If you need assistance, please call 321-613-5922

How Much Equity Was Gained Over the Past Year?

Tuesday, January 11, 2022   /   by Flr Team

How Much Equity Was Gained Over the Past Year?

When you think of homeownership, the first thing that comes to mind might be the security or stability a home provides. But what about equity? A homeowner’s equity helps build long-term wealth over time. Here’s a look at what equity is and why it matters:


For a homeowner, your equity is the current value of your home minus what you owe on the loan. So, as home values rise, your equity does too, and that’s exactly what is happening today. There currently aren’t enough homes on the market for the number of buyers, so bidding wars and multiple offers are driving prices up. People are willing to pay more to buy a home, and this low supply and high demand are giving current homeowners a significant equity boost.


How much have the rising home prices impacted equity? According to a report from CoreLogic, the national average of homeowner’s equity has grown by $56,700 over the last 12 months. The state of Florida alone has grown even more at an average of $64,000!


How does this impact you? If you’re already a homeowner, equity not only builds your wealth, it also opens doors for you to achieve your goals. When you sell your home, the equity you built up comes back to you in the sale. You can use those proceeds to help with your next move.


If you’re thinking about becoming a homeowner, understanding the importance of equity can help you realize why homeownership is a worthwhile goal. It builds your wealth and gives you peace of mind that your investment is a wise one, not just for your lifestyle, but also financially too.


Whether you’re a current homeowner or you’re ready to become one, and this has inspired you to make a move, our team at Florida Lifestyle Realty can help you explore your options and find out what steps you need to take next.


Florida Lifestyle Realty

(321)613-5922

 
Florida Lifestyle Realty LLC
Jackie Griffin
6500 N. Atlantic Ave. Suite C
Cape Canaveral, FL 32920
321-613-5922

The information displayed on this website comes in part from the Broker Reciprocity Program of Brevard County, Florida. Real estate listings held by brokerage firms other than Florida Lifestyle Realty LLC in Florida are marked with the Broker Reciprocity thumbnail. Copyright 2014 Space Coast Association of REALTORS®, Inc. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.com. August 10, 2022
Copyright 8/10/2022 12:59 PM CST New Smyrna Beach Board of REALTORS®, Inc. All rights reserved”. NSBBORMLS data is provided solely for publication on the Internet as a tool for consumers to search and view properties available for sale, which have been listed with NSBBORMLS members. “IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties to consumers that may be interested in purchasing. Data is deemed reliable but not guaranteed accurate by the MLS”
This site powered by CINC: www.cincpro.com