Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.
The great news about rising prices, however, is that according to CoreLogic’s US Economic Outlook, the average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.
The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home from June 2015 to June 2016 (the latest data available).
For those who are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new-found equity in their homes and themselves, not in depreciating assets.
The added equity is helping families put their children through college, invest in starting small businesses, allowing them to pay off their mortgage sooner or move up to the home that will better suit their needs now.
CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!
Executive Construction Homes’ new neighborhoods include the Courts of Arcadia and Paces Green. The Courts of Arcadia, with homes from the high $300,000s, opened last fall near Arcadia Lakes, featuring the Designer Series homes. The neighborhood’s great location near downtown can be reached by detour due to current bridge repairs.
Another new community in Lugoff, Paces Green, has started construction in the $160,000s. These homes are three- and four-bedroom with lofts and two- or three-car garages.
A Certified Master Builder, Eddie Yandle is 2016 president of the Building Industry Association of Columbia, formerly the Home Builders Association. In 2014, he was named Byron Crosthwaite Builder Member of the Year by the association. He has earned the Certified Green Professional designation from the National Association of Home Builders.
Executive Construction Homes builds in Columbia, Elgin, Lexington, Lugoff, Lake Murray and Irmo. The builder is one of the few who will build on an individual homebuyer’s land as well as in planned communities.