Gambino Realtors, A Message From our President September 2023

Owning a home is a keystone of wealth…both financial affluence and emotional security.

- Suze Orman

A recent Wall Street Journal article points out that 44.9% of homes in the US are “equity rich” which is defined as owing less than 50% of the home’s current value. This is a wonderful position in which to find oneself!

As home values continue to rise at a brisk pace, some homeowners approaching their retirement have decided to “cash out” and use their proceeds to buy a lower priced home or condo for cash. Indeed, about 1/3 of all home purchases today are cash transactions, primarily driven by the equity gained in their previous home.

Is this an opportunity for you to consider? The first step would be to see what amount of equity you have in your current home. That’s where your Gambino Realtors broker can be invaluable. Give us a call.

Gambino Realtors, Jon Krause, President

815.282.2222 | www.GoGambino.com