Why the Average Homeowner Has $319K in Equity

​ If you already own a home, have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize. What Is Home Equity? Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership. Right now, homeowners across the country are seeing near-record amounts of equity. According to the Intercontinental Exchange (ICE), the average homeowner with a mortgage has $319,000 in home equity. Why Have Homeowners Gained So Much Equity? The rise in equity can be credited to two key factors: 1. Significant Home Price Growth Home prices have climbed dramatically in recent years. In fact, according to the Federal Housing Finance Agency (FHFA), over the past five years, home prices nationwide have risen by 57.1% (see map below): This appreciation means your house is likely worth much more now than when you first bought it. 2. Longer Tenure in Homes Data from the National Association of Realtors (NAR) also shows people are staying in their homes longer than they used to, with the average tenure now being close to 10 years (see graph below): This increase means homeowners are benefiting even more from home values growing over time as they’re paying down their mortgages. That’s because the longer someone lives in their home, the more that home value grows, which directly increases equity. And if you’re […]

Is It a Good Time to Buy a Home?

​ Are you wondering what’s going on with home prices? Mortgage rates? Or asking yourself if it’s even a good time to buy a home? It’s a big decision — and you don’t have to do it alone. That’s where your trusted local REMAX® agent comes in.  

5 Spring Home Maintenance Tasks You Don’t Want to Forget

​ Spring is a season of renewal, and as a homeowner, it’s easy to get swept up in the day-to-day of life. But maintaining your home is an important part of protecting the long-term value of your investment. So, whether you own a home already or you’re planning to become a homeowner this year, here are five essential spring home maintenance tasks you don’t want to overlook. Save this as your helpful resource to come back to year after year. 1. Clean Your Gutters Winter weather can leave behind debris, like leaves and twigs, clogging your gutters. If water can’t flow freely, it can lead to roof leaks or foundation damage. Hiring a professional to take on the height of this job is probably best, but if you’re an ace on a sturdy ladder, this may be your thing. Either way, keeping them clean and clear is a must. 2. Wash Your Windows and Screens Spring is the perfect time to let the sunlight in — but dirty windows can dull the view. Remove and wash your window screens, then use a window cleaner or a vinegar-water mix to make your glass sparkle. It’s a simple job that can instantly brighten your home while also keeping dirt and build-up from settling in permanently. 3. Service Your HVAC System Spring also means it’s time to schedule a tune-up for your heating, ventilation and air conditioning system. A professional can clean and inspect your system, ensuring it’s ready to keep you cool during the summer months while also fixing any damage that may have occurred over the winter. When the summer weather heats up, you don’t want to be calling for an emergency issue that could have been prevented with regular maintenance. 4. Rake and Clear Debris from Your Yard After a […]

Preapproval Is the Homebuying Step You Can’t Afford to Skip

​ There’s one essential step in the homebuying process you may not know a whole lot about, and that’s preapproval. Here’s a rundown on what it is and why it’s so important to take care of before you start looking at homes with your REMAX® agent. What Is Preapproval?  Preapproval is like getting the green light from a lender. It gives you a sense of how much they’re willing to let you borrow for your home loan. To determine that number, a lender starts by looking at your financial history. Here are some of the documents they may ask you for during this process: W-2s and tax returnsPay stubs and bank statementsInvestment account statements (if applicable)History of where you’ve lived The result? They’ll assess your financial situation, and you’ll get a preapproval letter showing what you can borrow. Keep in mind, any changes to your finances can affect your preapproval status. So, after you receive your letter, avoid switching jobs, applying for new credit cards or other loans, co-signing for loans or taking money from your savings. How It Helps You Determine Your Borrowing Power This year, home prices are expected to rise moderately in most markets, and mortgage rates are stabilizing, but still volatile. And since affordability continues to be tight, it’s a good idea to talk to a lender about your home loan options and how today’s changing mortgage rates will impact your monthly payment. The preapproval process is the perfect time for that discussion. Since it determines the maximum amount you can borrow, preapproval also helps you figure out your budget. And keep in mind, you may get approved for more than you feel comfortable borrowing, so use this time to decide what you can afford in your monthly mortgage payment as you factor in taxes, insurance […]

What You Need To Know About Pre-Approval

​ Some Highlights Before you even start looking at homes, there’s something you should do first – and that’s get pre-approved for your mortgage.Pre-approval is when a lender checks your finances and decides how much you’re qualified to borrow for your home loan. This helps you determine your budget and makes your offer stand out for sellers.​Connect with a trusted lender to get the process started.