Are You Aware Of How Much Equity You Have In Your Home
Are You Aware Of How Much Equity You Have In Your Home
CoreLogic’s latest Equity Report revealed that 675,000 US homeowners regained positive equity in their homes in 2017. This is great news for the country, as 95.1% of all mortgaged properties are now in a positive equity situation.
“U.S homeowners with mortgages (roughly 63% of all the properties) have seen their equity increase by a total of $908.4 billion since the fourth quarter 2016, an increase of 12.2%, year over year.”
Frank Nothaft, CoreLogic’s Chief Economist, explains: “Home-price growth has been the primary driver of home-equity wealth creation. The CoreLogic Home Price Index grew 6.2 percent during 2017. The largest calendar-year increase since 2013. Likewise, the average growth in home equity was more than $15,000 during 2017, the most in four years.”
He also believes this is a great sign for the market in 2018, saying: “Because wealth gains spur additional consumer purchases, the rise in home-equity wealth during 2017 should add more than $50 billion to U.S. consumption spending over the next two to three years.”
This is great news for homeowners! But, do you realize that your equity position has changed? Email me to schedule an appointment to discuss: [email protected]
A study by Fannie Mae suggests that many homeowners are not aware that they have regained equity in their homes as their investment has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 4.9% of homes are in that position (down from 6.3% in Q4 2016).
The study also revealed that only 37% of Americans believe that they have “significant equity” (greater than 20%) when in actuality, 83% do!
This means that 46% 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 house (either larger or smaller) that better meets their current needs.
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.”
If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2018! Let’s get together to evaluate your situation! Schedule your appointment today - email me:[email protected]
Author:Jeff Galindo Phone: 702-290-6458 Dated: March 22nd 2018 Views: 247 About Jeff:
Meet Jeff Galindo and Open Door Residential
Jeff Galindo Owner | broker of Open Door Resident...
Jeff Galindo Owner | broker of Open Door Residential. Jeff is is a former homebuilding executive with nearly 20 years of professional industry experience. He has served in senior sales and marketing capacities with some of the nation’s largest and most respected new homebuilders, overseeing more than 5,000 new home sales and more than $1 billion in revenue. That’s a lot of contract and negotiations experience that he can put to work for you!
Jeff is one of the most knowledgeable individuals in the Las Vegas new home sales and marketing industry. A member of the National and Local association of Home Builders he works closely with many local builders providing sales and marketing support and consulting services. In addition to his many years in the new home industry, he also has extensive experience and knowledge with Las Vegas, resale and distressed property market – REO’s and Short Sales.
If you are looking for a seasoned, knowledgeable Real Estate Sales and Marketing Professional who will help you with all your real estate needs, all the while looking out for your best interest, look no further.
Plus, he’s the kind of guy you’ll enjoy meeting and working with. Guaranteed!
Personal Professional Achievements:
Jeff consistently sells more homes each year than the average Realtor ranking in the top 1% of Realtors nationwide.
#1 Producing Latino Real Estate Agent in the U.S. 2014 According to NAHREP – National Association of Hispanic Real Estate Professionals®
98% The percentage of his previous clients who say they would use him again (vs.52% of those surveyed nationally)
Top .01% His personal ranking among all Las Vegas agents with 745 Single Family
Top 4% His personal ranking among all Las Vegas agents selling for getting seller
Top Dollar. 9% more than avg. agent
Top 19% His personal ranking among all Las Vegas agents in getting homes sold.
100% of all listings sold. 22% More than the avg. agent
745 His personal number of credited real estate transactions since 2012. Calculated in Transaction Sides
$210,444,139 His personal amount of credited sales dollar volume since 2012
33.5 His personal average credited days on market since 2012
1997 Year he became a Real Estate License in the State of Nevada
21 Number of years in the home building and real estate industry
3/1 Number of dogs and cats in his family – Jasper, Wilson, Ollie, and the Cat, Bella
CoreLogic’s latest Equity Report revealed that 675,00
"Jeff was absolutely wonderful throughout the entire "new home" journey. Buying a house felt heavy at first since I was new to this. Jeff made the process clear and much simpler than what I anticipated. He answered ALL my questions quickly and was extremely patient. Top notch agent, can't go wrong with Mr. Galindo.