Hello, Fall 2020. The weather may be cooling down but the real estate market is HOT and sellers have the advantage. Florida is currently experiencing the lowest inventory in 20 years and
Off to the Equity races: Why You’re Winning If You’re a Homeowner
Dated: January 27 2020
Home prices are rising and today’s mortgage holders are reaping the rewards. A reward of nearly $457 billion collectively, to be exact.
According to Corelogic’s 2019 3rd Quarter Homeowner Equity Insights Report:
“U.S. homeowners with mortgages have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”
Here is the map showing equity gain state by state:
Following the housing market crash in 2008, many homeowners found themselves stuck as their property values dropped below the outstanding mortgage debt they held. With the turnaround of the housing market, CoreLogic reports that the average homeowner gain in equity was $5,300 over the last twelve months. Here in Florida, it’s $8,000. Home equity is determined by comparing the market value of your home against the money you have borrowed to purchase the property. In other words, home equity is the portion of your property that you “truly own.” If you are curious about your home’s equity, visit https://www.curriproperties.com/sell.php for a free market analysis on the current value of your home. You’re likely sitting on a sum of cash.
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It’s all about inventory and, simply put, the real estate market has more buyers looking to purchase a home than sellers selling their homes. This type of housing climate has greatly tipped
Home prices are rising and today’s mortgage holders are reaping the rewards. A reward of nearly $457 billion collectively, to be exact.According to Corelogic’s 2019 3rd Quarter Homeowner