Finding your dream home works like finding a soulmate: you need the right fit, not just any option. The speaker compares home buying decisions to relationship choices, covering equity, cash-out refinancing, and HELOCs as financial tools.
Finding your perfect house could be like finding your spouse. Here, let me explain. So, so often I see people go out, they have a house that's checking almost all the boxes, but there's a thing or two that just have them hesitant, or maybe they're a couple grand away in negotiations. Well, if they pass on that, it could take them quite a while. Or maybe by the time they find a similar home, houses are that much more expensive and they wish they would have been back to the original one. Somewhat similar in the dating world. So you're trying to find, you know, Mr. Mrs. Perfect to be with forever and they're checking all the boxes. There's just a thing or two. You have to determine is that a workable thing or, or is this a big red flag or is the inspection all messed up on the house? Well, sure, that's something you would want to throw away. Where I'm going with this is CoreLogic, which is one of the most respected names in the housing world, came out with a report that showed the average homeowner has $311,000 of equity in their home, 200,000 of that, which is tappable, which means they could do a cash out refi or a HELOC and pull the money out. So again, many of those people, when they were at the time of looking for their house, maybe it didn't have every box checked, but it was pretty darn close to perfect. Maybe they were a couple grand away and they had to go it and make the offer work. But now look at it. They either got a beautiful marriage or they've got a couple hundred thousand dollars of equity they could tap into. Imagine that reassurance. So again, I know it's easy to be kind of in the small here and now bubble when looking and negotiating on a home, but also look at the whole horizon. Is this something you can work through and turn into a beautiful thing?
