Homeowners Gained $28K in Equity over the Past Year

If you own a home, your net worth has probably gone up a lot over the past year.

Home prices have been rising, which means you’re building equity much faster than you might think. Here’s how it works.

Equity is the current value of your home minus what you owe on the loan.

Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.

How Much Equity Have You Earned over the Past 12 Months?

According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $28,000 in the last year alone.

That’s the national average, so if you want to see what’s happening in your state, check out the map below. It uses data from CoreLogic to show how much equity has grown in each state over the past year. You’ll notice every single state with sufficient data saw annual equity gains:

What If You Bought Your House Before the Pandemic?

If you bought your house before the pandemic, the equity news is even better. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home’s value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.com, says:

“Homeowners have seen extraordinary gains in home equity over the past five years.”

To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogic, explains the total equity the typical homeowner has today:

“With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner.”

How Your Rising Home Equity Can Help You

With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up – and that has some serious benefits.

You could use it to start a business, fund an education, or even to help you afford your next home. When you sell, the equity you’ve built up comes back to you, and may be enough to cover a big part – or even all – of your next home’s down payment.

Bottom Line

If you're planning to move, the equity you've gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Connect with a local real estate agent.

Read more at KeepingCurrentMatters.com

Related Links

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• The Most Common Questions Buyers Ask Real Estate Brokers

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Real Estate Still Holds the Title of Best Long-Term Investment

With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting.

Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision.

According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. Just take a look at the graph below – it speaks volumes:

But why does real estate continue to reign supreme as a top-notch long-term investment? It’s because, even today, buying a home can be your golden ticket to building wealth over time.

Unlike other investments that can feel a bit like riding a rollercoaster with all the ups and downs and ongoing risk factors, real estate follows a more predictable and positive pattern.

History shows home values usually rise. And while prices may vary by market, that means as time goes by, your house is likely to appreciate in value. And that helps you grow your net worth in a big way. As an article from Realtor.com explains:

“Homeownership has long been tied to building wealth—and for good reason. Instead of throwing rent money out the window each month, owning a home allows you to build home equity. And over time, equity can turn your mortgage debt into a sizeable asset.”

So, if you’re on the fence about whether to rent or buy, remember that real estate was consistently voted the best long-term investment for a reason. And if you want to get in on that action, it may make sense to go ahead and buy (if you’re ready and able).

Bottom Line

When it comes to building wealth that stands the test of time, real estate is the name of the game. If you’re ready to start on your own journey toward homeownership, connect with a local real estate advisor today.

Read more at KeepingCurrentMatters.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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As Featured in West + Main Home Magazine: From Dated to Elevated

Melissa + Chris Jensen

“The upper cabinets and a large pillar for ductwork and electrical blocked off the space leaving a very small, closed off and dated kitchen with a large breakfast nook”

— Melissa

When West + Main agent Ann Gurley’s clients Melissa and Chris bought their house last summer, they immediately knew the kitchen was the highest priority.

“The laundry closet was built into the kitchen as well so we wanted to move that to make a coffee nook, and to have a better spot for laundry upstairs. We gutted the kitchen right away getting plumbers and electricians in to get us started and then Chris is extremely handy so he did most of the labor."

Melissa is now in school for interior design, but they started the process before she started school so it took a lot of research and planning to execute her vision.

 "I really wanted dark green cabinets which took a little convincing,” said Melissa. “We did one row of floor to ceiling cabinets for the pantry, added an island and turned the former laundry closet into our coffee nook. It was easy to add a sink in the coffee nook since the washing machine used to be in that spot. We love that one person can make coffee while the other is cooking or cleaning without getting in each other’s way."

The biggest hiccup in the project was that their countertops took about 8 weeks to come in, and then it took the couple a long time to decide on a backsplash once the rest of the work was done, even with all the tile samples Melissa had access to at school.

"We also updated all the appliances and lighting in the space and got new windows throughout the house, changing the size of the kitchen window slightly so it wasn’t flush with the countertop,” shared Melissa.

"We have two young kids so opening up the visibility from the kitchen to the family/play room was essential, plus it seemed important to have more kitchen space and unnecessary to have the large breakfast nook when there’s also a large dining room. We are so happy with our new kitchen!"

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Fourth of July Celebrations in The Twin Cities

Whether you prefer watching a grandiose fireworks display or would rather light sparklers in your backyard in the company of friends and family, we have the ultimate guide to Fourth of July in the Twin Cities.

Check out the lineup for a red, white and blue-tastic weekend, along with our top 5 favorite spots for catching fireworks displays.

Where to See Fireworks

1. Stone Arch Bridge
The iconic stone bridge that leads into Downtown Minneapolis gives a great vantage point for seeing fireworks shot as part of the Red, White and Boom celebration. Get there early, as spots to sit fill up quickly, and stick around after the show for post-fireworks libations at the eateries along St. Anthony Main.

2. Lake Minnetonka
The Twin Cities’ largest lake is also home to a spectacular fireworks display shot over the water. Read about the City of Excelsior’s Fourth of July Celebration below.

3. Valleyfair
Shakopee’s outdoor amusement park will host a firework display that is just as thrilling as its rides. The park is open until 11 p.m. on July 4th, with the firework show starting at 10 p.m.

4. Powderhorn Lake Park
If you’re looking for smaller crowds, this is the place to watch fireworks to celebrate Independence Day. The display isn’t quite as massive as that of Red, White and Boom, but will still get you in the spirit of the holiday.

5. Gold Medal Park
Observe beautiful bursts of color over Downtown Minneapolis from the pristine Gold Medal Park.

Monday, July 3

Bloomington Summer Fete
Normandale Lake Park hosts the annual Independence Day extravaganza, featuring carnival rides, live music on two stages, kids’ activities and fireworks at dusk.
5-9 p.m.: Kids’ carnival open
5-7:20 p.m.: Live music on the 84th Street Kids Stage
5-10 p.m.: Live music on the Main Stage
Dusk: Fireworks

Red, White and Boom
Head to the Downtown Minneapolis riverfront for Minneapolis Park & Recreation Board’s annual Fourth of July celebration. Enjoy live music and an outdoor movie on the eve of Independence Day.
7-8:30 p.m. Live music
Dusk: Outdoor movie

Tuesday, July 4

4th In The Park
Check out all the festivities at Langford Park in St. Paul for this year’s 4th in the Park.
8 a.m.: Langford Park races (register at the recreation building)
11 a.m.: Grand Parade
12 p.m.: Live music by the Saint Anthony Park Community Band at the bandstand
1-2:30 p.m.: Live music by Pig’s Eye Jass Band at the bandstand
1-4 p.m.: Kids’ activities and pony rides

Fort Snelling Independence Day Celebration
Hear the blast of the cannon and the fire of musket salutes to celebrate our nation’s independence. Order your tickets ahead of time to ensure admission; adults get in for $12, children ages 5 to 17 for $6, children under 5 for free, and college students and seniors for $10. Discounted tickets are available for Minnesota Historical Society members.
10:15 a.m.: Flag raising ceremony
11 a.m.: Infantry parade and musket salute
11:30 a.m.: Rounders game and egg races
12 p.m.: War of 1812 mock battle presentation
12:30 p.m.: Fife & Drum Corps performance
1 p.m.: Cannon salutes
1:30 p.m.: Rounders game and egg races
2 p.m.: Infantry parade and musket salute
2:30 p.m.: Fife & Drum Corps performance
3 p.m.: War of 1812 mock battle presentation
3:30 p.m. Live music and dancing
4 p.m.: Cannon salutes
4:30 p.m.: Flag lowering ceremony

Lake Minnetonka 4th of July Celebration
It doesn’t get better than watching a spectacular fireworks show on the shores of one of the Twin Cities’ most beautiful lakes. Head to downtown Excelsior for one of the area’s best Fourth of July events.
7:30 a.m.: Firecracker Runs (1 mile, 5K and 10K); register here
9 a.m.: Sand Sculpture Contest at kids’ beach
11 a.m.: Water Street Kids’ Parade and Popsicle Social
11 a.m.-1 p.m.: Petting zoo
4 p.m.: Live music by Becky Rae Dalton
6 p.m.: Live music by Brothers & Others Band
7:30 p.m.: Live music by Leah and The Rattlers
9:55 p.m.: The National Anthem performed by Kate Raddatz
Dusk: Fireworks

Red, White and Boom! TC Half Marathon, Relay & 5K
Minneapolis’ Red, White and Boom festivities continue with the Twin Cities in Motion half marathon, relay and 5K races, along with more live music, family activities and, of course, a slam bang finish of a fireworks display. Register for the race here.
6:30 a.m.: Races begin
6-10 p.m.: Live music and family activities
10 p.m.: Fireworks

Rock and Rockets at Mystic Lake
It’s the ultimate combination: live music, food trucks and fireworks. Chow down on food from nearly a dozen food trucks while you enjoy the sounds of Step Rockets, Pop Rocks, Deejay St. Joel and more. This event is free of charge.
5-8:30 p.m.: Live music by Pop Rocks
8:30-10 p.m.: Live music by Step Rockets
9 p.m.-1 a.m.: Live music by Nightlights at the Indoor After Party
10 p.m.: Fireworks
11 p.m.: Outdoor after party with Deejay St. Joel

Wednesday, July 5

Music in Plymouth
Don’t miss the 45th anniversary of Plymouth’s outdoor concert and fireworks display! The widely renowned Minnesota Orchestra will be back to perform at the Hilde Performance Center. Fire dancers will take the stage after the orchestra and engage the audience until the grand finale of the event—a grandiose fireworks show. Be sure to get to Music in Plymouth early to ensure a viewing spot.

Read more at Visit-TwinCities.com

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• 6 Moving Day Tips Worth Mentioning

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• The Most Common Questions Buyers Ask Real Estate Brokers

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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6 Moving Day Tips Worth Mentioning

Moving day can be a stressful and overwhelming experience for many homeowners.

From packing up all of your belongings to coordinating with movers, there are so many details to consider. However, with the right tips and tricks, you can make the moving process much smoother and less chaotic. In this blog post, we will discuss six moving day tips that are definitely worth mentioning. Whether you're a seasoned mover or a first-timer, these tips will help you navigate the moving process with ease.

Start Early
Starting early is a crucial tip to keep in mind when planning a move. Moving can be a daunting task, but with the right preparation, it doesn't have to be stressful. Begin by decluttering and organizing your belongings well before the move date. This will give you time to carefully pack your non-essential items first, reducing stress as the move date approaches. Taking the time to pack your items in an orderly fashion will also ensure that everything is properly packed and ready to go on moving day. Starting early not only makes the moving process smoother but also allows for enough time to deal with any unexpected hiccups on moving day with ease.

Create a Moving Checklist
Another helpful tip is to create a moving checklist. A detailed checklist will help you stay organized and keep track of all the tasks that need to be completed before moving day. Include items such as contacting utility companies, notifying change of address, and scheduling movers on your checklist. Checking off each task as you go will give you a sense of accomplishment and peace of mind.

Label Your Boxes
When packing up your belongings, be sure to label each box with its contents and destination room. This will make unpacking much easier once you arrive at your new home. Consider using color-coded labels or a numbering system for even more organization. By labeling your boxes clearly, you'll save time and avoid confusion when it's time to unpack.

Pack an Essentials Box
Before the chaos of moving day sets in, pack an essentials box containing all the items you'll need immediately upon arrival at your new home. Include items such as toiletries, medications, important documents, a change of clothes, snacks, and cleaning supplies in this box. Having these essentials on hand will help make the transition smoother and ensure that you're prepared for anything that comes your way.

Hire Professional Movers
While it may be tempting to save money by doing it yourself or enlisting friends and family to help with your move, hiring professional movers can actually save you time and stress in the long run. Professional movers, like Central Van Lines, have the experience and equipment necessary to handle large furniture pieces and delicate items safely. They can also provide additional services, such as packing assistance or storage solutions if needed.

Take Care of Yourself
Finally, don't forget to take care of yourself during the moving process. Moving can be physically demanding and emotionally draining, so be sure to get plenty of rest, stay hydrated, and take breaks when needed. Remember to eat nutritious meals and prioritize self-care throughout the moving process. Taking care of yourself will help ensure that you have the energy and mindset needed to tackle moving day head-on.

Moving day doesn't have to be a stressful and chaotic experience. By following these six tips, you can make your move much more manageable and enjoyable. Remember to start early, create a checklist, label your boxes, pack an essentials box, hire professional movers, and take care of yourself throughout the process. With these tips in mind, you'll be all set for a smooth and successful move to your new home.

Read more at Rismedia.com

Related Links

• The Difference Between an Inspection and an Appraisal

• How Long Will It Take To Sell My House?

• The Most Common Questions Buyers Ask Real Estate Brokers

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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