How much homeowners’ equity has grown and what they can do with it.
How much equity do you have in your house? Today’s homeowners are sitting on significant equity, even as home appreciation has eased recently. If you’re a homeowner, your net worth got a big boost over the past few years thanks to rising home prices, and it’s important that you’re aware of what’s going on.
“The average homeowner’s equity has grown by $34,300 over the past year.”
Even though appreciation has slowed this year, you haven’t lost all the equity in your home. The latest Homeowner Equity Insights Report from CoreLogic said the average homeowner’s equity has grown by $34,300 over the past year alone. That’s substantial. Plus, if you’ve been in your home longer than that, you probably have more equity than you realize.
That’s a national number, so if you want to know what’s happening in your area, check out the map from the Federal Housing Finance Agency at 1:00 in the video above. It shows, on average, how much home prices have risen over the past five years, which has been a major driver of equity growth. Kentucky has seen a 54.2% increase.
While equity helps you increase your overall net worth, it can also help you achieve your goals, like buying your next home. When you sell your current home, the equity you’ve built up will come out in the sale, and it may be just what you need to cover a large portion or all of the down payment on your next house.
If you’ve been sitting on the fence, holding off on selling, now may be the time to find out how much equity you have and how it can help fuel your next move. The bottom line is that homeownership is a long game, and the equity you’ve gained over time can make a big impact. To find out more, call me anytime; I would love to help.
