You may have seen coverage lately on fluctuating home prices. When home pricing fluctuates, so does your home equity. But a drop in equity does not mean low equity.
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty.
When it comes to home equity, which is the difference between what you owe on a mortgage and the value of your home, equity is tied closely to home values.
So when home prices appreciate you can expect your equity to grow. On the other hand, when home prices decline your equity does too. In the last couple of years, the housing market experienced the Unicorn Years giving homeowners a considerable equity boost. But at some point, the market has to correct itself and moderate to a more normal level and that is what we are seeing today. And although your equity may not be the same as it was in the “unicorn years” of 2020 – 2021, most sellers are still in a good position with home values remaining steady and not rapidly declining. In fact, recent home price reports show the worst home price declines are behind us and prices have started to rise again.
According to the experts, the average homeowner now has more than $274,000 in equity. Data is showing that although homeowner equity has dipped some from the Unicorn Years, it is still near an all-time high since 2020. If you would like to know more about your home value and equity in your home, feel free to reach out to me so I can get you accurate information on your home value and the equity you may have.
And ask me about my home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them include my super duper digital marketing that absolutely no one else does in our area. I’m Tanja and I sell homes. I offer simplified and transparent choices!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?
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