Christie Spellmeyer Rudolph

REAL ESTATE SALESPERSON
WITH GABLER REALTY

The Average Homeowner Gained $64K in Equity over the Past Year

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If you own a home, your net worth likely just got a big boost thanks to rising home equity. 

Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.

Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogicexplains:

“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”

Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowner Equity Insights from CoreLogicthe average homeowner’s equity has grown by $64,000 over the last 12 months.

While that’s the nationwide number, if you want to know what’s happening in your area, look at the map below. It breaks down the average year-over-year equity growth for each state using the data from CoreLogic.

The Average Homeowner Gained $64K in Equity over the Past Year | MyKCM

The Opportunity Your Rising Home Equity Provides

In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale. In a market where homeowners are gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your next home.

So, if you’ve been holding off on selling or you’re worried about being priced out of your next home because of today’s ongoing home price appreciation, rest assured your equity can help fuel your move.

Bottom Line

If you’re planning to make a move, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your house.

Ready to make your next move?

Whether you’re buying or selling, making a move is one of the most impactful experiences of your life. Your home is the core of your life and is a unique expression of who you are. When you’re ready to make your next move, partnering with a real estate agent who understands that this is more than just a financial transaction can make all the difference. Trust the next chapter of your life to someone who listens intently, guides with compassion, and understands the complexities of the local market. Together we’ll make the best choices for your future!

This blog article is provided by Christie Spellmeyer Rudolph, Real Estate Salesperson. Original source: Keeping Current Matters. See full disclosure notice here.