87499, Farmington, NM

Home equity is the difference between what a homeowner owes on their home and the value of their home. In Farmington, NM, the median home value is $183,100 which means that the average homeowner has a home equity of $77,600. Home prices have been on the rise in Farmington over the past few years and as of September 2017, they are currently at an all-time high. This has led to an increase in homeowners' home equity values and has made it easier for people to buy homes or refinance existing mortgages.

While there are many factors that can affect a home's value, including location and size, one of the most important factors is how well it has been maintained. A property's condition can impact its sale price by either increasing or decreasing its estimated repair costs. In addition, recent changes in mortgage regulations have made it easier for people to get approved for mortgages with higher loan-to-value ratios (LTVs), which means that they are borrowing more money from lenders than their house is worth. As a result of these changes, more homeowners in Farmington are able to borrow money to purchase homes than ever before.

Overall, while there may be some fluctuations in home prices due to market conditions and other factors outside of homeowners' control, overall trends suggest that homeowners' home equity values continue to increase in Farmington over time. This makes it easier for people who want to buy or refinancing homes here and gives them more financial stability when making these decisions.