Fewer homeowners tap into equity after the recession

ORLANDO, Fla. – May 17, 2019 – Orlando and Michaela Ortiz are ready to cash out and move up after just two years in their Seminole County home.

The three-bedroom, two-bath home they bought in 2017 for $189,900 has gained enough value that they will make $20,000 when they sell it later this month. They are using the profit as a down payment on a newer, bigger home in Chuluota.

“It was not our plan at all to move this fast,” said Ortiz, who works in equipment sales. “But we saw the opportunity, and it all clicked.”

Strong equity growth is back in Central Florida, after a few rough years where at one point a majority of homeowners owed more on their mortgages than their homes were worth. Now thousands of Orlando area property owners are rich in equity because home prices have increased 67% since prices bottomed in February 2011, according to the Orlando Regional Realtor Association.

Source:  © 2019 The Orlando Sentinel (Orlando, Fla.), Kyle Arnold. Distributed by Tribune Content Agency, LLC.

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