|Prices expected to rise another 5% in 2017, raising Arrowhead Values|
Bottom Line CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner looking to take advantage of your home equity by cashing out or moving to a new opportunity, let’s get together to discuss your options! Bob and Patsy have been in the top 5% of all sales agents for 28 years.
The Great News About Rising Prices for Homeowners
Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.
The great news about rising prices, however, is that according to CoreLogic’s US Economic Outlook, the average American household gained over $11,000 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 from June 2015 to June 2016 (the latest data available).
CALIFORNIA AVERAGE EQUITY GAIN IS $29,000 PER HOMEOWNER
Coldwell Banker Sky Ridge Realty, Lake Arrowhead CA, 92352-1089 Since 1982.