If you own a home in Knoxville, Tennessee, your net worth likely just got a big boost thanks to rising home equity throughout the country. 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:
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“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 equity wealth for owners. . . .”
Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $64,000 over the last 12 months.
While that’s the nationwide number, if you want to know what’s happening in your area, look at the map below. It breaks down the average year-over-year equity growth for each state using the data from CoreLogic.
The Opportunity Your Rising Home Equity Provides
In addition to building your overall net worth, equity 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. In a market where homeowners are gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your next home.
So, if you’ve been holding off on selling your home in Knoxville, Tennessee or you’re worried about being priced out of your next home because of East Tennessee’s current ongoing home price appreciation, rest assured your equity can help fuel your move.
Bottom Line
If you’re planning to make a move, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current Knoxville, Tennessee home and how you can use it to fuel your next purchase whether that be in Loudon County, Sevier County, Knox County, or any county surrounding the Knoxville area, reach out to the Hometown Experts for a professional equity assessment report on your house. Ryan Coleman & The Hometown Realty team are happy to help with any real estate needs you are looking for! We can help you through the buying process & the selling process! We have helped thousands of East Tennessee homeowners and we look forward to helping more!
Real Estate With Ryan
🎙 Join Ryan Coleman Broker/Owner of Hometown Realty and host of REWR every Saturday @ 11am on Talk Radio 92.3 / AM 760 WETR and at 1pm on News Talk 98.7 🎙
In this week’s episode of Real Estate With Ryan, Ryan Coleman talks about the importance of why you need a Hometown Expert to determine the price of your home. With the Knoxville market rapidly changing & interest rates going up it is important to get the right price for your home in Knoxville, Tennessee. If you price your Knoxville home too low you could be leaving thousands of dollars on the table. If you price your home too high you could be on the market for a longer time than you would like. If you are looking to sell in the East Tennessee area, give Ryan Coleman & your Hometown Experts a call!
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