When’s the last time someone told you what your house is worth? Not what some online valuation tool guessed. Not what your neighbor’s house sold for. What yours is actually worth right now.
For a lot of homeowners, it’s been years. And if you’ve been thinking about moving, but higher home prices or mortgage rates have made you hesitate, here’s why it’s time to take a second look at that number.
Home values have climbed significantly over the past 5-10 years. And even though today’s market is more balanced, homeowners are building wealth every day just by owning their homes. That’s how equity works. As home values rise, and as you make your monthly payments, your equity grows. And it adds up fast.
According to Cotality, the typical homeowner with a mortgage now has $310,500 in equity. That’s not a small number. It’s six figures.
And that’s only the national average. In many states, homeowners have built even more equity than that. Take a look at the map below and see where your state stands. The darker the blue, the more equity the typical homeowner has there (see map below):
Even though every local market is different, the question you should be asking right now is the same: How much equity have you built up?
Because if you don’t know that number, you’re missing out.
Most people assume that because prices are higher and rates aren’t at 3% anymore, moving just isn’t realistic right now, especially if they already have an ultra-low rate. And that’s understandable – those are real factors.
But they’re not the only factors.
When you have that much equity in your house, you’re not starting from scratch. You’re not scraping together a down payment or hoping the numbers work. You’re walking into your next move with more of an advantage than you think. And that changes the math.
Maybe you’ve outgrown your current house or you’re ready to downsize… The equity you’ve built could help bridge the gap between where you are today and where you want to be next.
Yes, your next house may cost more than your last one did. But your equity could cover a big chunk of that difference. Depending on how much you’ve built, it could help you:
Your equity doesn’t erase the challenges of the current market. But it does mean you’re walking into your next move with a lot more power and flexibility than you think.
That’s why the value of your home isn’t something you should have to wonder about.
If you’re even thinking about a move – or if you’re just curious what your options might be – the smartest thing you can do is get a Professional Equity Assessment. It’ll give you a real, market-based evaluation of what your house is really worth right now and how much equity you’re working with.
Because once you see the number, maybe it’s not about whether you can afford to move – it’s about what kind of move makes sense for you.
If it’s been a while since you’ve gotten a professional look at your home’s value, let’s change that.
Reach out for a free, personalized Home Equity Assessment that estimates what your house could sell for, how much equity you’ve likely built, and what that could mean for your next move.
If you're waiting for mortgage rates to fall a lot before you buy, you may be waiting a while. But before you get discouraged, there's a number working behind the scenes that's actually good for you right now. It's called the spread, and once you understand it, you may see today’s rates in a whole...