Huge Rise in Home Equity in 2023 - Suburban Snack 126

😍 Welcome back to another episode of Suburban Snacks, your ultimate destination for bite-sized insights on all things real estate. I'm Cristy Olof, and today we’ve got some exciting news for homeowners. Did you know that homeowners have gained an average of $28,000 in equity over the past year? Well, we're breaking it down to see how this affects you. And I'll also be giving my reactions to our new treat - Sprouts Pita Chips!
So, what’s equity? It’s the value of your home minus what you owe on your mortgage. With rising home prices, you're building equity faster than you might think.
Over the past year, more buyers than homes for sale have pushed prices up, directly increasing homeowner equity. According to CoreLogic, the average homeowner’s equity grew by $28,000 in the last year.
If you bought your house before the pandemic, it's even better. Home prices have jumped 37.5% from May 2019 to May 2024. Homeowners now have nearly $305,000 in equity on average.
You can use this equity to start a business, fund education, or afford your next home. When you sell, the equity can cover a significant part of your next down payment.
And if you're planning to move, your gained equity can help. Connect with us today and we can provide you with personalized advice to make the most of your investment.
Now it's time to review our snack - Sprouts Pita Chips! Do you enjoy Sprouts Pita Chips? Let us know in the comments.
Well, that's all for today's snack! Thanks for tuning in and don’t forget to like, subscribe, and hit that bell icon for more bite-sized real estate tips. Got questions or experiences to share? Drop a comment below. We'll see you next time!
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