Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
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EQUITY GAINS FOR YOUR HOME- KNOW THE FACTS…
Home Equity Growth Review for New Jersey
Today’s homeowners are sitting on significant equity, even as home price appreciation has eased recently. If you are a homeowner, your net worth got a boost over the past few years thanks to rising home prices. Here is what it means for you, even as the market moderates.
How Equity Has Grown in Recent Years
Because of the imbalance between how many homes were for sale and the number of homebuyers in the market over the past few years, home prices appreciated substantially.
And while price appreciation has slowed a bit this year, (in some areas such as Summit and Basking Ridge it has soared), that does not mean you have lost all the equity in your home. In fact, the latest Homeowner Equity Insights report from CoreLogic finds the average homeowner’s equity has grown by $34,300 over the past year alone. Of course, this is the national statistic. What does New Jersey tell you?
While that is the national number, if you want to know what happened in New Jersey, information from the Federal Housing Finance Agency (FHFA) tells us on average how much home prices have risen over the past five years, which has been a major driver behind equity growth.
Over a 5-year period, (ending fourth quarter 2022), New Jersey homes changed 52.4% with the national average being 58.4%.
Why This Is So Important Right Now
While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.
So, if you have been holding off on selling, it may be time to find out how much equity you have and how it can help fuel your next move.
Homeownership is a long game, and if you are planning to make a move, the equity you have gained over time can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, call me. I have the facts and experience to give you the information you need to make an informed decision.
Adding value for my clients and loving where we live!
Judy@JudithSutton.com
COLDWELL BANKER...GUIDING PEOPLE HOME SINCE 1906
908 803-0472
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