25% of Homes with a Mortgage are Now Equity Rich!
Rising home prices have been in the news a lot lately and much of the focus has been on whether home prices are accelerating too quickly, as well as how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact that they have on a homeowner’s equity position.
Home equity is defined as the difference between the home’s fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value of their homes go up!
According to the latest Equity Report from ATTOM Data Solutions, “13.9 million U.S. properties in Q2 2018 were equity rich — where the combined estimated balance of loans secured by the property was 50 percent or less of the property’s estimated market value — representing 24.9% of all U.S. properties with a mortgage.”
This means that nearly a quarter of Americans who have a mortgage would be able to sell their homes and have a significant down payment toward their next home. Many who sell could also use their new-found equity to pay off high-interest credit cards or help children with tuition costs.
The map below shows the percentage of properties with a mortgage in each state that were equity rich in Q2 2018.
If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!
Blog Archive2019-05-23 13:44:08
Incredible Riverfront Property Open House
Catching up with The Cindy Bates Group at Keller Williams Realty East Idaho
Are Older Idaho Falls Generations Really Not Selling Their Homes?
4 Tips for Making a Competitive Offer
Earth Day Celebration Idaho Falls
Selling Your Idaho Falls House: Here's Why You Need A Pro In Your Corner!
Emily Pickett- Administrative Assistant for The Cindy Bates Group
Homeowners: Now Is A Good Time To Sell Your House in Idaho Falls
3 Questions You Need To Ask Before Buying A Home in Idaho Falls
Your Idaho Falls Home Spring Maintenance Checklist
Home Buyer Demand Will Be Strong for Years to Come in Idaho Falls
What to Consider When Retiring in Idaho Falls
Shalan Hyde- Listing Agent with The Cindy Bates Group Idaho Falls
Burning Season In Idaho Falls!
Looking to Upgrade Your Current Idaho Falls Home? Now’s the Time to Move-Up!
Moving Things Along in Idaho Falls!
Idaho Falls among top 25 Best Small Cities for Business in America
We have Many Hands Working for You in Idaho Falls!
Is April is the Best Month to List A Home in Idaho Falls?
Amazing Service Opportunity In Idaho Falls
Your Tax Refund Is The Key To Idaho Falls Homeownership!
20 Tips for Preparing Your Idaho Falls House for Sale This Spring [INFOGRAPHIC]
Is Your Idaho Falls House Priced To Sell Immediately (PTSI)?
The Cost of Renting vs. Buying in Idaho Falls
Idaho Falls, Don’t Let Your Luck Run Out! Buy A Home This Spring [INFOGRAPHIC]
Click here to see ALL articles.