Amazingly many people sold the old homestead to buy bigger.
The prices were escalating at such a rapid pace. The feeling was you had to jump in while you could still afford that “big house.” Thus, many cashed out for a nice profit.
Then they invested that nice profit.
And now, after the past few years, the mortgage is equal to what they owe.
But the lost real money (not paper equity), has vanished....like toilet paper in the outhouse!
Buying a house is a big decision. If you are a first time home buyer there are opportunities in this market. But have a plan before proceeding.
If you are a first time buyer in Brevard County Florida and have questions, I am available to answer your questions.
Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida, 321-693-3850 or email email@example.com.