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.
A recentreportfromCoreLogic(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. (There was no reference to significant equity in the article.)
If eight out of ten homeowners now have significant equity in their homes, it is hard to make the claim that lack of 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, let’s get together to determine if now is the time to list.
The KC Metro Team gives Kansas City area home buyers and sellers the highest quality services. As buyers agents we specialize in first time home buyers, active duty and veterans looking to use their VA home loan benefits and people looking for a good deal on foreclosures.
Our listing services set us apart from the competition by using professional photography for every house we list and both traditional and aggressive online marketing techniques.
The KC Metro Team's goal is to provide great service and become the real estate professionals you would recommend to your friends and family. Our excellent customer service team looks forward to serving you.
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"Paul was awesome! He worked with our schedule and even was able to show us houses on short notice. He thourougly explained the home buying process to us (first time home buyers) and helped us feel comfortable with our transaction. We had trouble with the closing process but Paul always kept us in the loop and informed about what was going on. I highly recommend using Paul as your agent if you're buying/selling a house. If we ever move we will be using Paul as our agent."