As a homeowner, rising home equity contributes to your overall net worth. Equity, which is the current value of your home minus the amount remaining on the loan, is growing faster than expected, especially within the past year.
Thanks to low housing supply combined with high buyer demand, there haven’t been enough homes to meet the demand, and bidding wars werestill causing home prices to skyrocket. If you already own a home, these rising prices mean that your home could be worth more in today’s market.
The latest information provided by CoreLogic in March 2022 claims that home prices rose 18%, which was the largest gain recorded in 45 years. According to the report, the average homeowner’s equity grew by 55% during the past year.
In addition to increasing your overall net worth, equity can help you to achieve other goals such as saving up and using it as a down payment for your next home. If you’re planning to move soon, you can use the equity in your home for your next purchase. Reach out to a trusted real estate professional for more assistance.
Sources: Keepingcurrentmatters.com, Corelogic.com
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
