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Homeowners Still Have Positive Equity Gains over the Past 12 Months

Homeowners Still Have Positive Equity Gains over the Past 12 Months | Simplifying The Market

If youre a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices. Heres how it happened and what it means for you, even as the market moderates.

Equity is the current value of your home minus what you owe on the loan.

Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially.

And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesnt mean youve lost all the equity you gained during the pandemic frenzy.

To prove you still have equity you can use, the latest Homeowner Equity Insights from CoreLogic finds the average homeowner equity has actually grown by $34,300 over the past 12 months.

Thats right, despite the headlines, the average homeowner still gained positive equity over the last year in just about every market. While the gains arent as dramatic as they were in the previous quarter due to home price moderation, theyre still significant. And if youve been in your home for longer than a year, chances are you have even more equity than you realize.

While thats the national number, if you want to know what happened over the past year in your area, look at the map below from CoreLogic:

Homeowners Still Have Positive Equity Gains over the Past 12 Months | Simplifying The Market

Why This Is So Important Right Now

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity youve built up comes back to you in the sale, and it may be just what you need to cover a large portion if not all of the down paymenton your next home.

So, if youve been holding off on selling because you werent sure what the headlines meant for your bottom line, rest assured youve still gained equity in recent years, and it can help fuel your move.

Bottom Line

If youre planning to make a move, the equity youve gained over time 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, lets connect.

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