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Good News Just In Time For The Holidays Home Prices Equity And Excitement Are Up
The holiday season is right around the corner, and the housing market is providing homeowners with excellent news. Right now, many markets are hitting record levels of activity. From home prices to home sales, the housing market is going strong.
Home prices bottomed out in 2012, and since then, they have increased rapidly, restoring equity to many of those hit hardest by the housing crisis. On the equity front, the rising prices helped millions of underwater homeowners from negative equity. More than 548,000 homeowners regained equity in Q2 of 2016 alone. CoreLogic predicts home price to rise another 5 percent next year, which would help another 700,000 escape negative equity.
At the end of the first quarter of 2016, the percent of underwater homes was just 12.1 percent, down from a peak of 31.4 percent in 2012. As you can see from the chart below, the number of underwater homeowners has continued to fall steadily since hitting the 2012 peak, as you can see in the chart below.
So what do rising home prices and equity mean for homeowners? More options! No matter what your situation has been, chances are you’re in a much better position today. Your home is likely worth more than you think, and we’re in a seller’s market!
Additionally, supply remains below the 6-month supply that represents a balance between supply and demand. With demand increasing and the number of homes for sale not rising fast enough to meet the demand, sellers have a lot of power in today’s market. Multiple offer situations are common as buyers compete for the available inventory!
What’s more, mortgage rates remain low, helping you afford more home for your money. However, rates are slated to rise steadily—so the sooner you can lock in a new rate, the better!
I have a report that explains recent changes in the market and why it’s important to reevaluate the equity you have in your home. You can download it here: http://hosted.cdpe.com/103530.