Not everyone moving to our area from out of state is a rich Californian.
Is everybody moving to St. George a cash-rich California homebuyer? Let’s go ahead and debunk this myth.
Here’s a typical scenario for you: A family buys a home in Los Angeles County 20 years ago for $350,000. Since homes have appreciated wildly over the last decade or two, theirs is now worth $1.4 million. The fun part about owning a home is that you pay down your mortgage over time, so now this family has a home they paid $350,000 for that they owe nothing on (or very little) and are able to sell for $1.4 million. Let’s pretend, though, they took the equity out of the home along the way and owed $300,000 when they sold it. They still have $1.1 million to buy a house in St. George.
St. George is a beautiful place, and you can get a lot for $1.1 million. So to answer your question, the people moving to our area from out of state aren’t all rich cash buyers (although a good percentage of them are). Many others are just regular people with regular jobs—including retirees—who’ve built up a lot of equity in their homes in the last two decades and are transferring that equity to Washington County.
If you have questions about this topic or are thinking of selling your St. George home and wondering how you can get top dollar for it, email us at firstname.lastname@example.org or give us a jingle at 435-215-4533! I’d love to hear from you.