Homeowners are in a unique position today as their net worth has been bolstered by the rising values of homes over the past few years. As home price appreciation slows, understanding what this means for you and your equity can be beneficial to ensure continued financial success.
How Equity Has Grown in Recent Years
The housing market has seen an unprecedented surge in home prices over the past several years due to a lack of inventory. While this appreciation has slowed, a new report from CoreLogic shows that homeowners have collectively gained $34,300 worth of equity since last year!
The nationwide average for equity growth over the past five years has been an impressive rise. But dig a little deeper and you’ll find that specific areas have seen even more dramatic increases in home prices – which translates to added equity! Take a look at FHFA’s map to discover how much your area, in particular, is enjoying this trend of real estate expansion.
Why This Is So Important Right Now
Do you want to take the next big step towards homeownership? It’s possible that your current home could hold the key – its built-up equity. When it comes time to sell, this valuable asset is yours for the taking and can be used as a hefty down payment on your dream house. Don’t wait around any longer; find out today how much equity you have stored away in order to get started!
Owning a home can be an incredibly rewarding experience. If you’re looking to switch up your living situation and make the most of the equity in your current residence, let’s get together so we can maximize its value for your next purchase.