Page 14 - Things to Consider When Selling Your House - Fall 2018 - Tim Dulany

The 'Great News' About Rising Prices

Recently there has been a lot of talk about home prices and if they are accelerating too
quickly. In some areas of the country, the supply of homes for sale cannot keep up with the
number of buyers out looking for homes to buy which has caused prices to rise.

The great news about rising prices, however, is that according to CoreLogic’s latest US
Economic Outlook, the average American household gained over $16,300 in equity over the
course of the last year, largely due to home value increases.

The map below was created using the same report from CoreLogic and shows the average

equity gain per mortgaged home over the first quarter of 2018 (the latest data available).

$44K
WA
$20K $12K VT ME
MT ND
$16K $14K NH ($10K)
OR $25K MN $10K $9K MA ($24K)
SD WI NY
ID $3K $11K RI ($19K)
WY MI
$5K $6K CT ($4K)
$31K $7K IA $10K PA
NE $8K NJ ($14K)
NV $6K OH
$28K IN
$22K IL WV $6K DE ($9K)
$51K UT $13K
CO $10K $8K VA MD ($9K)
CA KS MO KY
$9K DC ($3K)
NC
$2K $12K TN
$15K
$8K OK $5K $9K
AZ SC
NM AR Insufficient Data
$5K $12K
$2K MS AL GA ≤ $3K
AK $9K $3K $4K to $7K
LA $8K to $14K
TX
≥ $15K
$13K
FL
$33K UNITED STATES
HI
$16,300
For those who are worried that we are doomed to repeat 2006 all over again, it is important
to note that homeowners are investing their newfound equity in their homes and
themselves, not in depreciating assets.

The added equity is helping families put their children through college, invest in starting
small businesses, pay off their mortgages sooner, or move up to the homes that will better
suit their needs now.

Bottom Line

CoreLogic predicts that home prices will appreciate by another 5.1% by this time next year. If
you are a homeowner looking to take advantage of your home equity by moving up to your
dream home, let's discuss your options!

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