Your equity grows as you pay down your home loan and as home prices increase. With home prices rising again, your equity is getting an extra boost.
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You may see media coverage talking about a drop in homeowner equity.
Are you thinking about selling your house?
- If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
- While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
If you’re a homeowner, you might be torn on whether or not to sell your house right now.
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity.
If you’re a homeowner, odds are your equity has grown significantly over the last few years.
One of the benefits of being a homeowner is that you build equity over time.
Downsizing is a popular choice for homeowners when they retire or when their needs change, but with inflation still high, it’s also a way to reduce costs.
- According to the latest data from CoreLogic, the average homeowner gained $64,000 in home equity over the past 12 months.
- That much equity can be a game-changer when you move. When you sell, it could be some (if not all) of what you need for a down payment on your next home.
If you’re a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home equity builds over time and can help you achieve certain goals. According to the latest Equity Insights Report from CoreLogic, the average borrower with a home loan has almost $300,000 in equity right now.