Have you been a homeowner for a while? If so, do you know the value of your equity? As you know, home prices have escalated quite a bit over the past few years. And for those of you who own, this increase has been quite the boon to your net worth.
What Stimulated the Recent Growth in Equity?
An unbalanced market. The past few years buyers searching for homes far outnumbered people who were selling homes, causing home prices to soar. And equity to rise. In fact, the latest Homeowner Equity Insights report from CoreLogic finds the national average homeowner’s equity has grown by $34,300 over the past year alone. Wow.
And if you’ve been in your home longer than that, you likely have even more equity than you realize.
Look at your state in the map below from the Federal Housing Finance Agency (FHFA). It shows, on average, how much home prices have risen over the past five years. This rise in prices has been quite the catalyst behind equity growth.
What does this mean for you?
There is power in equity. Yes, your net worth has increased but, you can utilize your equity to achieve other dreams and goals, like buying your next home. When you sell your current house, the equity you’ve accrued comes back to you in the sale, which could lead to a very healthy down payment on your next home.
If you’ve been dreaming of downsizing, upsizing, or relocating but holding off on selling, it may be time to find out how much equity you have in your current home and how it can lead you into your next beloved home. And hey, guess what? I know how to help you with that. All you need to do is contact me, there is no harm in exploring your options.
Have a super day, or evening, depending on when you are reading this!
All my best,
Karen Alsheimer
Karenalsheimer.MRMsellshomes.com
978-621-4548
