You’ve probably heard that spring and summer are the best seasons for home buying. After all, there’s more inventory on the market, and the warm weather is ideal for showings. However, the ongoing global health crisis has shattered the idea of the “peak home buying season” and left many potential buyers wondering if now is still the right time to make a move.
While growing up, we were taught by our parents and grandparents that owning a home is a financially savvy move. They explained how a mortgage is like a “forced savings plan.” When you pay rent, that money is lost forever. When you make a mortgage payment, much of that money accumulates as equity in the home. So, what exactly is equity?