There has been a lot of talk about home prices of late, especially if they are accelerating too quickly. In many areas of the country, where seller supply cannot keep up with buyer demand, prices have risen rapidly.
However, rising prices means great news for some; according to CoreLogic’s Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases.
This map shows the average equity gain per mortgaged home during the 1st quarter of 2017 (the latest data available).
For those worried we are destined to repeat 2006 all over again, it is important to note homeowners are investing their new-found equity in their homes and themselves, not in depreciating assets. This added equity is helping families put children through college, invest in starting small businesses, pay off their mortgages sooner, and even move up to the home that will better suit their needs now.
If you are looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!