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You are here: Home / Blog / Market Trends

Check the value of your home for some good news

September 20, 2022

Check the Value of Your Home for Good News

While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your net worth got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here’s how it works.

Equity is the current value of your home minus what you owe on the loan. Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially. And while rising inventory and mortgage rates have cooled the market some in recent months, home prices nationally remain strong.

That’s why, according to the latest Homeowner Equity Insights from CoreLogic, the average homeowner equity has grown by $60,000 over the last 12 months. While that’s the national number, if you want to know what happened, on average, over the past year in your area, look at the map below from CoreLogic:

Check the value of your home for some good news

Why This Is So Important Right Now

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), helps explain why this matters so much today:

“. . . the decline in the stock market has dented overall net wealth. It has fallen by $6 trillion from the first to the second quarter. Only housing wealth has held on, with homeowners’ real estate wealth (home value minus mortgage balance) rising by $1.2 trillion.”

While equity helps increase your overall net worth, it can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.

Bottom Line

There’s volatility in today’s stock market, but home equity is still incredibly strong. To find out just how much equity you have in your current home, let’s connect.

Filed Under: Market Trends Tagged With: Home Equity

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"We found Russ to be an excellent Realtor. He was so easy to work with, very professional and thorough. He was always prompt to respond to our calls and emails. We were a bit nervous at first, because we were out of town buyers, but Russ quickly put us at ease. He sent us many potential prospects but he was never pushy. It was so nice to work with someone so honest. We would highly recommend using Russ to anyone who was looking to buy or sell."
- L.M., Green Valley, AZ
"Russ Fortuno is a 5-Star professional who I highly recommend without reservation. He is knowledgeable, experienced, prompt, efficient, polite, fair, honest, and very personable. We interviewed four real estate agents and he was far and above the most experienced, proficient, and knowledgeable. He gave us excellent advice on how to prepare the house for the market, and directed us on having an estate sale. He sold our house in Green Valley, AZ before it even went on the market, and did an excellent job negotiating a fair price. Our entire family was thrilled with the service he provided to us. You cannot go wrong with Russ Fortuno."
- N. T., Highland Park, IL
"Russ was impressive from the first moment we met him. We were looking at a property in a complex where he just happened to be previewing a unit. We asked if he was a real estate agent and he dropped what he was doing to show us some properties in the same complex. From that moment forward he was attentive, responsive and showed us that he knew the area and was helpful in looking for the right property for us. He got us through the process with ease and even went the extra mile in the offer process to make sure we made the best effort to secure our choice. Can’t say enough about him. Russ is truly a professional in the best sense of the word. "
- M. L., Green Valley AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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