What’s Really Happening with Home Prices?

If you’re thinking about selling your house, recent headlines about home prices may have you second guessing your decision. Here’s the context those headlines are missing.

While moderating in recent months, the percent of price appreciation year-over-year is still well above more normal years in the market.

More Normal Years (Jan 2019-mid-2020): 3-4% appreciation
Latest Data: Almost 10% appreciation

What This Means if You’re Thinking of Selling Your House

In most markets, your home’s value, on average, is up almost 10% over last year – and a 10% gain is still dramatic compared to a more normal level of appreciation (3-4%). That gives you equity you can use to power a move.

“Potential home sellers gained significant amounts of equity over the pandemic, so even as affordability-constrained buyer demand spurs price declines in some markets, potential sellers are unlikely to lose all that hey have gained.”

Mark Fleming
Chief Economist, First American

Bottom Line

Don’t let the headlines get in the way of your plans to sell. Give me a call to find out how much equity you have in your current home and how you can use it to fuel your next purchase.

source: keepingcurrentmatters