Home Equity: Knowing Where You Stand
It always seems as if the stench of bad news lingers for a while. This certainly seems to be the case when it comes to talking about home equity. In fact, a recent Equity Report from Core Logic stated that over 250,000 homes regained equity during the last half of 2015. Although, you may be thinking this number seems rather low when thinking about all single-family properties with a mortgage. And, you would be right. Core Logic took a look at the top 25 metro areas, which indicated that 92% of all mortgaged properties are in a positive equity state. So, even though this is sampled data, it’s still great news.
However, to make matters a little bit more intriguing on this subject, many homeowners don’t realize that they are sitting in a positive position. Home values have increased over the last several years and are expected to increase by another 5% in 2016. This increase in market value can help position a homeowner in many positive ways. First and foremost, your home is your largest asset. As it gains positive equity, your net worth increases. Homeowners can now use that equity to make positive life changes such as finding another home that may be better suited for their families. So, if you have been thinking about making a jump to another home or perhaps a different neighborhood, you may want to take advantage of the current market. Right now, as a homeowner, you could possibly cash in on two great opportunities; positive home equity and historic low-interest rates.
If this sounds like something of interest to you, you should reach out and speak to a professional licensed real estate agent. He or she can help provide a market analysis on your home for your area. Since rates do typically vary for each location, it’s best to find a local professional who can help you with your real estate needs. Who knows, you may just find out that your home is worth a lot more than you think.
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Working with The Daniels Group will give you with the advantage of having local experts to ensure that you have a successful real estate transaction. From buying, selling and investing to financing options and more, we have the expertise and resources to help you achieve your goals. Call us today at (858) 361-5561 or email us anytime.