5,300 Reasons to Be Happy You’re a Homeowner

Happy senior couple with adult children standing in garden of their home

Studies have shown that, in many cases, the largest asset a family owns is the house they live in. Over the last twelve months, that asset has gained substantial value.

CoreLogic just released their 2019 3rd Quarter Homeowner Equity Insights Report. The report revealed that:

“U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”

The equity in a property is determined by comparing the current value of the property against the outstanding mortgage debt. As prices rise, the equity in a home increases.

The report went on to explain that the average homeowner gain in equity over the last twelve months was $5,300.

Here’s a map showing the average equity gain by state:

Since the housing crash in 2008, many homeowners have felt trapped in their current houses, as they didn’t have enough equity to sell. The gains in equity over the past few years may have freed some homeowners who have a desire to move.

Bottom Line

If you’re curious about your home’s equity, let’s get together to do a market analysis on the current value of your house. You may be pleasantly surprised.

About the Author
Brenda Beshara Headshot

Prior to selling real estate, Brenda worked in the mortgage industry for over twenty years. She worked for companies such as Freddie Mac and HomeBanc in numerous capacities from underwriter to executive management. Her thorough knowledge of the mortgage industry is an asset in these times of stricter loan qualifications. Brenda's commitment to continual education keeps her on the cutting edge of current market conditions and trends.

Her professional confidence and easy going style comforts clients through this sometimes stressful situation. Brenda is committed to negotiating the absolute best deal for her sellers.