CoreLogic recently released that the average homeowner gained almost $10,000 in home equity in the past 12 months with experts projecting that this will continue to go up. As equity continues to rise across the United States, and in Lake Tahoe real estate specifically, one may wonder what the benefits are. Here are two perks…..
- An Increase in Equity also Increase’s the Options Homeowner’s Have To Buy Something New.
The last 9 months of the year have forced consumers to re-evaluate pretty much everything. Remote learning and working has allowed people to relocate away from city life to spread out in rural places, mountain towns and dream vacation destinations. When your home equity goes up, you have more opportunity to do things like move to bigger homes for sale in Lake Tahoe or build your dream Lake Tahoe real estate. If a move is desired, or even required, any equity gains in your current home can go towards making purchasing homes for sale in Lake Tahoe possible.
- Equity Benefits You, and Your Family’s, Future
Equity doesn’t just benefit the homeowner. An increase in wealth can benefit children and relatives for years to come. People can transfer their wealth directly in the form of a bequest of gift that can be used towards a down payment on Lake Tahoe real estate. Parents can use this increase in wealth to pay for children’s future education or buy homes for sale in Lake Tahoe as a family vacation home that can be used for decades to come and/or an investment opportunity later on down the road.
Equity gives homeowners confidence in creating a financial future that is stable. If the last year has put you in a position to buy or sell Lake Tahoe real estate, feel free to give me a call. I would be happy to provide an updated market report