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Posted on September 24, 2018 - 10:50 AM
by Jacob Skiles
Rising home prices have been in the news a lot lately and much of the focus has been on whether home prices are accelerating too quickly, as well as how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact that they have on a homeowner’s equity position.
Home equity is defined as the difference between the home's fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value of their homes go up!
According to the latest Equity Report from ATTOM Data Solutions, “13.9 million U.S. properties in Q2 2018 were equity rich — where the combined estimated balance of loans secured by the property was 50 percent or less of the property’s estimated market value — representing 24.9% of all U.S. properties with a mortgage.”
This means that nearly a quarter of Americans who have a mortgage would be able to sell their homes and have a significant down payment toward their next home. Many who sell could also use their new-found equity to pay off high-interest credit cards or help children with tuition costs.
The map below shows the percentage of properties with a mortgage in each state that were equity rich in Q2 2018.
If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!
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Listing Information Copyright 2019 Multiple Listing Service of Lake Ozarks Board of REALTORS®, Inc. Listing Information Copyright 2019 Multiple Listing Service of Bagnell Dam Association of REALTORS® MLS, Inc. The data relating to real estate for sale on this website comes in part courtesy of the Broker Reciprocity Internet Data Exchange Program of the Multiple Listing Service of Lake Ozarks Board of REALTORS®, Inc. The data relating to real estate for sale on this website comes in part courtesy of the Broker Reciprocity Internet Data Exchange Program of the Multiple Listing Service of Bagnell Dam Association of REALTORS® MLS, Inc. Real estate listings held by brokerage firms other than John Farrell Real Estate are governed by MLS Rules and Regulations and detailed information about them includes the name of the listing companies. The information being provided is for consumers' personal, non-commercial use and will not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. Information last update on 2019-07-21