According to CoreLogic’s recent “Homeowner Equity Report”, over 1 million homeowners rose above negative equity in the past year. In the first quarter of 2016 alone, 268,000 homes regained positive equity taking the nation up to 46.7 million mortgaged properties with equity. If this trend continues and national home prices rise 5%, about 1 million more homeowners will regain positive equity over the next year.
How is that for good news?
In North Carolina, the average loan-to-value (the amount of the first mortgage compared to the value of the home) is 63% (the nationwide average is 56.9%). It shares only 5.7% of the nation’s negative equity (the average is 8%), so 94.3% of mortgaged homes have equity. Of those, 71.3% have a significant amount of equity. It’s safe to say that North Carolina homeowners are doing pretty well as a whole.
If you’re thinking of selling your Wilmington area home, give us a call at (910) 202-2546 or send us a message through our contact page. We’d be happy to create a Comparative Market Analysis for your home, which provides a closer, more accurate look at your home’s value than our monitoring system.