{"id":7856,"date":"2022-06-21T06:00:57","date_gmt":"2022-06-21T10:00:57","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7856"},"modified":"2022-06-21T06:00:57","modified_gmt":"2022-06-21T10:00:57","slug":"the-average-homeowner-gained-64k-in-equity-over-the-past-year","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7856","title":{"rendered":"The Average Homeowner Gained $64K in Equity over the Past Year"},"content":{"rendered":"
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\"The<\/p>\n

If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan.<\/strong> And today, based on recent home price appreciation<\/a>, you\u2019re building that equity far faster than you may expect \u2013 here\u2019s how it works.<\/span><\/p>\n

Because there\u2019s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today\u2019s market<\/a> because it\u2019s in high demand. As Patrick Dodd, President and CEO of CoreLogic<\/em>, explains<\/a>:<\/p>\n

\n

\u201cPrice growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .\u201d<\/em><\/p>\n<\/blockquote>\n

Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowner Equity Insights<\/em><\/a> from CoreLogic<\/em>, the average homeowner\u2019s equity has grown by $64,000 over the last 12 months.<\/strong><\/p>\n

While that\u2019s the nationwide number, if you want to know what\u2019s happening in your area, look at the map below. It breaks down the average year-over-year equity growth for each state using the data from CoreLogic.<\/em><\/p>\n

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

The Opportunity Your Rising Home Equity Provides<\/strong><\/h4>\n

In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale. In a market where homeowners are 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\u00a0on your next home<\/a>.<\/p>\n

So, if you\u2019ve been holding off on selling<\/a> or you\u2019re worried about being priced out of your next home because of today\u2019s ongoing home price appreciation, rest assured your equity can help fuel your move<\/a>.<\/p>\n

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

If you\u2019re planning to make a move, the equity you\u2019ve gained can make a big impact. To find out just how much equity you have in your current 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 own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you\u2019re building that equity far faster than you may expect \u2013 here\u2019s how [\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":[3,85,86,89,121],"tags":[],"class_list":["post-7856","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-sellers","category-housing-market-updates","category-move-up-buyers","category-pricing"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7856","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=7856"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7856\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}