If you need assistance, please call 703-743-4410

If you are following the stock market? Check your home's value for good news.

Friday, September 23, 2022   /   by Laura Larson

If you are following the stock market? Check your home's value for good news.

blog 2.jpg

While keeping up with the fluctuations of the stock market may have become difficult, determining the value of your property should provide much-needed comfort during this tumultuous period. If you own a property, recent increases in housing prices have greatly increased your net worth. Your home equity played a part in the growth of your wealth. This is how it goes.

Your home's equity is its current value less any loan balance. Over the past several years, there was a big mismatch between the number of homes for sale and the number of people looking to buy, which led to a large increase in property prices. Home prices across the country are still high despite recent market cooling brought on by increased inventory and mortgage interest rates.

That’s why, according to the latest Homeowner Equity Insights from CoreLogic, the average homeowner equity has grown by $60,000 over the last 12 months.

Why is this so important at this time?
The National Association of Realtors (NAR) Chief Economist, Lawrence Yun, explains why this is important in the present: “...Overall net wealth has been impacted by the stock market collapse. The difference between the first and second quarters is $6 trillion. With homeowners' real estate wealth (home value minus mortgage balance) increasing by $1.2 trillion, only housing wealth has persisted."

Equity can assist you in achieving other objectives, such as purchasing your next house, in addition to helping you enhance your overall net worth. The equity you have built up in your present home is returned to you when you sell it, and it can be just what you need to pay for most or perhaps all of the down payment on your next home.

Bottom Line
Although the stock market is highly volatile, home equity is still going strong. Contact Laura Larson right away to see exactly how much equity you have in your present house to make an informed decision about whether to sell or buy a home.
Larson Fine Properties
Laura Larson
7294 Joffa Circle
Warrenton, VA 20187

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Larson Fine Properties participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2022 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: September 29, 2022 6 PM.
This site powered by CINC: www.cincpro.com