Why It Pays To Be a Homeowner
It pays to own a home – quite literally! The first half of 2018 was the most ferocious market we have seen since 2000. Competition between buyers, buyer demand, and overbidding created a huge jump in median sale prices. However, these huge equity gains could slow down especially with more homes expected to go on the market this fall. With buyers having more options, prices are less likely to skyrocket by bidding wars. Nationally homeowners saw increases in their equity by nearly $16,200 (about 12.3%) – from the past year alone.
Stats from smartasset.com broke down the findings a bit further.
- California homes have appreciated the most – Six cities in California reached the top ten
- Not all homes are increasing in value – Studies found in 11 cities across the country, home prices are depreciating. The bottom three are Baton Rouge Louisiana, Norfolk Virginia, and Miami Florida.
Therefore, the good news here is for existing homeowners. The additional wealth can be collateral for making home improvements. Unfortunately, it is not great news for those in the market looking to buy.
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