A current article from a reputable source titled: Here’s why some homeowners still can’t sell explains how “Negative equity is one of the main reasons why there are so few homes for sale.” The article then softens that stance, however we want to bring better clarity to the equity situation which is home ownership with equity .
A recent Corelogic report (which was quoted in the article) revealed that over 80% of homes now have “significant equity,” which means the home has over 20% equity. This level of equity lets the homeowner decide to sell their home if they so desire. (There was no reference to significant equity in the article.)
If eight out of ten homeownership with equity exhists, it’s hard to back up 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.
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