You may have enough equity in your current home to move up.According to the Q3 2019 U.S. Home Equity & Underwater Reportby ATTOM Data Solutions,
“14.4 million residential properties in the United States were considered equity rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value.”This means that one in four of the 54 million mortgaged homes in the U.S. have at least 50% equity. If these homeowners decide to sell, they can use their equity to put toward the purchase of a new home. Maybe you’ll be one of them.
NAR recently released their 2019 Profile of Home Buyers and Sellersshowing that,
“This year, home sellers cited that they sold their homes for a median of $60,000 more than they purchased it, up from $55,500 the year prior. This accounted for a 31 percent price gain, up from 29 percent the year before.”Here’s the equity gain breakdown based on the number of years these sellers lived in their homes