Wilmington DE Homeowners Have More Equity Than They Think
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If you have been holding off on selling your Wilmington Delaware home due to your equity position, you may want to think again. According to the latest 2015 2nd Quarter Equity Report from CoreLogic, 91 percent of all mortgaged properties in the country are now in a positive equity position.
The negative equity situation that plagued many homeowners over the past years is gone. Rapidly rising home prices are the main reason for this improvement, which also reflects the increase in income and cash flow into households.
And while this is excellent news for the financial wellbeing of Wilmington DE homeowners, many do not realize that their equity stance has changed. For example, a Fannie Mae study found that 23 percent of Americans still believe their home is in a position of negative equity, when in fact, only 9 percent of homes remain in a negative position.
In the same study, only 37 percent of Americans were found to realize their "significant equity" position, even though 69 percent of homes fall into that category.
What does that mean for Wilmington and Newark area homeowners? The findings all point to the fact that nearly half of all homeowners are not aware of their equity situation. And with many holding significant equity, these homeowners could easily move on to a home that better meets their needs, whether that be a larger or smaller home.
These homeowners also have a wealth of opportunities available to them:
- They are able to make a larger down payment with their home equity
- They improve their chances of qualifying for a mortgage
- Ample opportunities for selling their current home and buying different homes
So if you've been dreaming of selling your home in the Greater Wilmington area this year, do not hesitate to contact the Kat Geralis Home Team! Recognized as the #4 Ranked Agent in Delaware by REAL Trends "America's Best Agents" List in The Wall Street Journal, our team can help you sell your current home and find a property that better meets your needs!
We look forward to hearing from you!
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Did you know 2 out of 3 people looking for a real estate professional research them extensively prior to working with them? And one of the first places they look is Facebook! Facebook is a great place to learn more about the real estate market and also check up on the agent you are considering to help buy or sell your home.
Pay close attention to these things on an agent's Facebook page when researching and you will avoid feelings of choosing the wrong one down the road.
Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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