The Perry Wellington Realty 4.5 team discusses the hot market and how homeowners got $2 TRILLION richer during the first three months of 2021 with soaring home prices.
– Homeowners are getting richer and richer as prices keep soaring
– About 62% of all properties saw their equity jump by 20% from a year earlier, according to CoreLogic.
– This represents a collective cash gain of close to $2 trillion.
– Per borrower, the average gain was $33,400.
– Soaring home prices. ( CoreLogic said prices were up over 11% in March from a year earlier)
– That’s the sharpest gain since 2006.
– Prices went up even more in April – by 13% year over year.
– High demand for homes + low supply = Bidding wars
– Record-low mortgage rates for much of last year only added to the buying frenzy and helped fuel the price gains.