The Average Homeowner Gained $64K in Equity over the Past Year
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. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.Because there’s 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’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:“Price 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. . . .”Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $64,000 over the last 12 months.While that’s the nationwide number, if you want to know what’s 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.The Opportunity Your Rising Home Equity ProvidesIn 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 – if not all – of the down payment on your next home.So, if you’ve been holding off on selling or you’re worried about being priced out of your next home because of today’s ongoing home price appreciation, rest assured your equity can help fuel your move.Bottom LineIf you’re planning to make a move, the equity you’ve 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’s connect so you can get a professional equity assessment report on your house.
El propietario promedio ganó $64 mil en plusvalía durante el año pasado
Si usted es dueño de una casa, su patrimonio neto probablemente acaba de recibir un gran impulso gracias al aumento de la plusvalía de la vivienda. La plusvalía es el valor actual de su casa menos lo que debe en el préstamo. Y hoy, según la apreciación reciente del precio de las casas, está creando esa plusvalía mucho más rápido de lo que tal vez esperaba: así es como funciona.Debido a que existe un desequilibrio continuo entre el número de casas disponibles para la venta y el número de compradores que buscan hacer una compra, los precios de las casas están en aumento. Eso significa que su casa vale más en el mercado actual porque tiene una gran demanda. Como explica Patrick Dodd, Presidente y CEO de CoreLogic:“El aumento de los precios es el ingrediente clave para la creación de riqueza de plusvalía de la vivienda… Esto ha llevado a la mayor ganancia de un año en promedio de riqueza de la plusvalía para los propietarios…”Básicamente, debido a que el valor de su casa probablemente ha subido tanto, su plusvalía también ha aumentado. De acuerdo con el último informe ‘Homeowner Equity Insights’ de CoreLogic, el promedio de plusvalía del propietario ha aumentado $64,000 en los últimos 12 meses.Si bien ese es el número nacional, si desea saber qué está sucediendo en su área, mire el mapa a continuación. Desglosa el aumento promedio de la plusvalía año tras año para cada estado utilizando los datos de CoreLogic.La oportunidad que brinda el aumento de la plusvalía de su viviendaAdemás de crear su patrimonio neto general, la plusvalía también puede ayudarle a lograr otros objetivos como comprar su próxima casa. Cuando venda su casa actual, la plusvalía que acumuló vuelve a usted en la venta. En un mercado donde los propietarios de viviendas están ganando tanta plusvalía, puede ser justo lo que necesita para cubrir una gran parte, si no toda, del pago inicial de su próxima casa.Por lo tanto, si ha estado retrasando la venta o le preocupa que no alcance a pagar el precio de su próxima casa debido a la continua apreciación del precio de la vivienda de hoy, tenga la seguridad de que su plusvalía puede ayudar a impulsar su mudanza.En conclusión,Si planea mudarse, la plusvalía que ha ganado puede tener un gran impacto. Para averiguar cuánta plusvalía tiene en su casa actual y cómo puede usarla para impulsar su próxima compra, vamos a comunicarnos para que pueda obtener una evaluación de la plusvalía en su casa.
Why Achieving the Dream of Homeownership Can Be More Difficult for Some Americans
Today we take time to honor and recognize the past and present experiences of Black Americans. When it comes to real estate specifically, equitable access to housing has come a long way, but the path to homeownership is still steeper for households of color.The Gap in Homeownership Rate in AmericaIt’s a more challenging journey to achieve homeownership for some buyers, as shown by the measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Census data shows the lowest homeownership rate persists in the Black community (see graph below):This graph clearly indicates there’s a gap that still exists in the percentage of people in each community who are able to achieve homeownership. How Homeownership Impacts Household Wealth One of the challenges that could make buying a home harder for these groups is how difficult it can be to accumulate wealth. Even today, there are obstacles certain racial and ethnic groups, especially the Black community, still face. A recent article from NextAdvisor explains:“The median Black household earns 61 cents for every dollar earned by a comparable White household, according to the Economic Policy Institute. This not only makes it more difficult to afford a home, but also to accumulate and pass on generational wealth.”This can delay or prevent many from achieving homeownership, challenging their ability to grow their net worth and build wealth that can pass down to future generations – a point that’s clear in a 2022 report from the National Association of Realtors (NAR):“Given that homeownership contributes to wealth accumulation and the homeownership rate is lower in minority groups, data shows that the net worth for these groups is also lower. At $188,200, the net worth of a typical white family was nearly 8 times greater than that of a Black family ($24,100) in 2019.”It’s important to talk about the experience Black homebuyers may have and the challenges they may face as they pursue their dream of homeownership. The inequity that remains in housing can be a point of pain and frustration. That’s why it’s so important for members of diverse groups to have the right team of experts on their sides throughout the homebuying process.These professionals aren’t only experienced advisors who understand the market and give the best advice. They’re also compassionate allies who will advocate for your best interests every step of the way. They can point you to important resources and tools that can help you throughout your journey to homeownership.Bottom LineOpportunities in real estate improve every day, but there are still equity challenges that many face. Let’s connect to make sure you have an advocate on your side to help you achieve your dream of homeownership.
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