A recent article from a reputable news source was titled: Here’s why some homeowners still can’t sell. In the opening bullets of the article, the author claimed, “negative equity is one of the main reasons why there are so few homes for sale.” The article then goes on to soften that stance but we want to bring better clarity to the “equity” situation.
The latest Equity Report from CoreLogic (which was quoted in the article) revealed that over 80% of all homes now have significant equity, which means the home has over 20% equity. That level of equity allows the homeowner to sell their home if they so desire.
Here’s the TRUTH
If eight out of ten homeowners now have significant equity in their homes, it is hard to make the claim that “negative equity is one of the main reasons why there are so few homes for sale.”
Here is a map showing the percentage of homes in each state which currently have significant equity:
If you are one of many homeowners who is debating selling your home and are wondering how much equity you have accumulated, connect with a Guarantee Realtor® to find out why NOW is the time to sell.
Source: CNBC, CoreLogic