While cruising through Instagram recently, I came across a post that indicated 37% of homeowners in the United States THINK they have more than 20% equity while, in reality, 74% ACTUALLY have more than 20% equity. Since this was social media, of course, I accepted this fully at face value. The creators of such services have nothing but altruistic intentions, right?
However, I knew that if I didn’t dig a little deeper into the claims of this cute little post by a very nice real estate agent, I wouldn’t have anything more to write about in this week’s newsletter – and I certainly didn’t want to let anyone down. I quickly found the source of the statistics being quoted – Fannie Mae and CoreLogic– and dug up some other tidbits that you might find interesting. (Let’s be honest: if you’re still reading this, I’ve either captured your interest or you’re sitting at your 7-year-old’s soccer game with nothing to do because the game has been temporarily halted so the goalkeeper can fix the ribbon in her hair.)
In an update to CoreLogic’s report, that 74% has climbed to 79.1%. Please don’t make me do the math on how many people that 5.1% increase represents, but I’m pretty sure it’s somewhere between a “boatload” and “gazillion”. Either way, that’s a lot of people you as real estate agents can help sell their current homes and look for new ones. Let’s do a little trivia here, just to keep things light.
While Arkansas has the lowest percentage (67.3%) of homeowners with more than 20% equity, which state has the highest percentage (91.9%) with more than 20% equity?
If you guessed Utah, your love for the Mormons is duly noted, but you’d be wrong. The folks in Texas are the winners in this one. On their boot-covered heels are Oregon at 89.2% and Washington at 88.0%.
These stats and numbers are fine and dandy, but what’s the point in trotting them out there for all to see? (Warning: shameless commercial is imminent.) We have a system in place to help our real estate agents know when their clients’ homes have reached and exceeded that 20% equity threshold. If you’ve been in the business for a few years, that database of clients is pretty hefty. Rather than your having to go through that list client by client and figuring out whose equity is where, we can do the work for you and let you know when each client has reached that magic number. Isn’t that what a mortgage partner SHOULD be doing for you (you know, when we’re not cruising around on Instagram looking for cat photos and trying to decide if the dress is blue or gold)? Work smarter by letting us work harder for you.