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.
The map below was created from CoreLogic’s report and shows the average equity gain per mortgaged home over the past year.
For those who are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new found equity in their homes and themselves, not in depreciating assets.
The added equity is helping families put their children through college, and even invest in starting small businesses, allowing them to pay off their mortgage sooner or move up to the home that will better suit their needs now.
CoreLogic predicts that home prices will appreciate by another 5.2% by this time next year. If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, call a Help-U-Sell Southland Realty agent to discuss your options!
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!
675,000 Homeowners Regained Equity in 2017. 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
There are many unsubstantiated theories as to why home values are continuing to increase.
From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.
Mortgage Payment Across Time Average – Interest Rate and Mortgage Payment
The average 30-year fixed mortgage rates and the approximate payment for a $250,000 mortgage.
Payments are principal and interest only based on a $250,000 fully amortizing mortgage.
Home Buying Mistakes by Generation
No matter the age or life stage, everyone makes mistakes when it comes to home buying.
From picking the wrong location to buying more house than you can afford, here are the top mistakes home buyers make at every stage.
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Homes Sold in the Chatsworth and Canoga Park area in the last 90 days
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