What is the news NOT reporting about home equity?

What is the news NOT reporting about home equity?  Homeowners still had positive equity gains over the past 12 months!

Equity is the current value of your home minus what you owe on the loan.

Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially. And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost all the equity you gained during the pandemic frenzy.

In fact, the latest Homeowner Equity Insights from CoreLogic finds that the average California homeowner’s equity has grown by $37,000 over the past 12 months.

Despite the headlines, the average homeowner still gained positive equity in just about every market over the last year. While the gains aren’t as dramatic as they were in the previous quarter due to home price moderation, they’re still significant. And if you’ve been in your home for longer than a year, chances are you have even more equity than you realize.

Why Is This So Important Right Now?

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity you’ve built up comes back to you in the sale, and 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 because you weren’t sure what the headlines meant for your bottom line, rest assured you’ve still gained equity in recent years, and it can help fuel your move.

If you’re planning to make a move, the equity you’ve gained over time can make a big impact. Let's connect to find out just how much equity you have in your current home and how you can use it to fuel your next purchase.