Today’s homeowners are sitting on enormous equity, even if house price appreciation has slowed lately. If you’re a homeowner, your net worth improved during the previous several years owing to increasing property prices. Here’s what that means for you, even as the market moderates.
>>How Equity Has Increased in Recent Years
Due to the mismatch between how many properties were for sale and the number of homebuyers in the market during the last several years, property prices climbed dramatically.
And if price appreciation has halted this year, it doesn’t imply you’ve lost all the equity in your property. The newest Homeowner Equity Insights study from CoreLogic indicates the typical homeowner’s equity has risen by $34,300 over the last year alone.
And if you’ve lived in your house longer than that, chances are you have much more equity than you know.
>>Why This Is So Crucial Right Now
Although equity helps enhance your net worth, it may also help you reach other objectives, like purchasing your next house. When you sell your existing property, the equity you’ve built up comes back to you in the sale, and it may be precisely what you need to finance a major part – if not all – of the down payment on your future home.
Thus, if you’ve been holding off on selling, it may be time to discover how much equity you have and how it might assist in driving your next move.
Homeownership is a long game, and if you intend to make a move, the equity you’ve earned over time might have a major effect. To discover precisely how much equity you have in your present property and how you can utilize it to fuel your next purchase, Contact us immediately.