Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their homes. Recently, the 2018 Houzz & Home Study revealed:
“Homeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017.”
The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogic’s Home Equity Report.
Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed, homeowners revealed the top four reasons why they felt their homes had increased in value.
- Desirable Location
- Improved National Economy
- Improved Local Economy
- Low Home Inventory in My Area
As we can see, not only does the data show that the homes have appreciated, but homeowners also believe they know why. Many have taken advantage of the opportunity to use their newly found equity to sell their current house and move up to their dream home!
2019 will be a good year for the homeowners that still want to take advantage of their home equity! CoreLogic forecasts that home prices will increase by 4.8% by the end of the year.
The biggest mistake we see when someone decides they want to try to sell their house by themselves (For Sale By Owner) is that they misprice the house – it’s always one of two extremes, incredibly lower than market value or substantially higher than market value. Mispricing in either of these ways is detrimental to your final net number. As a real estate professional, I have access to data and experience in pricing homes that is beyond a price per square foot calculation – I know where a shortage of inventory or a premium view translates to more money to the homeowner.
Bottom LineIf you are a homeowner, let me help you get the most money for your house by utilizing my professionalism and experience of selling hundreds of homes to make sure your net number reflects the true value of all of the features of your home!