10/08/2024
Can You Say EQUITY?! 🏡💰
Imagine purchasing a brand new, never-lived-in home—complete with new appliances, new blinds, new roof, new HVAC system, and all the latest upgrades. Now picture the appraisal coming in at $8,000 ABOVE the asking price! 😱
I get so thrilled when my buyers experience this! Why? Because it's an instant boost in equity and it assures them that have chosen the right builder!
Here’s why a higher appraisal is great news for buyers:
*Instant Equity: You may have more equity than expected, which means more financial security from day one.
*Cash at Closing: A higher appraisal might open the door to more cash during a cash-out refinance.
*No Change to Your Loan: Your mortgage won’t increase just because the home appraised higher than the sale price.
*No Increase in Down Payment: Your required down payment stays the same, even with the higher appraisal value!
Remember, a home’s appraised value is determined by a licensed professional, who looks at the home’s condition, features, and market trends. The sales price, however, is all about supply and demand.
Ready to find your dream home with the possibility of built-in equity? With our 4.875% interest rate now's the time. Call me and let’s get started!
Kim Smith, REALTOR
Community Manager
New Home Star/MS
Elliott Homes, LLC
C: 228-213-9073 O: 601-209-4666
