The fact that home equity is on the rise is well-documented. If you have been waiting to make a move into a larger home or just move up, now might be the perfect time according to this article in KeepingCurrentMatters.com.
When equity is rising, as it is today, you may have more invested in your home than you realize. Mark Fleming, Chief Economist at First American, notes:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
The bottom line is there are homebuyers out in force, some moving because of the extra space demands, some for home offices or dedicated school space. There is a limited amount of home inventory (around 3 months) right now in the real estate market, so homes are selling quickly and finally, mortgage rates are still below historic lows.