{"id":7673,"date":"2022-03-21T06:00:50","date_gmt":"2022-03-21T10:00:50","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7673"},"modified":"2022-03-21T06:00:50","modified_gmt":"2022-03-21T10:00:50","slug":"the-average-homeowner-gained-more-than-55k-in-equity-over-the-past-year","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7673","title":{"rendered":"The Average Homeowner Gained More Than $55K in Equity over the Past Year"},"content":{"rendered":"
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\"The<\/p>\n

If you\u2019re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan.<\/strong> Today, you\u2019re building that equity far faster than you may expect \u2013 and this gain is great news for you.<\/span><\/p>\n

Here\u2019s how it happened. Home values<\/a> are on the rise thanks to low housing supply<\/a> and high buyer demand<\/a>. Basically, there aren\u2019t enough homes available to meet this high buyer interest<\/a>,\u00a0 so bidding wars are driving home prices<\/a> up. When you own a home, the rising prices mean your home is worth more in today\u2019s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at CoreLogic<\/em>, explains<\/a>:<\/p>\n

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\u201cHome prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth.\u201d<\/em><\/p>\n<\/blockquote>\n

The latest Homeowner Equity Insights<\/em><\/a> from CoreLogic<\/em> shed light on just how much rising home values have boosted homeowner equity. According to that report, the average homeowner\u2019s equity has grown by $55,300 over the last 12 months.<\/strong><\/p>\n

Want to know what\u2019s happening in your area? Here\u2019s a breakdown of the average year-over-year equity growth for each state based on that data.<\/p>\n

\"The<\/a><\/p>\n

How Rising Equity Impacts You
\n<\/strong><\/h4>\n

In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. It works like this: when you sell your house, the equity you built up comes back to you in the sale.<\/p>\n

In a market where you\u2019re gaining so much equity, it may be just what you need to cover a large portion \u2013 if not all \u2013 of the down payment<\/a>\u00a0on your next home. So, if you\u2019ve been holding off on selling<\/a> and worried about being priced out of your next home because of today\u2019s home price appreciation, rest assured your equity can help fuel your move.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Equity can be a real game-changer if you\u2019re planning to make a move. To find out just how much equity you have in your home and how you can use it to fuel your next purchase, let\u2019s connect so you can get a professional equity assessment report on your house.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"TheIf you\u2019re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you\u2019re building that equity far faster than you may expect \u2013 and this gain [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,85,86,121],"tags":[],"class_list":["post-7673","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-sellers","category-housing-market-updates","category-pricing"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7673"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7673\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}