Home equity levels have been steadily returning since the recession years, however, the latest findings from ATTOM Data Solutions show that while equity is still on the positive side, the most recent gains are not quite as strong. Here are the latest stats:
- 9.3 percent of all U.S. properties with a mortgage were seriously underwater at the end of 2017, down from 9.6 percent a year ago. However, this was the smallest year-over-year decrease in share of seriously underwater properties since ATTOM began tracking this data at the beginning of 2012.
- 25.4 percent of all U.S. properties with a mortgage were equity rich at the end of 2017, up from 24.6 percent a year ago. This was the smallest year-over-year increase in share of equity rich properties since the third quarter of 2015.
- The share of homeowners with at least 20 percent equity dropped 1.1 percentage points from a year ago, while the share of homeowners with between 10 percent equity and 10 percent negative equity increased 1.1 percentage points from a year ago. According to ATTOM, this indicates that homeowners are increasingly leveraging their equity to sell and move up into another home or by refinancing.
If you’re considering leveraging the equity in your home to move-up, talk to a real estate agent about:
– What repairs/modifications should be done to your home to gain the maximum sales price
– The best plan for marketing your home, including listing portals, social media and open houses
– The best time to put your home on the market
– A realistic price range you should consider moving up to and the best locations within that price range