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Top 10 States with the best Equity Gains - and the worst too! · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: The changing landscape of home equity, a closer look at state by state trends.
• 0:06
  SPEAKER_00: Hello, everybody.
• 0:06
  SPEAKER_00: Welcome back to Connor with Honor.
• 0:09
  SPEAKER_00: Today we're going to delve into the fascinating world of real estate, specifically exploring the significant shifts in home equity across the United States over the past year.
• 0:19
  SPEAKER_00: So let's dive right in.
• 0:21
  SPEAKER_00: Now, we all know that the real estate market has had its fair share of ups and downs.
• 0:27
  SPEAKER_00: But here's some good news.
• 0:28
  SPEAKER_00: According to a recent report by Core Logic, the total equity value of homes with mortgages increased by a whopping$1.1 trillion year over year in the third quarter of 2023, making a nearly 7% increase.
• 0:45
  SPEAKER_00: Now, what's truly intriguing is that this surge in equity isn't uniform across the nation.
• 0:52
  SPEAKER_00: Homeowners in certain states have experienced remarkable gains, while others faced a decline.
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  SPEAKER_00: Let me break it down.
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  SPEAKER_00: Leading the pack with an impressive average rise of$64,000 in home equity is the beautiful state of Hawaii.
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  SPEAKER_00: California, Massachusetts, Rhode Island, and others also boast significant increases, with a total of 17 states witnessing an average rise of$20,000 or more.
• 1:23
  SPEAKER_00: But it's not all sunshine and rainbows.
• 1:26
  SPEAKER_00: Three states, Texas, New York, and Utah, actually saw a decline in average home equity.
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  SPEAKER_00: It's a vivid reminder that in real estate, location does play a pivotal role in the trajectory of your home's value.
• 1:41
  SPEAKER_00: Now let's talk about the nuts and bolts.
• 1:43
  SPEAKER_00: What exactly is home equity?
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  SPEAKER_00: And why does it matter?
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  SPEAKER_00: Home equity is the value of your home minus the amount you owe on your mortgage.
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  SPEAKER_00: Think of it as your ownership stake in your property.
• 1:56
  SPEAKER_00: I have a system, by the way.
• 1:58
  SPEAKER_00: If you are a homeowner and want to monitor the equity in your residence, send me an email, send me a text.
• 2:06
  SPEAKER_00: I need your name, I need your address, and I'll be able to send you on a monthly statement that shows your equity.
• 2:14
  SPEAKER_00: Back to the article.
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  SPEAKER_00: But it's not just a point of pride for homeowners, it's also a valuable financial tool.
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  SPEAKER_00: Need to borrow down the line?
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  SPEAKER_00: Your home equity can be tapped in through a home equity loan.
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  SPEAKER_00: And guess what?
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  SPEAKER_00: The average homeowner gaining thousands of dollars in equity signals a positive trend, they're benefiting from the rise in home values and staying on top of their mortgage payments.
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  SPEAKER_00: So, how does one boost their home equity?
• 2:43
  SPEAKER_00: Well, it's a combination of paying down your mortgage, making substantial down payments, and even refinancing your mortgage to shorten the loan term.
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  SPEAKER_00: Market trends like the recent surge in home values across the U.S.
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  SPEAKER_00: also play a significant role.
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  SPEAKER_00: And speaking of trends, the high mortgage rates and low inventory of 2023 have propped up home prices, leading to a spike in equity for many homeowners.
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  SPEAKER_00: Zillow even predicts a continued rise in home values by 6.5% by July 2024.
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  SPEAKER_00: Now, top 10 states with highest home equity gains.
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  SPEAKER_00: Now let's take a look at the top 10 states that witnessed the most significant rise in home equity over the past year, according to core logic.
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  SPEAKER_00: Hawaii, as we said, number one, plus$64,000 gain.
• 3:37
  SPEAKER_00: California, number two, call me if you need me,$51,000 gain.
• 3:43
  SPEAKER_00: Massachusetts,$45,000 gain.
• 3:46
  SPEAKER_00: Rhode Island,$43,000.
• 3:48
  SPEAKER_00: Connecticut,$42,000.
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  SPEAKER_00: New Hampshire,$41,000, New Jersey,$41,000.
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  SPEAKER_00: Maine,$34,000, Wisconsin,$30,000, and Florida,$28,000.
• 4:04
  SPEAKER_00: But hold on, it's not all about gains.
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  SPEAKER_00: Another important aspect is the decrease in homes with negative equity, where a homeowner owes more than the house is worth.
• 4:15
  SPEAKER_00: This is great news for owners as the number of such homes decreased by 8% in the third quarter of 2023.
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  SPEAKER_00: So there you have it, a snapshot of the evolving landscape of home equity across the United States.
• 4:29
  SPEAKER_00: If you found this information valuable, don't forget to give me a thumbs up, subscribe for more insightful content, and as always, share your thoughts in the comments below.
• 4:39
  SPEAKER_00: Until next time, stay informed and make those wise real estate moves.
• 4:44
  SPEAKER_00: I'm Connor with Honor.