Rising Beacon Hill condo prices have been in the news a lot lately and much of the focus has been on whether home prices are accelerating too quickly, as well as how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact that they have on a homeowner’s equity position.
Home equity is defined as the difference between the home’s fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value of their homes go up!
According to the latest Equity Report from ATTOM Data Solutions, “13.9 million U.S. properties in Q2 2019 were equity rich — where the combined estimated balance of loans secured by the property was 50 percent or less of the property’s estimated market value — representing 24.9% of all U.S. properties with a mortgage.”
This means that nearly a quarter of Americans who have a mortgage would be able to sell their homes and have a significant down payment toward their next home. Many who sell could also use their new-found equity to pay off high-interest credit cards or help children with tuition costs.
The map below shows the percentage of properties with a mortgage in each state that were equity rich in Q2 2019
If you are a Beacon Hill condo homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!
Beacon Hill Condo Sales Data Updated in Real Time
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Beacon Hill Condos – Open Houses
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Beacon Hill Charity Donation
My new goal for the Fall of 2019 is to provide a percentage of our Beacon Hill Real Estate commission to fight Alzheimer’s
Select us to represent you either as a buyer or seller’s agent and we’ll give back a portion of the sales commission to find a cure for this awful disease.
- Having a recent love one suffer and died from this illness broke my heart. Please let us work together to find a cure.
- Ford Realty has been in business for over 20 years.
- Ford Realty Inc has several 2019 positive Google Reviews
- For more information email firstname.lastname@example.org. You can call or send us a text @ 617-595-3712.
- Thank you
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Ford Realty – Boston Real Estate Google Reviews 2019
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