Recently there has been a lot of talk about home prices and if they are accelerating too quickly.
In some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.
The great news about rising prices, however, is that according to CoreLogic’s latest US Economic Outlook, the average American household gained over $15,000 in equity over the course of the last year, largely due to home value increases.
>>Read More: News About Rising Home Prices
Have You Outgrown Your Current Home?
For many Americans, buying their first home is their first taste of achieving part of the American Dream.
There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment.
It may seem hard to imagine that the first home you purchased (which made your dreams come true) might not be the home that will allow you to achieve the rest of your dreams.
The good news is that it’s ok to admit that your home no longer fits your needs!
>>Read More: Starter Home Market
CoreLogic’s latest Equity Report revealed that "over the past 12 months, 675,000 borrowers moved into positive equity."
This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.
The report also revealed:
The average homeowner gained approximately $15,000 in equity during the past year.
Compared to Q4 2017, negative equity decreased 21% from 3.2 million homes, or 6.3 percent of all mortgaged properties.
U.S. homeowners with mortgages (roughly 63 percent of all homeowners) have seen their equity increase by a total of $908.4 billion since Q4 2016, an increase of 12.2%, year-over-year.
>>Read More: Homeowners Equity
For Sale By Owner, get ready to negotiate
Here is just a short list of the people that you will have to negotiate with to sell your house:
The Buyer's Agent
The Buyer's Bank
The Inspection Company
The Title Company
Get Your Free Home Valuation
Help-U-Sell Southland Realty can create a Comparative Market Analysis (CMA) for you and determine the value of your current home. Please fill out the information in the form below and a Help-U-Sell Real estate agent will contact you shortly.
Search homes for sale. We have complete Multiple Listing Service (MLS) of residential homes for sale in Lake Balboa, Van Nuys, North Hills, Woodland Hills, Arleta, Canoga Park, Tarzana, Encino, Reseda, Northridge or any other Los Angeles, San Fernando Valley and Santa Clarita Valley real estate.
1030 E Lancaster Boulevard
Try our new map search