To say the least, we’ve come a long way baby!

The latest edition of CoreLogic’s Home Price Index shows that nationally, home prices have appreciated 6.7% over the last year and 0.9% month-over-month. The release of the report included this headline, “National Home Prices Now 50% Above March 2011 Bottom”

This is great news for homeowners, especially those who experienced loss in home values during the recession.  The market has stabilized significantly since 2011.

Home equity has become prominent once again as nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (significant equity is defined as over 20%), according to the latest Equity Report. If asked, would you know how much your home value has appreciated?  Surprisingly few people do know that answer.

Home appreciation varies regionally with homeowners in Denver, CO leading the way with 8.7% appreciation over the last year. Owners in Washington and Utah have experienced a 3% increase in values since the start of this year! Florida, where home values were hit hard during the recession has seen a healthy return of appreciation and equity.

Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year.

Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,

“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”

Bottom Line

Do you know what your home is worth? Have you stayed put because you are nervous you won't have enough equity to buy your dream home? At TonyDavidsHomes we have the tools you need to obtain your up-to-date home value. Visit the tool bar on the right side of our website's home page at TonyDavidsHomes.com to check the current value of your home. If you have questions about your home value, give me a call at 407-922-9011.