First-Time Homebuyers Pull Back

The housing market continues to be strong nationwide. But, first-time homebuyer activity saw a 4.6% dip in the second quarter compared to the year prior. Rising prices and strong demand may be making it harder for first-time buyers to afford a home and break into the market. When first timers purchase a home, they are using smaller down payments on their mortgages, with 83% turning to low down payment mortgage products.

Investing to Maximize Profits

Real estate investing can be highly lucrative for your clients if they choose properties wisely. List a property's pros and cons, and then determine the actions required to mitigate downside and maximize upside. Right now, housing with one to four units - batches of townhomes or duplexes where each unit has its own entrance -  appeal to consumers' desire for more space and are less risky than large apartment complexes.5


Sources: REALTOR Magazine; The Mortgage Report; REALTOR Magazine; HousingWire; USA TODAY

Share with Facebook Share with LinkedIn Share with Twitter

< Go Back
Back to top