A recent article from a reputable news source was titled: Here’s why some homeowners still can’t sell. In the opening bullets of the article, the author claimed, “Negative homeowner equity is one of the main reasons why there are so few homes for sale.”
Here in the Northeast Georgia area
We are seeing property prices raise quickly due to this lack of available inventory, thereby creating more homeowner equity. Most homeowners don’t realize what the current value of their home is, in this current market. Many would be surprised!
A recent report from CoreLogic (which was quoted in the article) revealed that over 80% of all homes now have “significant equity,” which means the home has over 20% equity. That level of equity allows the homeowner to sell their home if they so desire. (There was no reference to significant equity in the article.)
If eight out of ten homeowners now have significant equity in their homes, it is hard to make the claim that lack of equity is “one of the main reasons why there are so few homes for sale.”
Here is a map showing the percentage of homes in each state which currently have significant equity:
Are you are one of many homeowners who is debating selling your home? Are you curious as to what your home is worth? Contact us and let us give you a free valuation on your home. Then you can decide if the time is right for you!