The Average Homeowner Gained $64K in Equity over the Past Year

If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.

Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:

“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home…

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Why Achieving The Dream of Homeownership Can be More Difficult for Some Americans

Today we take time to honor and recognize the past and present experiences of Black Americans. When it comes to real estate specifically, equitable access to housing has come a long way, but the path to homeownership is still steeper for households of color.

The Gap in Homeownership Rate in America

It’s a more challenging journey to achieve homeownership for some buyers, as shown by the measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Census data shows the lowest homeownership rate persists in the Black community (see graph below):

This graph clearly indicates there’s a gap that still exists in the percentage of people in each community who are able to achieve homeownership. 

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OPEN HOUSE-1734 Santee Trl-Brookings

1734 Santee Trl, Brookings, SD

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$ Click for current price
4 BEDROOMS | 1 full, 1 ¾ baths BATHROOMS | 1992 SqFt

Make sure you check out this split foyer home that features 3 bedrooms, 2 bathrooms plus a 4 season room. This home is in a great location and right out your back door is the Indian Hills common area which has a playground, walking and bike paths. Most interior doors are 6 panel. There are French doors to the 4 season room and and door to the steps to go to the backyard. All appliances are included.…

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Home Price Deceleration Doesn't Mean Home Price Depreciation

Experts in the real estate industry use a number of terms when they talk about what’s happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what’s happening with home prices and where experts say they’re going, here’s a look at a few terms you may hear:

• Appreciation is when home prices increase.
• Depreciation is when home prices decrease.
• Deceleration is when home prices continue to appreciate, but at a slower pace.

Where Home Prices Have Been in Recent Years

For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might be surprised to learn that home prices have…

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A MAJORITY OF CONSUMERS SAY IT’S A GOOD TIME TO SELL YOUR HOUSE

If you’re a homeowner thinking about selling your house, you’re probably looking for the best time to make your move. That means you’re likely balancing a number of factors, like your changing needs, where you’ll go when you sell, and today’s mortgage rates in order to time it just right.

According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a good time to sell.

The graph below shows the percentage of survey respondents who say it’s a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis…

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New Listing-Open House in Brookings-703 Elm Ave

OPEN HOUSE, July 14, Thursday 5:00 PM - 6:30 PM 703 Elm Ave, Brookings, SD Get Directions Click Here Description Features Photos Maps & Local Schools Virtual Tour Walk Score $ Click for current price 2 BEDROOMS 2 BATHROOMS (1 full, 1 ¾ bath) 1417 Square Feet Enjoy all the conveniences on ONE LEVEL! This 2 bedroom, 2 bathroom Townhome has all you need for carefree living with no worries for snow removal, lawn care and exterior building maintenance. All appliances are included! The master bedroom has 2 walk-in closets along with double sinks and 3/4…

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Turnkey Building for a Restaurant!!

411 3rd Ave S, Clear Lake, SD

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Brookings Home Team

Broker Associate
Century 21 Krogman & Co.
605-691-3023
Licensed In: South Dakota
License #: 14427

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$ Click for current price
2 half bath BATHROOMS | 1750 SqFt

Completely renovated and ready for you to make this your next restaurant or business adventure! The New roof is a start, but when you walk inside to 1500 sq ft, you will see a huge dining area with service counter and a kitchen…

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Is the Housing Market Correcting?

If you're following the news, all of the headlines about conditions in the current housing market may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Here’s what you need to know.

The housing market is moderating compared to the last two years, but what everyone needs to remember is that the past two years were record-breaking in nearly every way. Record-low mortgage rates and millennials reaching peak homebuying years led to an influx of buyer demand. At the same time, there weren’t enough homes available to purchase thanks to many years of underbuilding and sellers who held off on listing their homes due to the health crisis.

This combination led to record-high demand and record-low…

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More Americans Choose Real Estate as the Best Investment Than Ever Before

Americans’ opinion on the value of real estate as an investment is climbing. That’s according to an annual survey from Gallup. Not only is real estate viewed as the best investment for the ninth year in a row, but more Americans selected it than ever before.

The graph below shows the results of the survey since Gallup began asking the question in 2011. As the trend lines indicate, real estate has been gaining ground as the clear favorite for almost a decade now:

If you’re thinking about purchasing a home, let this poll reassure you. Even when inflation is high like today, Americans recognize owning a home is a powerful financial decision.

How an Investment in Real Estate Can Benefit You During High Inflation

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The Top Reasons To Own Your Home

Some Highlights

• June is National Homeownership Month, and it’s a great time to consider the benefits of owning your own home.
• If you’re considering homeownership, know that it can give you privacy, comfort, and a place to express yourself. It can also provide financial stability and help you grow your net worth.
• Are you ready to experience all the great benefits that come from purchasing a home? Let’s connect to begin the process today.

THINKING OF SELLING AND/OR MOVING TO BROOKINGS, VOLGA, OR ANY SURROUNDING AREAS? GOT QUESTIONS? I’M HERE TO HELP! VISIT BROOKINGSHOMETEAM.COM FOR MORE DETAILS!

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