Homeownership Boom: How Your Home Equity Has Soared!
Homeowners, rejoice! Your nest egg just got a whole lot bigger. Home prices have been on a steady rise, translating to a surge in equity – the value of your home minus what you owe on your mortgage.
Soaring Demand, Soaring Equity
Remember the bidding wars and limited inventory? All that competition has pushed prices up, and that directly translates to equity gains for homeowners. According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner gained a whopping $28,000 in equity in just the past year!
See How Your State Stacks Up
Curious how your state is doing? Check out the map below (link to map showing equity growth by state). Every single state with sufficient data saw gains, proving this trend is nationwide.
Pre-Pandemic Purchases? You’re Sitting Pretty!
Bought your home before the pandemic frenzy? Your equity is likely even higher. Data from Realtor.com shows a remarkable 37.5% increase in home prices from May 2019 to May 2024. As Senior Economist at Realtor.com, Ralph McLaughlin, puts it:
“Homeowners have seen extraordinary gains in home equity over the past five years.”
Equity: Your Powerful Financial Tool
This rising equity isn’t just bragging rights – it’s a powerful financial tool. CoreLogic’s Chief Economist, Selma Hepp, highlights the total equity the typical homeowner holds today:
“With home prices reaching new highs, homeowners are seeing their equity approach historic peaks, close to a total of $305,000 per owner.”
This built-up equity opens doors to exciting possibilities. Use it to:
- Fuel your entrepreneurial dreams: Start that business you’ve always envisioned.
- Invest in education: Finance your child’s college education or your own skill development.
- Level up your next home purchase: A larger down payment on your dream home thanks to the equity you’ve accumulated.
Equity: Your Key to Moving Up
When you decide to sell, your equity comes back to you, potentially covering a significant portion – or even the entirety – of your next home’s down payment.
Ready to Unlock Your Home’s Equity Potential?
Thinking about moving? Let’s connect and explore how your increased equity can empower your next steps!
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HOW TO PROTECT YOUR MORTGAGE RATE WHEN CLOSING GETS DELAYED
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Are you under contract on a home with an expiring rate lock? Need a rate lock extension?
Yesterday, a buyer called me in a total panic. They locked in their mortgage interest rate 30 days ago while shopping for a home near the Westwood neighborhood. Everything moved along fine until the seller asked to push closing back by ten days to finish clearing out their garage.
The buyer asked me, “Jeremy, if our rate lock expires before we close, will our interest rate jump up? Will our monthly payment go through the roof?”
I told them straight up: “Take a deep breath! An expiring rate lock will not ruin your deal, and you will not lose your low rate!”