Earlier this year, Zillow shared data that indicates home values have grown twice as fast as normal since the pandemic began.
Since February 2020, the worth of homes across the U.S. have surged by 45%. This is an average of 9% a year across all markets when the normal home value increase is 4% (on average). Some of Legacy’s markets, like Salt Lake City and Phoenix, experienced a shift even higher than the average, with home values rising by 47.9% and 52.6% respectively.
Spending so much time at home led many people to reconsider what they sought out of their residence, some even electing to move into new homes in new markets to fit a new set of priorities. With home values peaking, now is the time to consider using the equity of your current home to buy a new home with features you’ve been looking for since the temporary societal lockdown.
A bridge loan allows borrowers to leverage their assets, purchasing their new home while waiting to sell their current property. By utilizing the equity in their current residence, they can secure temporary financing for a down payment without the pressure of first selling their home or having to make a contingent offer.
Thousands of homeowners have turned to Legacy over the years to make their transition between their current home and their next home seamless. We’re here to provide expert support every step of the way, simplifying the process of buying and selling through common-sense lending solutions tailored to you.
We offer bridge loans in AZ, CO, ID, MT, OR, UT, and WA. Learn how our bridge loan can help you access your equity to secure your next home: legacyg.com/borrowers/bridge-loan
