The Votes Are In

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Real estate buyers made their voices heard last month and made a clear choice for…  higher-end properties!

One of the interesting dynamics of our current market is the significantly- increased activity in higher price ranges.

The combination of high equity and low-interest rates is clearly causing people to move up.  They are able to purchase the home that has the features they have always wanted whether it be size, finishes, or location.

The considerable equity growth that has occurred for homeowners over the last 7 years is allowing them to have sizable down payments on their ‘move up’ property plus today’s rates keep their monthly payments lower than expected.

Here are the numbers we researched which demonstrate this trend.

Compared to October of 2019, sales of properties priced over $750,000 last month were up:

  • 176% in Larimer County
  • 375% in Weld County
  • 96% in Metro Denver

Properties in the $550,000 to $750,000 range also saw a large jump:

  • 57% in Larimer County
  • 63% in Weld County
  • 83% in Metro Denver

This is a unique time in history for people to move up and own a home they have always dreamed about.

Posted on November 6, 2020 at 6:39 pm
Tammy Fisher | Category: Buying a Home, Loveland Real Estate, Loveland Real Estate Agent, Mortgage Rates | Tagged , ,

Equity Gain Growing in Nearly Every State

Equity Gain Growing in Nearly Every State

Rising home prices have been in the news a lot lately, and much of the focus is on whether they’re accelerating too quickly and how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact they have on a homeowner’s equity position.

Home equity is defined as the difference between a home’s fair market value and the outstanding balance of all liens on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value increases.

Today, the number of homeowners that currently have significant equity in their homes is growing. According to the Census Bureau, 38% of all homes in the country are mortgage-free.  In a home equity studyATTOM Data Solutions revealed that of the 54.5 million homes with a mortgage, 26.7% of them have at least 50% equity. That number has been increasing over the last eight years.

CoreLogic also notes:

“…the average homeowner gained approximately $5,300 in equity during the past year.”

The map below shows a breakdown of the increasing equity gain across the country, painting a clear picture that home equity is growing in nearly every state.Equity Gain Growing in Nearly Every State | Keeping Current MattersBottom Line

This may be the year to take advantage of your home equity by applying it forward, either as you downsize or as you move up to a new home.

https://www.keepingcurrentmatters.com/2020/03/10/equity-gain-growing-in-nearly-every-state/

Posted on March 30, 2020 at 7:00 am
Tammy Fisher | Category: Building Equity, Homeownership, Housing Market, Real Estate Market | Tagged , , , , ,