78.8% of homeowners have significant equity (more than 20%) in their homes today! But do they realize their equity position has changed?
“Homeowner equity increased by $766 billion over the last year, the largest increase since Q2 2014…” states CoreLogic, with their latest Equity Report revealing that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation, and great news for the 2017 market. This means risk will continue to steadily decline as a result of increasing home prices.
Price Appreciation = Good News for Homeowners
According to the Fannie Mae, more homeowners are beginning to realize that they might have more equity than they first thought, with the majority thinking it’s a good time to sell rather than buy. With a sizable equity position, many homeowners with a mortgage have an opportunity to take advantage of today’s seller’s market and easily move into a housing situation that better meets their current needs.
Unsure of how much equity you have built in your home? Contact a Reinhart Associate today and find out why now could be a great time to sell!