Are you searching for another reason to buy real estate in Dallas or elsewhere in Texas? How about equity?
Last year homeowners in Texas saw an equity gain of almost $9,000! This is another excellent reason why anyone who has been thinking about buying a home in Dallas or the surrounding area should act now because mortgage interest rates are increasing and there’s no telling what the real estate market will look like one year from now.
About 2017 Equity Gains
In 2017 the average U.S. residential property gained more than $15,000 in equity — the biggest increase in four years according to analysts at CoreLogic Inc.
Overall home equity — the amount of value owners have over what they owe — increased by more than $900 billion across the country.
Texas homeowners on average gained almost $9,000 in home equity in 2017. The largest average home equity gains were in California ($44,000) and Washington state ($40,000).
Rising home equity also helped reduce the number of homeowners who are underwater with a mortgage to just under 5 percent. The negative equity rate is even lower in Texas – 1.5 percent.
And in Dallas-Fort Worth, just 1.3 percent of homeowners with a loan owe more than the property is worth, CoreLogic estimates. In 2010, almost 14 percent of Dallas-area homeowners owed lenders more than their home was worth. – Source Dallasnews.com
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