Equity Gains for Today’s Homeowners: What It Means for Your Net Worth and Future Moves
Homeowners Are Sitting on Significant Equity Despite Moderating Market
Over the past few years, the housing market has experienced a significant imbalance between the number of homes for sale and the number of homebuyers in the market. This has led to substantial home price appreciation, which has boosted the net worth of homeowners.
Although the market has started to moderate, the latest Homeowner Equity Insights report from CoreLogic indicates that the average homeowner’s equity has increased by $34,300 over the past year alone. If you’ve owned your home for even longer than that, you may have even more equity than you realize.
Mapping Home Price Appreciation Across the Country
To understand how much your home equity has grown, it’s helpful to look at how home prices have appreciated in your area. The Federal Housing Finance Agency (FHFA) provides a map that shows average price appreciation across the country over the past five years.
By looking at this map, you can see how much home prices have risen in your area, which has been a significant driver of equity growth for homeowners. The FHFA map provides a useful starting point for assessing how much equity you may have in your home.
Using Equity to Achieve Your Homeownership Goals
While equity growth is beneficial for your overall net worth, it can also be used to achieve other goals, such as buying your next home. When you sell your current home, the equity you’ve built up is returned to you in the sale, which can potentially cover a large portion, if not all, of the down payment on your next home.
If you’re thinking of selling your home, finding out how much equity you have can help you determine what your next move should be. With the help of a real estate professional, you can explore your options for using your equity to achieve your homeownership goals.
Don’t Delay: Take Advantage of Your Equity Now
The housing market is always changing, and the equity you’ve built up in your home could be affected by these changes. If you’ve been holding off on selling your home, now may be the time to find out how much equity you have and how it can fuel your next move.
Homeownership is a long game, and the equity you’ve gained over time can make a significant impact on your future plans. Don’t delay – take advantage of your equity now and start exploring your options for achieving your homeownership goals.
Connect with a Real Estate Professional to Learn More
To learn more about your equity and how it can help you achieve your next homeownership goal, reach out and connect with a real estate professional today. With their expertise, you can assess your equity, explore your options, and make an informed decision about your next move.