Is this the right time to sell, buy, or refinance?
The coronavirus has put extraordinary financial pressure on millions of homeowners who have been furloughed or lost their jobs. How can they access the equity they have built up in their homes?
For some owners, the best answer is to put their homes up for sale and buy a less expensive home or rent. For others, cash-out refinancing is an excellent way to retain ownership and convert a portion of their equity into cash to help weather the crisis.
For more than four years, homebuyers have struggled with shortages of homes for sale, intense competition for mid-level and lower-priced properties, and prices rising twice as fast as usual. The coronavirus pandemic has turned even the most expensive markets to become more friendly to buyers. Demand has cratered as millions of buyers have put their plans on hold, but in most markets, existing listings have remained active.
Is this the right time for you to buy, sell, or refinance? You need to find the most current and accurate value of your home to determine the amount of equity you have or estimate how to price your house to sell. Sellers also need the latest data on their markets, but traditional market reports are monthly, and during the pandemic, prices are frequently changing in some markets. Buyers need to understand what's going on in hyperlocal markets and properties in which they are interested.
Weiss Analytics' database contains repeat-sales indexes, current valuations, and 12-month forecasts for millions of homes, all updated on a weekly basis. WA also tracks market values and trends in your Zip code and metro, displaying the information both through traditonal graphs and time-varying heat maps. With Weiss Analytics, consumers have access to the same data and analytics used by real estate investors and mortgage professionals.