Six years after prices collapsed, housing has begun to climb out of its hole. So what are the best moves to make now? The following will offer smart strategies for buyers, sellers, and owners in today's market.
Are you a homeowner?
You can take advantage of the rebound in the market by putting your rising home equity to work for you in the long run.
Seize the opportunity to refinance.
If you haven't had enough equity to refinance your mortgage at the record-low rates of the past couple of years, it's time to try again.Chances are you own more of your home than you did a year ago. According to the Federal Reserve, homeowners' equity rose 18% from the third quarter of 2011 to the same period last year.
If you are interested in refinancing be sure to contact Dawn Sullivan at All Shores Mortgage.
Tap your home equity for home or school.
Looking for help funding school or a renovation? The market for home-equity loans and lines of credit has loosened up: After falling for years, HELOC originations jumped 7% in 2012, according to Equifax.Because lenders got burned in the bust, prepare to jump through hoops. You'll have more paperwork for a $50,000 loan than for a $300,000 mortgage. Start shopping at your current bank, you never know what you will find.
Upgrade your creature comforts.
Did declining home values make you feel less wealthy -- and more nervous about spending money on your home? Let rising prices give you the confidence to start fixing things up again.A good place to start: the bathroom, which in recent years has topped the long-reigning kitchen as homeowners' top renovation project, according to the National Association of Home Builders.
To get an idea of what various projects would cost, use Zillow's new Digs tool (zillow.com/digs) to get localized estimates. Trying to decide whether it makes more sense to relocate than renovate? See Fix up or trade up.
Grab that tax credit, already.
Still haven't taken advantage of the home energy-efficiency tax credit -- the $500 break that's been around since 2006? Thanks to the fiscal-cliff deal passed in January, you have another year to qualify for the subsidy. By Dec. 31, add energy efficient upgrades, such as weather stripping, windows, or a new furnace, and you'll get that $500 credited when you file your tax return for 2013.If you are interested in investing in solar energy products be sure to contact Joe Milillo at Long Island Power Solutions.
For information on what projects qualify and the paperwork you'll need, go to energystar.gov.
To see how the real estate market is in your area click here.
