24 May HOMEOWNERS SEE EQUITY SURGE
When the pandemic began, the real estate market took a turbulent but brief turn.
Today, market performance is exceeding expectations with favorable trends of low interest rates, high buyer demand and rising home values.
In the second quarter, homeowner equity surged by 6.6%, riding a 4.3% increase in home values, according to CoreLogic.
American homeowners with mortgages enjoyed, on average, a gain of nearly $10,000 in home equity. Added all up, the nation’s equity equaled about $620 billion.
Individuals who are on the other side of the fence are doing better than before. Negative equity is also down by 15% year over year. These borrowers may soon remove themselves from the negative category as the market continues to expand.
Home-purchase activity and borrowers’ access to low interest rates fueled the market’s recovery.
If you have been thinking about buying a home, now may be the time to explore the possibilities.
Low interest rates and flexible financing programs make the difference in today’s growing market.
Even if borrowers believe they have work ahead of them to become stronger candidates for a loan, they may be able to take advantage of the FHA loan. This financing program features lenient borrowing requirements and is insured by the federal government.
Veterans can buy a home without a down payment through the VA loan program.
Depending on your qualifications and goals, there’s a loan program for you.
Please let us know if we can help you dive into today’s market. Our real estate professionals will provide the tools and guidance to successfully navigate the home-buying process.