Here’s what the headlines aren’t telling you about home equity.
Home equity has been a hot topic in real estate news lately.
Local news doesn’t give you all the information you really need to help you better understand what’s happening. They report on the big headlines.
They tend to focus on the national data which isn’t always what’s happening locally.
The last 3 months we saw home sales down, due to volatility in the stock market and rising interest rates.
However, the median home price went up 8.2 percent on average each month!
The average homeowner gained $56,700 in equity in the last year.
Homeowners who bought their house last year right at the peak or those who paid more than market value in the months that followed are more likely to fall into the category of losing equity.
In the end, owning a home is a long term investment.
Typically, the longer you stay in your home, the more equity you will gain.
Let’s discuss your real estate goals for 2023
This is Joseph Singsheim of the Reliance Real Estate Team of Keller Williams
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