In some areas of the country, the supply of homes for sale has been unable to keep up with buyer demand, causing prices to rise. Many have expressed concern over whether or not home prices are accelerating too quickly. However, the good news about rising prices is that they caused the average American home gain over $11,000 in equity over the last year according to CoreLogic's latest US Economic Outlook. The map below was created form this report and shows the average equity gain per mortgaged home from June of 2015 to June of 2016.
For those who are worried that the increasing prices are reminiscent of 2006, it is important to note that homeowners are investing their newfound equity in their homes and in themselves rather than depreciating assets. This is helping families put their children through college, invest in small businesses, pay of their mortgage sooner, or move to a new home that better suits their needs. CoreLogic predicts that by this time next year, home equity will have increased by another 5%. If you are a homeowner who is interested in taking advantage of their home equity by upgrading to your dream home in Greenwood, let's get together to discuss your options. For more information, contact us at (864)341-7774 or email us at lakegreenwoodproperty@gmail.com.
