Money’s in the House

May 3, 2017 by Meg Decker

If you own your home, there’s a good chance you’re in the money: New data show that home prices have risen considerably and home equity has reached its highest point in 11 years.
 

Home prices rose 1.6% in March and have increased 7.1% year-over-year. The 2017 nationwide price increase average is expected to be 4.9%.
-CoreLogic’s March Home Price Insights Report
 

Accessible equity in U.S. homes reached $4.7 trillion dollars – the highest since 2006.
-Black Knight Financial Services (BKFS), February Mortgage Monitor
 

These numbers reinforce the idea that real estate is a good investment – it’s clearly performing well. Some people may see these fast-moving rates and wonder if we’re headed for trouble, but consumers seem to be more responsible than they were in the past according to BKFS Data & Analytics Executive Vice President Ben Graboske who says, “borrowers are still tapping equity at less than a third of the rate they were back in 2005, and they’re doing so more prudently. In fact, the resulting post-cash-out loan-to-value-ratio was 65.6 percent, the lowest on record.” So while homeowners have equity and some are tapping into it, others may not realize how much money they’re sitting on.
 

If you own your home, do you know how much equity you have in your home right now? Have you made assumptions – or decisions – about what you’re doing and where you’d like to be in the next 1, 5 and 10 years without knowing where you stand today? We’re happy to get you the latest information and discuss what options you may have.

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