Hey Fam!
Welcome to another episode of "Fresh From Fox" real estate newsletter! - (Audio version here if you don't wanna read)
HOW A HELOC CAN HELP YOU PAY OFF YOUR MORTGAGE IN 4-6 YEARS!
If you own a home….and have a traditional mortgage it could make sense to consider a home equity line of credit.
This is a credit line that uses your home as the collateral. It’s different from a mortgage because a mortgage doesn’t let you USE any of the equity you are building in your home until you sell it.
If you make a $5,000 extra payment to your mortgage, AWESOME that goes towards the principal but you’ll never see that money again 😂
A home equity line can be paid off much faster than a traditional mortgage EVEN WITH higher interest! (Assuming you earn more than you spend, which is a novel concept in America 😏 )
I highly recommend you check out a program called truth in equity ⬇️ : (https://truthinequity.com/projected-payoff-calculator/)
VIDEO BREAKDOWN OF HOW IT WORKS! 👇 https://youtu.be/UEFOviH9Qus
It’s a revolutionary way to look at banking and will stretch your mind a little bit.
(I get NO kickback from recommending this program, but I use this EXACT strategy with my home and am on pace for it to be paid off in 4 years! 😃)
HOW I ALMOST LOST A CLIENT THIS WEEK!
I almost lost a client this week. Not for my performance….but rather my candor.
I’ve been working with a lovely family since September looking for single family home! 😊.
When getting ready to put an offer in on a GORGEOUS updated colonial the wife stopped and said “I’m scared of making the wrong decision.”
I couldn’t help myself….Coach David came out.
🦊: What’s the wrong decision look like? Paint me the WORST case scenario?
Client: “What if something better comes a long?”
🦊: “Ah! The fear or missing out! How long have we been searching for homes?”
Client: “About 6 months”
🦊: “How many homes have we looked at that were UNDER your budget and newly renovated?”
Client: “Just this one?”
🦊: “Right! It’s kind of like dating. Sometimes if you have a paralyzing fear that a “Better One” is just around the corner, you miss out one that DOES check all the boxes!” ✅
Client: “That’s a good point. But then we might also be moving to Arizona.”
🦊: “What?! This is the first I’m hearing of this! When is that happening?”
Client: “Well its either real soon, like in 2 years, or after the kids graduate.”
🦊: “Ooooookay. Well, if there is a VERY real possibility of you moving in 2 years; I recommend you stay put. It obviously doesn’t help me….but that would be my recommendation. Unless you have a job that will be helpful with moving costs buying a home for two years doesn’t make a whole lot of sense.”
Client: “Well, it’s not super likely. It was just a thought.”
Moral of the story: I use 5 years as a benchmark. If you can see yourself in the same area for 5 years; buying a home is usually a no brainer.
THE BIDDING WARS ARE ON THEIR WAY BACK
I showed a home this week that received 6 offers in 48 hours! 😳
As mentioned in my last email, as rates go down there will be MORE people hopping into the market.
That home ended up selling for almost 15% over asking price.
THE HOTTEST MARKETS IN MICHIGAN
Making the list of TOP 10 rising markets in Michigan is our own local Dearborn Heights, MI!
This was surprising to me so I wanted to see what might cause this.
Theres a large influx into Michigan from the west coast and New York…..where their buying power goes MUCH farther!
ACTIONABLE TAKE AWAY!
1. If you currently own….check out Truth In Equity! If you have any questions about the program I can help break it down for you!
(https://truthinequity.com/projected-payoff-calculator/)
2. If you are THINKING about owning….before you start shopping online get pre-approved!
You will be able to move MUCH quicker (and possibly get in front of a bidding war) by having all your ducks in a row.
You can get pre-approved without hurting your credit, by checking out my preferred lender, Del Mar Mortage: https://mtgpro.co/dr/c/7l2n2
Rooting For You,
David Fox
The Black Belt REALTOR
C: 734-679-0174