As Sarasota's popularity has surged, the value of real estate has skyrocketed as well. For buyers, these dynamics have intensified the market with rising prices and rapid transactions. For homeowners, whether there's an interest in listing or not, there's been a huge gain in equity. According to CoreLogic's recently released report, home equity in Sarasota for the second quarter alone rose by more than $1.1 billion, a massive increase that reflects both our region's market strength and the nationl trends benefiting existing property owners.
Sustained rising equity for homeowners has long-term implications for market values and also for real estate taxes that affect individuals and may benefit the community. Rising equity also increases the borrowing capacity for property owners, enabling home improvements or other personal spending leveraged by their home's increasing value. For homeowners, the rapidly escalating equity creates a financial advantage even if you choose not to list in this seller's market.