The Great News About Rising Prices for Homeowners

The Great News About Rising Prices for Homeowners | Keeping Current Matters

Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.

The great news about rising prices, however, is that according to CoreLogic’s US Economic Outlook, the average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.

The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home from June 2015 to June 2016 (the latest data available).

The Great News About Rising Prices for Homeowners | Keeping Current Matters

For those who are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new-found equity in their homes and themselves, not in depreciating assets.

The added equity is helping families put their children through college, invest in starting small businesses, allowing them to pay off their mortgage sooner or move up to the home that will better suit their needs now.

Bottom Line

CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, contact an agent in your area to discuss your options!

http://www.JeffStone.us 

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About Jeff Stone

I'm a Realtor with COLDWELL BANKER RESIDENTIAL BROKERAGE - Port Washington. My designations are Certified International Property Specialist (CIPS), Resort $ Second Property Specialist (RSPS), Certified Buyer Representative (CBR), Seniors Real Estate Specialist (SRES) & Realtor Short Sale Professional (RSSP). I'm the Recipient of the 2104 National, Seniors Real Estate Specialist (SRES) Outstanding Service Award. I am a former Executive Chef in the New York Hotel & Restaurant Industry. I was also a Caterer/ Business Owner, supplying foods to the Entertainment, Hotel, Restaurant & for Special Events. I love the Outdoors (kayaking and hiking), Fishing, Cooking, Art, Networking & most of all, Volunteering within my community of Port Washington, NY. Jeffreystone.realtor
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