Sep 13, 2023

home equity grow

Home Equity Values Q4 2023 - Good News for HomeOwners

There has been a lot of discussion, information, mis-information, doom saying about home values as we proceed through 2023. The reality is that home values have remained steady. This means that homeowner equity in their homes has also held strong. 

Finding truth in data is key. The folks at Altos Research have the proper methodology and simple language to distill down the realities of the data in the market, following the trends in the data. Looking into the current data, the current median US home prices is $444,900. This is up 1% from last year. The median price of the newly listed cohort is $390,000 now, essentially unchanged vs last year. This data is national, so there will inevitably be regional variations. 

Strong home values are directly linked to strong home equity. If US Federal Reserve interest rates continue to trend upwards, and push mortgage rates to over 8% - many analysts believe home buying demand will fall out of sync with supply and home prices could see a fall as we head into 2024. This would mean that home equity would fall as well. 

Home equity is the most strategic asset for many homeowners. Tools from companies like LoanSnap can give these homeowners a great option to increase financial wellness. Good debt management is also good life management. Here’s to the good life :)

  • Stew Langille