Tri-Valley homeowners: YOUR net worth got a big boost over the past few years thanks to rapidly rising home prices.
Here’s how it happened and what it means for you, even as the market moderates.
Equity is the current value of your home minus what you owe on the loan.
Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially.
And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost all the equity you gained during the pandemic frenzy.
To prove you still have equity you can use, the latest Homeowner Equity Insights from CoreLogic finds the average homeowner equity has actually grown by $34,300 over the past 12 months.
That’s right, despite the headlines, the average Tri-Valley homeowner still gained positive equity over the last year in just about every market.
While the gains aren’t as dramatic as they were in the previous quarter due to home price moderation, they’re still significant.
If you are a Tri-Valley homeowner and you have been in your home for longer than a year, chances are you have even more equity than you realize.
While that’s the national number, if you want to know what happened over the past year in your area, look at the map below from CoreLogic:
Why This Is So Important Right Now
While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home.
When you sell your current house, the equity you’ve built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.
So, if you’ve been holding off on selling because you weren’t sure what the headlines meant for your bottom line, rest assured you’ve still gained equity in recent years, and it can help fuel your move.
Bottom-line
If you’re planning to make a move, the equity you’ve gained over time can make a big impact.
To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect.
Please let me know if you have any questions. Warren
🏚️Get Warren’s Top Tri-Valley Homes under $$$ (Includes condos, Townhomes and single family) 🏠
- 🏡PLEASANTON ($1.4M)
- 🏡LIVERMORE ($800,000)
- 🏡DUBLIN ($1.2)
- 🏡SAN RAMON ($1.3)
- 🏡DANVILLE($1.4)
- 🏡ALAMO ($2M)
Hello…I work with both buyers and sellers in the Northern California area.
My real estate spans from the East Bay (Tri-Valley) to the Greater Sacramento areas.If you would like to know more about the Tri-Valley area, please read: “Everything you need to know about the Tri-Valley area”
To better understand what each city has to offer, I have created a Pros and Cons videos and articles for each Tri-Valley Area:
If you are thinking about purchasing or selling a home, please reach out to me by text, phone, or email. If it is convenient, I can schedule a Zoom chat so we can discuss your home goals. Wishing you all the best on your home journey. Cheers!
eXp Realty
(925) 980-4603
DRE # 01861944
ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED THROUGH SOURCES DEEMED RELIABLE BUT CANNOT BE GUARANTEED AS TO ITS ACCURACY. SUBJECT MATERIAL MAY HAVE ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ANY INFORMATION OF SPECIAL INTEREST SHOULD BE OBTAINED
