Have Sellers Finally Gained Enough Equity to Upsize or Downsize?

Every adult in America distinctly remembers the recession of 2008 that led to a weak economy and housing crisis. Home prices plummeted between 2006 and 2012, and in 2008 the Case-Shiller home price index reported its single largest price drop on record. Despite the government’s $900 billion in special funding to the housing market, more and more homeowners found themselves living in homes suddenly worth less than what they owed.

This prospect of being “upside down” in a mortgage loan and devoid of equity sent many homeowners into foreclosure. Others had no choice but to continue making monthly payments in the hopes that their home values would recover in the future. According to real estate experts, homeowners looking to sell have finally found relief. Attom Data Solutions recently released a report that homeowners who sold in the first three months of 2017 achieved the highest average gains seen since 2007.

The senior vice president at Attom Data Solutions, Daren Blomquist, put it simply: “If you are considering moving this spring, it could be a really good time to sell.” This is especially true if you  live in a location with a robust local economy, an expensive housing market, or a limited number of homes for sale. Not only are home prices rising, but homes are selling twice as fast as they were during this time in 2011, sitting on the market for an average 45 days instead of 84.

While these national trends are promising, not every homeowner in America has recovered pre-recession equity. In Las Vegas, for example, home prices still sit 26 percent lower than they did before the recession, and Miami and Baltimore aren’t far behind. Nonetheless, it is still promising that sources like CNN Money are now declaring, “It’s good to be a home seller right now … really good.” Over time, more and more homeowners will be able to benefit from regaining enough equity in their properties to finally upsize or downsize into new homes.

If you’re eager to take advantage of your own home equity to put your house on the market, let Benefit Title Services, LLC lead the way. The experts at Benefit Title have decades of experience managing every component of the closing process and ensuring the resolution of any potential title problems. Call them at (813) 251-1420 to get started.