A recent report from Corelogic highlighted the impressive equity gains for Utah homeowners in recent times.
The report looked at average equity gain per homeowner between June last year and June this year, with an average improvement of $19K.
To put this in a wider perspective, the national average for the nation in that period was $11,152. Along with most Western states, Utah is well ahead of most of the the country.
The report also pointed out that there has been an amazing turnaround in home equity over the past few years, since the dark days of recession.
Measuring home values against mortgage debt, total home equity across the nation stood at $6.1 trillion in June of 2011. By June this year, it had risen to $12.7 trillion.
These are incredibly significant statistics and speak volumes for the current health of the homes market.
When you're seeing equity rising at these sorts of levels, you have every reason to be more confident and, of course, you are able to consider more options for your future.
Equity can be put to work in a huge variety of ways, and it promotes home sales both up and down the housing chain, as some people will take the decision to downsize and pocket some or all of their equity.
I think one of the key points arising out of these figures is to recommend that you seek a valuation of your home if you have not done so for a few years. You could clearly be in for a very nice surprise.
Why not start by using our instant home valuation link or, better still, contact us today for a more detailed assessment of what your property is worth, taking all the variables into account.
