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Equity Gains for Todays Homeowners

Equity Gains for Todays Homeowners Simplifying The Market

Todays homeowners are sitting on significant equity, even as home price appreciation has eased recently. If youre a homeowner, your net worth got a boost over the past few years thanks to rising home prices. Heres what it means for you, even as the market moderates.

How Equity Has Grown in Recent Years

Because of the imbalance between how many homes were for sale and the number of homebuyers in the market over the past few years, home prices appreciated substantially.

And while price appreciation has slowed this year, that doesnt mean youve lost all the equity in your home. In fact, the latest Homeowner Equity Insights report from CoreLogic finds the average homeowners equity has grown by $34,300 over the past year alone.

And if youve been in your home longer than that, chances are you have even more equity than you realize.

While thats the national number, if you want to know what happened in your area, look at the map below from the Federal Housing Finance Agency (FHFA). It shows on average how much home prices have risen over the past five years, which has been a major driver behind equity growth.

Equity Gains for Todays Homeowners | Simplifying The Market

Why This Is So Important Right Now

While equity helps increase your overall net worth, it can also help you achieve other goals, like buying your next home. When you sell your current house, the equity youve built up comes back to you in the sale, and it may be just what you need to cover a large portion if not all of the down payment on your next home.

So, if youve been holding off on selling, it may be time to find out how much equity you have and how it can help fuel your next move.

Bottom Line

Homeownership is a long game, and if youre planning to make a move, the equity youve gained over time can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, lets connect.

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