If you’re one of the current Roseville area homeowners, you should know your net worth just got a big boost. It comes in the form of rising home equity. Home Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you.
Here’s how it happened. Home values are on the rise, including in Roseville, Placer County, and Sacramento County, thanks to low housing supply and high buyer demand. Basically, there aren’t enough homes available to meet this high buyer interest, so bidding wars are driving home prices up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your home equity does too. As Dr. Frank Nothaft, Chief Economist at CoreLogic, explains:
“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth.”
The latest Homeowner Equity Insights from CoreLogic shed light on just how much rising home values have boosted homeowner equity. According to that report, the average homeowner’s equity has grown by $55,300 over the last 12 months.
Want to know what’s happening in our area and how it impacts many of our Roseville area homeowners? Here’s a breakdown of the average year-over-year equity growth for each state based on that data. And notice – California is one that has the highest average home equity gain – which is GREAT news for Sacramento and Roseville area homeowners! Granted that has made it harder for my local buyers but GREAT for my local sellers as well as my clients who are happily living in their great equity!
How Rising Home Equity Impacts You and Other Roseville Area Homeowners
In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. It works like this: when you sell your house, the equity you built up comes back to you in the sale.
In a market where you’re gaining so much equity, 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 and worried about being priced out of your next home because of today’s home price appreciation, rest assured your equity can help fuel your move.
Home equity can be a real game-changer if you’re planning to make a move. To find out just how much equity you have in your Roseville area home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your house. Call or text me at 916-768-0127 or email me at KayeSwainRE@gmail.com
P.S. Want to see what houses are going for right now, throughout our area? Here are the most recent listings:
Most recent homes for sale in Roseville CA
Most recent homes for sale in Lincoln and Rocklin
Antelope, Citrus Heights, Carmichael, and Fair Oaks –