Is it time to think about selling your Charlotte metro area home? CoreLogic's latest Equity Report revealed that 92% of all mortgaged properties are now in a positive equity situation, while 74% now actually have significant equity (defined as more than 20%)! The report also revealed that 268,000 households regained equity in the first quarter of 2016 and are no longer under water.
The substantial increase in equity is one big reason why foreclosure rates have dropped to a new post-housing crisis low and now enjoy a 54th consecutive month with year-over-year declines.
If you're a homeowner with more than 20% equity in your home you would be able to use that equity as a down payment on either a larger home, making it a great time to move up to the home you've been dreaming about. And if you've been thinking about downsizing, it's also a great time to use your home's equity to buy that retirement home.
HOME EQUITY REALITY VERSUS PERCEPTION
A study by Fannie Mae suggests that many homeowners are unaware to what degree their equity position has changed and increased their homes' values. Fannie Mae's study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 8% of homes are in that position.
Fannie Mae's study also showed that only 37% of Americans believe that they have “significant equity” (greater than 20%), when in actuality, 74% do! So if you've been contemplating if this is the right time to sell your home, the answer might be a resounding YES, it is!
WONDERING HOW MUCH EQUITY YOUR CHARLOTTE METRO AREA HOME MIGHT HAVE & IF IT'S THE RIGHT TIME TO SELL?
Contact Carolinas Realty Partners if we can answer any questions you might have about the Charlotte metro housing market or about what listing your home for sale might entail.
Wondering What Your Charlotte Metro Area Home Might Be Worth In Today's Market?
Want to stay on top of the market trends in your Charlotte metro neighborhood?
Sign up for your FREE Market Snapshot. You'll recieve the latest trends for your neighborhood for sold homes, properties for sale, inventory counts, and even "days-on-market". You can also view information regarding schools and community.
Time to think about selling your Charlotte metro area home?
Maybe it's time to actually sell your Charlotte metro area home!
Comments(20)