CoreLogic’s latest Homeowner Equity Insights Report shows that equity for homeowners has increased by $55,300 in the past 12 months.
You should be aware that your net worth has just increased if you are a homeowner. This is due to rising equity in your home. Equity is the value of your home less your home loan (if any). You are building equity faster than you might think – this is great news!
What is the reason for equity’s rise? Due to low inventory and high buyer demand, home values are rising. Dr. Frank Nothaft is Chief Economist at coreLogic.
“Home prices rose 18% in 2021 in CoreLogic Home Price Index. This is the largest annual gain in its 45-year history. It has generated a large increase in home equity wealth.”
Equity can help you reach other goals, such as buying your next house. The equity you have built up in your house will be returned to you when it is sold.
It may be the right thing to do in a market where equity is high, or even all of the down payment for your next home.
If you are looking to move, equity can make all the difference. Let’s get in touch to find out how much equity your home has and how you can leverage it to finance your next purchase. Call us today!
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for victoria park Fort Lauderdale homes for sale, we are the real estate team for you!