Equity Gains for Today’s Homeowners

 Over the past few years, home prices have appreciated significantly due to the imbalance between the number of homes for sale and the number of homebuyers in the market. However, even though this rate of appreciation has slowed in 2020, homeowners have still increased their equity significantly. According to the latest Homeowners Equity Insights report from CoreLogic, the average homeowner’s equity has grown by $34,300 over the past year alone. If you’ve been in your home for an even more extended period, you could have even more equity than you realize. To better understand what’s happening in your local area, check out the Federal Housing Finance Agency’s map below. It will show you how much your home’s equity has grown over the past few years. Take advantage of your newfound equity and make the most of it as the housing market moderates.  

Now more than ever, it's important to understand the value of equity in your home. As you look to make a move, the equity you've built up over time can help you get into your next home. When you sell your current house, the equity you've accumulated will come back to you, and it could be just what you need to cover a large portion of the down payment on your next home. By understanding the power of equity, you can make an educated decision when it comes to your next move. To find out how much equity you have and how it can help you buy your next home, connect with a local real estate professional to get a better understanding of your options.