Last Friday was April Fool’s Day: did anybody play any practical jokes on you?
Here are some “jokes” that we’ve heard in the real estate industry:
1. The market is going to crash! Don’t buy now!
2. These low mortgage rates are just going to keep going down, wait it out!
3. Selling your home yourself is easy, just do For Sale By Owner (FSBO)!
We do not have a crystal ball. However, we can share information from economists and reports. Ultimately nobody knows with one hundred percent certainty what will happen. Trying to time the real estate market to buy at the precise best time is nearly impossible.
Selling your home without a Real Estate Agent is a difficult endeavor because there are so many nuanced aspects that go into the transfer of real property: insuring title, escrow, required disclosures, and communicating with the Buyer in an objective way. As REALTORs, our role is to guide you through the sale of your property and advocate on your behalf.
Speaking of selling, if you are considering listing your home this spring or summer, then you would reap the benefits of your increase in home equity.
GAINS IN HOME EQUITY FROM 2020 TO 2021
Corelogic did an analysis called “Homeowner Equity Insights” and reports that the average homeowner gained $55,000 in home equity between Quarter 4 2020 and Quarter 4 2021.*
“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,” said Dr. Frank Nothaft, chief economist for CoreLogic. “For low- and moderate-income homeowners, home equity has historically been a major source of wealth.”*
What does this home equity do? It is a part of wealth building for the homeowners, something that can change generational trends. Hawaii, California, and Washington led the country in the biggest equity gains by dollar value**.
When did you buy your first house? What real estate lessons did your parents or friends encourage you with about buying property?