Home Equity You May Have More Than You Think

Dated: October 13 2015

Views: 1019

GET FREEE INSTANT HOME VALUE ESTIMATE   CLICK HERE

I can do a FREE Onsite No Obligation Valuation that is much more accurate than the computer model as it takes into account all the special things and upgrades on your home rather than just the squarefootage. 

Call Me at 772-444-6696 or email me at DawnBurlace@gmail.com to set up an appointment. I will also do a free consultation to let you know what things you can/should do to make your home sell FAST what simple fixups are necessary to get the most for your property.  

CoreLogic recently released their 2015 2nd Quarter Equity Report which revealed that 759,000 properties had regained equity in the last quarter. That means that 91% of allmortgaged properties (approximately 45.9 million) are now in a positive equity position. Anand Nallathambi, president and CEO of CoreLogic, reported:

“For much of the country, the negative equity epidemic is lifting. The biggest reason for this improvement has been the relentless rise in home prices over the past three years which reflects increasing money flows into housing and a lack of housing stock in many markets.”

Obviously, this is great news for the financial situation of many homeowners.

But, do they realize their equity position has changed?

A recent study by Fannie Mae suggests that many homeowners are unaware that their equity position has changed…in some cases dramatically. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, only 9% of homes are in that position.

The study also revealed that, though 69% of homes had “significant equity” (greater than 20%), only 37% of Americans realize it.

Significant Equity | Keeping Current Matters

This means that 32% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizeable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Fannie Mae spoke out on this issue in their report:

“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

Bottom Line

Every homeowner should be aware of the true equity in their house and also realize the opportunities that go along with it. If you are unsure of the savings you currently have built up in your home, contact a real estate professional to help ascertain that number. You may be surprised.


Image title



 

Blog author image

Dawn Burlace

FULL TIME AGENTS- Winner of Top Producing Duo Team 2017 Dawn Is a Member of the Institute for Luxury Home Marketing and has over 12 Years of Real Estate Marketing experience. With a Background in sale....

Want to Advertise on this Site?

Latest Blog Posts

Check Out Sebastian Florida

https://youtu.be

Read More

Some Gave All

Thank you to our Fallen Hero's... a Tribute at our local favorite restaurant, Captain Butchers,  here in Sebastian.

Read More

Exciting News For Fort Pierce FL

FORT PIERCE FL – Pierce 1 Marina is pleased to announce the company will begin the contract process to purchase 3.2 acres of waterfront property in Fort Pierce known as Fisherman’s Wharf.

Read More

I Am A Knock Certified Agent Buy Your New Home Before Selling Your Home

I have exclusive access to a program that empowers you to buy a new home before you even list this house for sale—providing funds for prepping your listing for sale, for your new home down,

Read More