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

By
Real Estate Agent with HomeSmart 0561240

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

 

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 todays market because its in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:

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 CoreLogic, the average homeowners 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

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 todays 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, lets connect so you can get a professional equity assessment report on your house.

 

 

 

 

Posted by

e signature for Shayne Stone

“YOUR Rock-Solid Choice Realtor for Making Home Sellers a Profit & Home Buyers Equity”

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Comments (4)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Shayne. Looking good so far, but time is the real judge of truth! Enjoy your day.

Jul 01, 2022 05:54 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Shayne!!! Great market update!!!

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 todays market because its in high demand.

Jul 01, 2022 05:56 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Have a great July. Nice to read and view your blog today. You do well writting...

Jul 01, 2022 06:16 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.   Thanks for sharing and enjoy your day!

Jul 01, 2022 07:33 AM