Reported Gaines of $56,700 in Equity over the Past Year

Reported Gaines of $56,700 in Equity over the Past Year

As home values climb, your equity does too. That’s exactly what’s happening today. There aren’t enough homes on the market to meet buyer demand, so bidding wars and multiple offers are driving prices up. That’s because people are willing to pay more to buy a home. Right now, this low supply and high demand are giving current homeowners a significant equity boost.

Equity is the difference between what you owe on your house and its market value. It's an important measure for homeowners because it helps them build long-term wealth, but everyone should care about equity too!

Dr. Frank Nothaft, Chief Economist at CoreLogic, explains it like this:

Home price growth is the principal driver of home equity creation. The CoreLogic Home Price Index reported home prices were up 17.7% for the past 12 months ending September, spurring the record gains in home equity wealth.

When you buy a house, it's not just about the lifestyle or financial stability - owning your own home offers so much more! You become part of something larger than yourself. It boosts our confidence when we know that no matter what happens in life (irs bills Due!), at least there will always be someone around who shares this special place with us.
When considering homeownership as an investment opportunity for future generations, to be sure to pass on your knowledge and understanding how important equity is.

Lamont "Ben" Orr - The Orr Team eXp Realty 720-425-3365

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