Studies have shown that, in many cases, the largest asset a family owns is the house they live in. Over the last twelve months, that asset has gained substantial value.
CoreLogic just released their 2019 3rd Quarter Homeowner Equity Insights Report. The report revealed that:
The equity in a property is determined by comparing the current value of the property against the outstanding mortgage debt. As prices rise, the equity in a home increases.
Here’s a map showing the average equity gain by state:
If you’re curious about your home’s equity, let’s get together to do a market analysis on the current value of your house. You may be pleasantly surprised.